Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Opinion
  • Columns
  • Op-Ed
  • Reader's Corner
  • Editorial

"Conscious Capitalism" as an employment-friendly concept

by Kerem Alkin

Oct 25, 2021 - 12:05 am GMT+3
Lightning strikes One World Trade Center during a thunderstorm over lower Manhattan as the sun sets in New York City, U.S., July 6, 2021. (Photo by Getty Images)
Lightning strikes One World Trade Center during a thunderstorm over lower Manhattan as the sun sets in New York City, U.S., July 6, 2021. (Photo by Getty Images)
by Kerem Alkin Oct 25, 2021 12:05 am

Without a doubt, the coronavirus pandemic will never be forgotten thanks to all the difficulties and challenges it has caused humanity and the world economy. However, the quarantines or lockdowns, which had been effectively implemented before a proper anti-pandemic road map was determined and the vaccination campaign became widespread, caused a radical debate on the established economic order. The very questioning is based on the mechanical, inhumane and over-industrialized aspect of the current version of capitalism.

For this reason, although the global economy and trade struggles to get rid of pandemic fallouts, the leading international economic institutions, think tanks and nongovernmental organizations (NGOs) are seriously considering a new version of capitalism. The new capitalism is based on a society-first approach; justice among economic stakeholders. It is related to technological transformation and the green revolution as well. The very new capitalism, in this respect, points to a brand-new value production process that will leave behind the neo-liberal orthodox understanding and economic policies that do not prioritize society. The new understanding aims to create an innovative design process that prioritizes people's quality of life.

The search for a new capitalism is an issue embraced by the economies of the Atlantic belt, where they experienced the first version between 1820 and 1929 and the second version between 1980 and 2008, and by the emerging economies stretching from Latin America to Africa and Asia. Capitalism, if it is to continue to mark the 21st century, needs to prioritize inclusiveness and sustainability. A capitalism that ignores the inequality of income distribution among the economic stakeholders that produce added value will now be the forerunner of a bigger disaster for national economies. This is why new emerging economies, especially in Africa, are now looking for new partners and strategic collaborations based on the win-win principle.

New term for the world

Important economists in the field define this new understanding of capitalism as "conscious capitalism." This means that the leading economies would have more empathy toward emerging economies. The same is true for managers who have more empathy toward the employees of their own company or factory. The conscious capitalism prioritizes placing industrialization on a new platform based on zero waste, green energy and fair income distribution. We are talking about a new capitalism that prioritizes employment.

Therefore, it should come as no surprise that the 2021 Nobel Prize in Economics was awarded to David Card, Joshua Angrist and Guido Imbens. The evaluation jury of the Royal Swedish Academy of Sciences gave the award to these three important names as they enabled the development of a new understanding of the labor market. This showed what kind of conclusions can be drawn from natural experiments in terms of cause-and-effect relationships. Their approaches spread to other fields and radically changed empirical research. The concept of conscious capitalism will appear more frequently in the coming period.

About the author
Kerem Alkin is an economist, professor at Istanbul Medipol University. He currently serves as the Turkish Permanent Representative to the Organisation for Economic Co-operation and Development (OECD).
  • shortlink copied
  • RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    capitalism world economy global trade coronavirus fallouts
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    Percival Lugue, who has the Guinness world record for the largest fast-food toy collection, poses with his toy collection in his home in Apalit, Pampanga province, Philippines, April 20, 2021. (REUTERS Photo)

    Filipino man collects record 200,000 toys from fast-food chains

    TOY-MANIA
    Parts of the newly completed last section of the Northern Marmara Motorway, Istanbul, Turkey, May 19, 2021. (DHA Photo)

    Turkey raises speed limits on highways starting from July

    SPEED-LIMIT

    Türkiye inaugurates biggest natural gas storage facility in Europe

    NATURAL-GAS-SUPPLIES

    Istanbul's consulate chronicles: Sudhi Choudhary, Consul General of India

    SUDHI-CHOUDHARY
    No Image
    Museum Of Egyptian Civilization opens ahead of mummy exhibition
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021