Arbeitspapier
A new societal contract
This paper argues that the traditional societal contract that underlies the market economy has run its course and needs to be replaced by a new contract, based on a new conception of the "empowering economy." Whereas different societal contracts are relevant to different societies, there must be some features that all societal contracts will have in common, in order to address some basic human needs that every thriving society must satisfy and to promote popular approval for multilateral agreements to address multilateral problems. The paper proposes a new societal contract that promotes three building blocks of economic policies: (1) automatic stabilizers that reduce inequalities of economic power, (2) policies that focus not just on material prosperity, but also on personal and social empowerment and (3) policies that develop the human capabilities of cooperation and innovation.
- Language
-
Englisch
- Bibliographic citation
-
Series: Economics Discussion Papers ; No. 2019-35
- Classification
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Wirtschaft
Innovation and Invention: Processes and Incentives
Capitalist Systems: Planning, Coordination, and Reform
Capitalist Enterprises
Capitalist Systems: Political Economy
Other Economic Systems: Planning, Coordination, and Reform
Other Economic Systems: Performance and Prospects
Other Economic Systems: Political Economy; Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
Comparative Analysis of Economic Systems
- Subject
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societal contract
empowerment
social cohesion
inequality
cooperation
innovation
free markets
welfare state
incentives
- Event
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Geistige Schöpfung
- (who)
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Snower, Dennis J.
- Event
-
Veröffentlichung
- (who)
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Kiel Institute for the World Economy (IfW)
- (where)
-
Kiel
- (when)
-
2019
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Snower, Dennis J.
- Kiel Institute for the World Economy (IfW)
Time of origin
- 2019
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