Eminent economist Noreena Hertz forecasts an era of cooperative capitalism, termed ‘Co-op Capitalism’, marking a departure from traditional models, reports Anthony Murray, a leading cooperative journalist.
Published by Co-operatives UK, her paper outlines the failures of previous economic paradigms and advocates for a shift towards a system prioritizing social justice and mutual benefit.
Highlighting the success of cooperative approaches in various countries, Hertz identifies four key features of this emerging era: valuing community and collective action, prioritizing quality relationships, recognizing the economic and social value of networks, and favoring collaboration over competition.
Embracing this ethos, businesses can thrive by fostering meaningful engagement with stakeholders and embracing co-creation. Cooperative enterprises, as evidenced globally, are well-suited to meet the demands of this new economic landscape.