Trilateral Commission Releases Task Force Report on Global Capitalism in Transition

International task force proposes actions for capitalist and market-based economies to better enable them to address the challenges of climate change, the digital revolution, and rising inequalities.

Today, the Trilateral Commission released the final report of the Trilateral Task Force on Global Capitalism in Transition. For over a year, this international task force examined the future of capitalism in the context of major global trends, such as climate change, digitization, and growing inequalities. With its diversity of views and global reach, the Trilateral Commission task force report is uniquely positioned to help identify priorities and recommendations to help capitalist and market-based economies address the challenges and seize the opportunities of the 21st century.

"Capitalism is at a historic transition point," notes Meghan L. O'Sullivan, North American Chair of the Trilateral Commission. "How well our market-based economies address the urgent challenges of climate change, the digital revolution, and inequalities will define this new era of capitalism. I am proud the Trilateral Task Force took on the challenge of offering bold recommendations for governments, businesses, and nonprofits to debate and, we hope, adopt."

Against the background of the recent wave of global public health, geopolitical, and economic insecurity, the task force report identifies three challenges - addressing climate change, the digital revolution, and rising inequalities - that will define how successful capitalism will be in the 21st century. Market-based economies have been historically the most effective engines for prosperity and well-being, but they must adapt to adequately meet today's challenges. The report calls for a new "Social Compact with the Next Generations" that prioritizes equality of opportunity for all our citizens. The report argues every person should live and work in a net zero world by 2050, should have access to the benefits of the digital revolution, and should have the opportunity to achieve their full potential. The report proposes specific actions by governments, businesses, and nonprofits to achieve these transformative goals. 

Launched in spring 2021, the Task Force was co-chaired by Carl Bildt, WHO Special Envoy for the Access to COVID-19 Tools Accelerator and former Prime Minister and Foreign Minister of Sweden; Kelly Grier, U.S. Chair and Managing Partner, Americas Managing Partner, Ernst &Young; and Takeshi Niinami, CEO of Suntory Holdings and the new Asia Pacific Chair of the Trilateral Commission. Thirty distinguished business leaders, policymakers, and academics from North America, Europe, and Asia served on the task force. The Task Force met regularly with invited experts from around the world between May 2021 and April 2022 to develop its priorities, analysis, and recommendations. 

"I was truly honored to co-chair this diverse task force to develop recommendations to adapt capitalism to the 21st century," said Takeshi Niinami, one of the task force's co-chairs and newly selected Asia Pacific Chair of the Trilateral Commission. "Both international cooperation and country-specific climate initiatives are needed to reach the net-zero goal. I am excited that the report highlights Asian examples of public-private partnerships and market incentives, which are crucial in accelerating investment and innovation toward the green transition."

The Report of the Trilateral Task Force on Global Capitalism in Transition, including its executive summary and a full list of its members, is available here. The book-length background research study for the task force, entitled A New Spirit of Capitalism: Toward More Sustainable and Inclusive Economies, will be published later this summer by Hurst Publishers and available globally via Amazon.com and other outlets. 

About the Trilateral Commission 

The Commission is a global membership organization that for decades has brought together senior policymakers, business leaders, and representatives of media and academe to discuss and propose solutions to some of the world's toughest problems. Founded in 1973, the Commission has for decades served as an important venue to incubate ideas and build relationships across sectors and the geographies of North America, Europe, and Asia. The countries represented in the Commission and its individual members share common values and a commitment to the rule of law, open economies and societies, and democratic principles. 

Contact: Cassandra Favart, Coordinator for the North America Trilateral Commission cfavart@trilateral.org, or Katie Medford-Davis, kmedford-davis@trilateral.org.

Source: The Trilateral Commission

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Categories: International News

Tags: capitalism, climate change, digitization, economic insecurity, inequality, transition