On a more fundamental level, there is a
broader challenge to the Western capitalist model in the form of state capitalism as exercised in countries as different as China and Brazil. As The Economist outlined in its special report on the subject, this new model bears little resemblance to the disastrous spate of nationalisations in Britain and elsewhere half a century ago. China’s infrastructure companies win contracts the world over. The best national champions are outward-looking, acquiring skills by listing on foreign exchanges and taking over foreign companies. And governments are selective in their corporate holdings. Any meaningful discussion of Capitalism 2.0 needs to include an assessment of this phenomenon.
Bringing it all together What we have here is a complex puzzle. Though a number of pieces are already in place, many more will have to be added during the coming years. Creating a new version of capitalism will require a concerted effort between all stakeholders and a great sense of urgency and responsibility. The internet and social media can help. These tools provide all of us with a chance to share experiences, co-create ideas, learn collaboratively and innovate; and all much faster than in the past.
But in the end, it will be people, not technology, that make Capitalism 2.0 a reality. A new generation driven by passion, purpose and strong values is poised to engage for the greater good. Yet, managers, in particular must lead the way, moving beyond ‘business as usual’ and ‘business as bystanders’ toward the innovator and activist roles described by Joseph L Bower, Herman B Leonard and Lynn S. Pain in their 2011 Harvard Business Review article Global Capitalism at Risk: What Are You Doing About It? It is a fitting question on which to conclude: What, in fact, are you doing about it? And what are you going to do tomorrow?
About the author:
After stepping down from his executive role in IBM by end of 2005 concluding a 32 years career in the company, Straub has taken on a working portfolio at the intersection of Academia and business. This includes the roles of the Director of Development at the European Foundation for Management Development (EFMD), Secretary General of the European Learning Industry Group (ELIG) and Senior Advisor to the Chairman IBM Europe, Middle- East and Africa. In preparation of the Centenary Peter Drucker Forum held in Vienna in 2009 he established the Peter Drucker Society of Austria of which he is currently the President.
In the course of his international IBM career Straub held various executive line and staff positions in IBM such as Assistant General Manager PC Marketing for IBM Europe based in Paris, global Chief Learning Officer based in the US and Director of Learning Solutions for Europe, Middle-East and Africa.
For the last 10 years he has been increasingly involved in European Union level industry initiatives in the area of skills, lifelong learning and innovation as Chair of the European Career Space Consortium (ICT skills and new University curricula required for the 21st Century Economy), the Living Labs Policy Group and the Open Innovation Strategy Group.
June 2012 | Management Today 87
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