Redefining Capitalism: The Chalmers Prescription
Commentary
The Australian Federal Treasurer, Jim Chalmers, recently published a 6,000-word essay, entitled “Capitalism after the Crises.” In it, he argues that it is Australia’s mission “to redefine and reform our economy and institutions in ways that make our people and communities more resilient, and our society and democracy stronger as well.”
He advocates for a new, values-based version of capitalism. By this, he means that “our economies need to embed and express more than one notion of value.”
To this end, he argues that his understanding of “capitalism” will seek to achieve the following three objectives:
“First, an orderly energy and climate transition … introducing cleaner, cheaper, more reliable and increasingly renewable energy, and adopting practices and technologies that limit our emissions….