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Progressive capitalism is an economic framework that seeks to recalibrate the roles of the market, state, and civil society to enhance societal well-being. This approach advocates for a new social contract that leverages market forces and entrepreneurship while addressing issues such as market dominance, inequality, and the consequences of globalization. Progressive capitalism emphasizes the need for government investment in technology, education, healthcare, and green infrastructure, alongside implementing public options for essential services.
Distinct from socialism, which calls for extensive government control over production, and neoliberal capitalism with minimal state coordination, progressive capitalism supports market economies with effective regulatory frameworks. It aims to correct market abuses and ensure that economic growth and opportunities are widely distributed. By focusing on reforms within the capitalist system, it seeks the benefit of market-driven economic growth balanced with fairness and sustainability. Critics argue that its incremental reforms may not address deeper systemic issues within capitalism.
Historically, progressive capitalism has been associated with periods of significant economic growth and reduced inequality, such as the New Deal and the Golden Age of capitalism in the mid-20th century. It contrasts sharply with neoliberal free market capitalism, which tends to reject such interventions in favor of self-regulating markets with more narrowly distributed results. In recent years, the superior results of progressive capitalism have been promoted by figures like New Keynesian Nobel-winning economist Joseph Stiglitz, former Minister of State for Science, Research and Innovation David Sainsbury, and U.S. Congressman Ro Khanna.