Description
The Beginning of a New Economic Order Capitalism is not about markets. It is about corporations. Over the past 300 years, corporations have transformed the economic order. They have not only shaped the real economy, but also changed finance. It all began in early modern England. By combining the technique of banking with the corporate form, the Bank of England sparked a financial revolution. Corporate banking became the cornerstone of a new financial architecture-one that supported unprecedented economic growth but was also inherently fragile. To stabilize capitalism, governments had to rescue failing banking corporations from the very start. These interventions have become increasingly heavy-handed in the digital age; capitalism and the market economy are disintegrating ever more. If this continues, our economic order will fall apart, and the social order will follow suit. What should be done? Jonathan McMillan calls for adapting the corporate form and redesigning monetary policy. He integrates the necessary changes in a tangible transition plan that aims at an all-important goal: restoring the economic foundations for a free, open, and democratic society.
