Corporate Capitalism drives social and moral breakdown

John HaywardCorporate Capitalism Drives Social and Moral Breakdown, September 2009

Corporate Capitalism has had a devastating impact on families and communities and has been responsible for the excessive growth of giant corporations and over-centralisation of state power.

As Western governments struggle to agree global financial reforms, Jubilee Centre founder Michael Schluter claims that widespread confidence in Capitalism as the best available economic system has meant many of us have failed to recognise that it is one of the main drivers of social and moral breakdown in Western societies.

In the first of two new Cambridge Papers, the former World Bank consultant identifies five failings of Corporate Capitalism, highlighting their devastating impact on families and communities and how they bring about the growth of giant corporations and centralised state power. It challenges society to take seriously biblical teaching about credit and debt in its urgent search for a new economic order.

The five failings described are: the exclusively materialistic vision of Corporate Capitalism, devoid of environmental or social context; its offer of rewards without responsibility; its limited liability of shareholders, which allows debts to go unpaid; its breaking of the connection between people and place, which weakens community ties; and its inadequate social safeguards for the vulnerable.

Is Capitalism Morally Bankrupt? concludes that although only people can be ‘morally bankrupt’, Corporate Capitalism contributes significantly to the moral bankruptcy of Western societies and points forward to a succeeding report that will consider what an alternative system might look like.

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Category: News and Reviews

September, 2009

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