Hello,
In capitalism lies an inherent promise: the ability to swiftly allocate resources, solve problems, and create prosperity through innovation. This dynamic flow of capital has propelled societies forward, fostering advancements that shape our world. However, this system only functions at its best when it serves all of us. A market must be truly free — not just in the sense of avoiding complicated regulation, but free from the stranglehold of unfair monopolies that threaten to lead us down a path of neo-feudalism.
To protect a truly free market, we must continue to strengthen our model of social capitalism. This means recognising the profound social impact of our economic activities and taking responsibility for it.
When a market and an economy performs well, it is a force for good, driving innovation while ensuring fairness and equity. Monopolies on the other hand, by their very nature, stifle competition and concentrate power in the hands of a few. This concentration of power is leading us to economic disparity, reduced innovation, and the erosion of individual freedoms.
We are indeed at risk of regressing into a form of neo-feudalism, where few, often for us Europeans, very far from home, would control vast resources and opportunities, leaving the majority disenfranchised. We must prevent this regression by fostering a market environment where competition thrives, and opportunities are accessible to all. This is not just about protecting our businesses; it’s about safeguarding the fundamental freedoms and purchasing power of individuals.
A truly free market must empower people, providing them with the choices and opportunities necessary for a prosperous life. Now here’s two things:
- 1. ESG goals are a vital part of achieving this. ESG principles guide businesses to operate responsibly, considering their impact on the environment, society, and governance structures. When businesses commit to ESG principles, they demonstrate a dedication to more than just profit—they show a commitment to the well-being of people and the planet. This approach aligns with the ideals of social capitalism, where economic success and social responsibility go hand in hand.
- 2. Innovation is the lifeblood of progress. We must protect and encourage the entrepreneurial spirit that drives economic growth and job creation. However, this protection must not come at the expense of fairness and equity. We need a balanced approach that fosters innovation while preventing unfair concentration of power and wealth.
We’ve got to commit to reform, and the building of a market that is truly both free and just. We must advocate for policies that prevent monopolies, support small and medium-sized enterprises, and ensure that the benefits of capitalism are broadly shared. We must continue to implement and strengthen ESG goals, holding businesses accountable for their social and environmental impact.
Together, we must protect our freedoms, empower our communities, and build a just and prosperous future for all. We need capital to work, where we need it, how we need it. Human-centric capital at work. Of course, all of this, depends on our ability to remain strong enough to set our own rules. Any sudden, thoughtless shift, would damage us. If we do nothing too, if we continue our European decline, without any reaction to the state of global affairs, then we will eventually be left to follow the rules and norms set by others.
Food for thought,
Christos FLOROS
Christos Floros 