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Progressive Capitalism: How To Achieve Economic Growth, Liberty and Social Justice Hardcover – 14 May 2013

4.3 out of 5 stars 8 customer reviews

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Product details

  • Hardcover: 281 pages
  • Publisher: Biteback; 1st edition (14 May 2013)
  • Language: English
  • ISBN-10: 1849545294
  • ISBN-13: 978-1849545297
  • Product Dimensions: 15.8 x 2.7 x 24 cm
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (8 customer reviews)
  • Amazon Bestsellers Rank: 483,914 in Books (See Top 100 in Books)

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Review

David Sainsbury's thoughtful manifesto for a Progressive capitalism draws on his experience in both business and government to offer an alternative political economy to that of the dominant, and dominating, neo-liberalism of recent decades. --Joseph Stiglitz, Nobel Prize-winning economist

Essential reading for anyone who wants to understand the new model of capitalism evolving from the global financial crisis. An inspiration for politicians and business leaders who need to reinvent the mixed economy for the twenty-first century. --Anatole Kaletsky, Author of Capitalism 4.0 and Chairman of the Institute for New Economic Thinking

David Sainsbury offers a fresh, honest and compelling prescription for reforming capitalism. It is a must-read for Progressive politicians and policy-makers. --Andrew Adonis, Former Transport Secretary and Education Minister

Rich in detail, fleshed out by the practical experience both men have had in a range of fields. --The Guardian

This book is equally important for what it says and who is saying it... A powerful and cogent critique... A must-read for anyone seeking to make sense of that new catchphrase "active industrial policy". ... Goes way beyond the 2012 Kay review of equity markets and long-term decision-making... A decade ago, this prospectus would have seen its author branded "Red Sainsbury". Now it is pretty sensible and mainstream. A new centre ground is being forged. --New Statesman

[A] superbly constructed manifesto. --Cambridge Business Review

Rich in detail... Outlines a "new" capitalism with its sharper teeth blunted, avarice expunged, fairness and social justice imprinted on its soul and innovation and entrepreneurship providing the rocket fuel. --The New Review, The Observer

[A] superbly constructed manifesto. --Cambridge Business Review

Rich in detail... Outlines a "new" capitalism with its sharper teeth blunted, avarice expunged, fairness and social justice imprinted on its soul and innovation and entrepreneurship providing the rocket fuel. --The New Review, The Observer

About the Author

David Sainsbury was Finance Director of J. Sainsbury plc 1973-1990, Deputy Chairman 1988-1992 and Chairman 1992-1998. He became Lord Sainsbury of Turville in October 1997 and served as Minister of Science and Innovation from July 1998 until November 2006. In 2007 he produced a report on the government's science and innovation policies entitled 'The Race to the Top'. He was a member of the Docklands Joint Committee 1978-1981, a member of the Committee of Review of the Post Office (Carter Committee) 1975-1977 and Chairman of the Governing Body of the London Business School 1991-1998. His political interests led to Lord Sainsbury acting as a Trustee of the Social Democratic Party 1982-1990 and a member of the IPPR Commission on Public Policy and British Business 1995-1997. He also founded and chairs the Institute for Government. He founded the Gatsby Charitable Foundation in 1967 and in 2003 he received, on behalf of the Sainsbury family, the Andrew Carnegie Medal for Philanthropy. He is an Honorary Fellow of the Royal Chancellor of Cambridge University.

Customer Reviews

4.3 out of 5 stars
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Format: Hardcover Verified Purchase
Reviews of Progressive Capitalism are mostly favourable but tend to verge on the lukewarm.

Many people may be put off by the author's association with New Labour having been Minister of Science and Innovation from 1998 to 2006 under Tony Blair. However, he is now thoroughly distanced from Labour or any of the main parties.

This book is not an argument for a "middle way" for capitalism, as some reviewers seem to think. Rather it goes headlong against orthodox economic thinking. For anyone is prepared to read it attentively, it successfully destroys the current dominant neo-liberal agenda of deregulation and laissez-faire.

An indication of the essential radicalism of Progressive Capitalism lies in the quotation in the title pages. This is from the German economist, Friedrich List, dated 1841. But in fact List shines out of every single page. Progressive Capitalism must be the most thoroughly Listian tract in well over a century.

The fact that most people have never heard of this greatest of all economists is due to his being airbrushed out of economic thinking by the orthodox Adam Smith School. The neo-liberals to which Sainsbury constantly opposes his own views are merely the latest version of this school - the latest Smithians.

List, in his National System of Political Economy [Vol. 2 is the one to read] exposed, the Smithian classical economist thesis and its followers in Ricardo, Mill, and so on. He saw that it was a piece of abstract theory that assumed a "universal republic" where national boundaries and national interests did not exist. It was not based in reality.

List proposed "national economics" where each country should develop its own enterprises with the state taking a role in encouraging and supporting this.
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Format: Hardcover Verified Purchase
The writing is a little laboured at times (excuse the double meaning). The author has clearly been influenced by the lecturers' adage tell them what you are going to say, say it, say it them tell them what you said. But not every paragraph!

That said, the book clearly sets down an alternative to the Austerity Economics which is driving us back to the thirties and creating an ever widening gap between the have nots and the have yachts.
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As someone who has had no training in economics or politics, I found this book very useful indeed. Capitalism is here to stay and this book is about how to make it work better: by improving institutions and regulations, and by supporting private industry by public funding of research, technology and education.. The book is timely because the recent global banking crisis provides further evidence that capitalism has to be well regulated and governed for it to work in the interests of the population as a whole. The book is easy to read but also contains plenty of data from different economies around the world to support it's arguments.

It is easy, for example, to accept the UK financial services industry creaming off some 40% of the money invested in people's pensions and the resultant increase in earnings inequality in the past 20 years as an inevitable consequence of globalisation. This book explains that this is the result of poor governance of UK corporations and proposes solutions.
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A worthy attempt to steer a path between failed socialism and dodgy capitalism. Lord Sainsbury has been a generous supporter of the Labour Party. The latter under Tony Blair rightly abandoned Clause Four - ownership of the means of production etc- but left no clear destination in its place, . Capitalism - the working of the market to direct by price signals, the optimum ( of a sort) economic production, but unparalleled greed plus inability of the bankers to understand the mechanisms, and o their dealing consequences , plus the same incompetence in the Treasury and Central Banks , has left a mess. His book is a partial guide to what might be done.
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