Capitalism needs a new social contract

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Abstract

Capitalism needs a new social contract to better manage the consequences of technology and an increasingly diverse and flexible workforce. That social contract should retain the benefits of flexibility but do a better job of providing security in the form of mandatory benefits, putting a floor on incomes, and investing far more in helping workers adapt to economic shocks and rising automation. It also means a new deal with business that would achieve a more level playing field in how capital and labour are taxed.

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APA

Shafik, M. (2021). Capitalism needs a new social contract. Oxford Review of Economic Policy, 37(4), 758–772. https://doi.org/10.1093/oxrep/grab032

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