Fra Natixis:
Reform of capitalism: Governments must take responsibility
There is a fairly broad consensus in OECD countries that capitalism
needs to be reformed in two directions:
To ensure a fair income distribution where productivity gains are
distributed to wage earners, which would reduce inequality;
To reduce CO2 emissions so as to meet the international climate
commitments.
But the method being pursued by governments is ineffective: they are
asking companies to evolve in these directions and to prove that they
are doing so, asking them to take environmental and social
responsibility and exercise a “duty of care” with respect to their
activities. It would be much more effective if governments also played
a role in changing capitalism by putting in place the right regulations
and incentives:
Tax incentives (to promote profit sharing with employees) so that
income distribution becomes fairer;
A sufficiently high CO2 price.
But governments are unable to coordinate themselves to implement
these incentives and, instead, offload all the responsibility for the
adjustment to companies.
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