Mutualism And moral Capitalism

With the current global economic malaise now entering its fifth year with little

sign of any rapid turnaround, the questions about the society weve built for ourselves are continuing to mount. Demand in many key economies remains weak, with households and businesses continuing to deleverage while the continuing economic uncertainty has driven unemployment higher in the UK and much of Europe. The political response to the crisis has been the subject of considerable criticism, and has itself taken a considerable amount of flak. While politicians have been keen to promote themselves as guardians of moral capitalism, what this actually means in practice remains somewhat ill-defined.

The last three decades have seen many countries shift towards deregulation and liberalisation of trade, with increased globalisation. Critics suggest that deregulation itself has unleashed the kind of greed and short-termism which proves corrosive to wider society. In addition, the benefits of globalisation have themselves been disputed particularly when exploitative labour practices in the developing world remain regrettably common. Dissatisfaction with modern capitalism has prompted many to think long and hard about how it can be reformed so that it works in the interest of all. Perhaps a look through the history books can give us some indication of where we go from here.

One business model which has received increasing interest over the last few years is mutualism. While there are worker-owned businesses across the UK and indeed the world which have endured for generations, the co-operative model has been neglected somewhat in recent decades, having been largely ignored by many mainstream economists in spite of its remarkable longevity. Nevertheless, the tumult of the last few years has led many to wonder whether mutualism can be revived for the 21st century to promote long-term stability both in local communities and in the wider national economy as a whole.

It remains far from clear how, collectively, society will pull through this current rut and return to productivity and prosperity. The imbalance of wealth and power between rich and poor, for one thing, is likely to continue to cause headaches for a number of years yet. Nevertheless, there is a real possibility that a new generation of mutuals, placing real power and responsibility into the hands of working people, could play a critical role in helping rebalance the economy and encouraging community spirit to thrive in villages, towns and cities across the country. It seems that in this particular case, the lessons of the past have a great deal to teach us.

by: Amy

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