The Legatum Institute is think tank based in London, UK. As its website homepage describes: “The Legatum Institute exists to promote the prosperity of individuals, families, communities and nations. Prosperity is much more than money or wealth, it is about growth, opportunity, freedom and responsibility. . . . By understanding what has worked before, we can thoughtfully apply ancient wisdom to modern challenges, translating sound principles into better institutions and policies.” Sustainable prosperity is likewise central to the vision and precepts of Better Capitalism, so we're honored to introduce the following excerpts from The Legatum Institute to our audience.
Prosperity is much more than mere wealth or economic growth. True prosperity is when all people have the opportunity to thrive.
In a prosperous society, people live in peace, free from the threat of violence, oppression and crime. Everyone's inherent dignity is respected and all are free to vote, to protest, and to follow their beliefs.
Governing institutions in every sector act with truth and integrity and are subject to the rule of law. There are stable families and supportive communities that instill the values that shape the culture and build the bonds of trust needed for society to flourish.
Prosperity is driven by an open economy that harnesses ideas and talent to foster employment and productivity and create sustainable pathways out of poverty.
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In a prosperous nation, open markets and high quality infrastructure facilitate trade and commerce. There is a strong investment environment and effective business regulation that enables entrepreneurship, competition, and innovation. People have the opportunity to work, to earn, to save, to take risks, and to succeed.
Prosperity is built by empowered people who choose to live in right relationship with one another and create a society in which everybody is able to build a life free from poverty.
People take care of their physical and mental well-being and can rely on a healthcare system that will take care of them when they need it. Learning is valued, and everyone receives a high quality education so they can write their own futures.
The natural environment is stewarded wisely as a legacy for present and future generations.
Prosperity means everyone has the opportunity and freedom to fulfil their unique potential and take responsibility for contributing to their communities and nations because, ultimately, prosperity is not just what we have on the outside, it is also about who we become on the inside.
True prosperity is a life well-lived.
Does this description of prosperity sound like an unrealistic vision, an impossible utopia created by dreamy-eyed think tanks? If so, consider how far we've come in 200 years. In 1824, Charles Dickens had not yet written Oliver Twist or A Christmas Carol, books that describe the desperate conditions of ordinary people in newly industrialized England.
Thanks to the vision of Dickens and many other reformers for better capitalism, substantial changes began to be instituted. As a result, we now have workplace safety standards and other employee protections in many countries, and the average standard of living has increased significantly across the globe. Further, in many places the rate of literacy, better health, and individual freedoms has also notably increased.
The reformer's vision that may have seemed impossible to achieve in 1824 became achievable as individuals, businesses, and governments recognized it was also in their own best interests to create a better life for all. Every day, we each have a fresh opportunity to create a better life for ourselves and others. By adopting the model of mutuality, we can support a better capitalism now and into the future, all while bringing more and more people into the circle of prosperity.
Of course, we have work to do to make this vision a bigger reality. The Legatum Institute publishes an annual Prosperity Index, ranking 160+ countries on various factors such as security, ability to vote, access to healthcare, education, jobs, etc. You can see the complete 2023 rankings here. It may surprise you to see where some countries fall on this index, such as our beloved United States currently ranked at an embarrassing No. 19. We, collectively, can and must do better!
We invite you to join the movement of transitioning to a better capitalism and a better world. Start the conversation about how your organization or company can begin to move toward a more equitable partnership with suppliers, customers, and employees. For ideas on how to make an impact, start with two of our blogs: How to Influence Your Company's Impact and What’s a Corporation to Do? Choose to be Great.
As always, we invite you to share your questions, challenges, and successes with us. If you have a story of how your organization moved or is moving toward partnership economics, or if you would like to schedule a free 30-minute call about transitioning your company to an ethic of mutuality, contact us at info@bettercapitalism.org.
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"This book merits close, sustained attention as a compelling move beyond both careless thinking and easy ideology."—Walter Brueggemann, Columbia Theological Seminary
"Better Capitalism is a sincere search for a better world."—Cato Institute
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