ANDILE KHUMALO: Capitalism needs to find its conscience
Barack Obama points the way to creating a more equal society
This week, the Nelson Mandela centenary celebrations took centre stage across the country as erstwhile US president Barack Obama delivered the annual lecture. As expected from a man known for his oratorial skills, his speech was widely accepted as a fitting tribute to the legacy of our former president, especially his focus on "inclusive capitalism" as the best way for humanity to create a more equal society. Whilst the definition of inclusive capitalism remains largely fluid, the general consensus seems to be a form of capitalism that seeks to put society rather than profit at the heart of decision-making and action by business. This has to be contrasted with contemporary capitalism which places profit at the centre and argues that somehow society will benefit. Despite its universal appeal, classic capitalism has resulted in the super-rich and the super-poor, and a widening inequality gap across the world. It has led to an economic universe where the benefits of capitalism are ampl...
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