Selected for the Global Economic Symposium 2010
The financial crisis in the western financial system seems to have past its apex and the banking system, especially certain large investment banks, appear in nearly rude health. However, the cost of the rescue has been borne by governments, or more specifically the taxpayer. Moreover, the deep recession caused by the meltdown has severely depressed corporate profits, reducing tax intake, and government efforts to stimulate the economies has seriously depleted fiscal reserves. A number of western countries (and the Euro) have been pushed to the brink of collapse, with many European countries in serious state, owing to governments’ financial positions and the response of bond, currency and share markets. As actions unfold to cope with the crisis, citizens in countries such as Latvia, Iceland and Greece have engaged in mounting civil unrest. Domestic tranquillity is threatened as the extent of public service delivery and state welfare systems are likely to be reduced.
Into this brink step social businesses and enterprises. Introduced conceptually to last year’s GES, these organisations contain considerable advantages in public service deliery—especiallywith respect to funding and input costs, especially labour. They deploy their creativity, skills and hard work to utilize the methodology of capitalism for social outcomes. However, the sector, though it has grown fast is still very small; at best 5-10% of GDP. Although its activities save governments millions in expenditure, this benefit is hard to capture and incentivizing its generation is problematic. Moreover, many social enterprises have relied on governmental largesse, and the financial structures in which they reside have been highly subsidized.
How can the sector see its scale increase massively, for the public benefit, while at the same time reducing its state reliance, or becoming a net contributor to the public purse?
This raises important questions, including:
- What role can private capital flows play in social investment, and how can this be encouraged or facilitated?
- The corporate sector is already fostering social innovation; how can this be accelerated?
- What can governments do from a legal and fiscal perspective that is revenue neutral or better to address problems in poverty alleviation, transport infrastructure, health, education and training, criminal justice, the environment and welfare provision?
- Are academia, civil society and the nongovernmental organization (NGO) sector promoting socially entrepreneurial solutions? How can this be made more effective?
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Wesentliches Schlagwort: Finanzmarktkrise
Wesentliches Schlagwort: Gemeinwirtschaft
