“Capitalism as we know it is dead,” said Salesforce chief Marc Benioff at a conference in October 2019. Instead a new model of business was taking its place, he continued. One driven by values, ethics and taking care of employees — not “the Milton Friedman capitalism that is just about making money.”

Marc Benioff is not the first to recognize that our current economic system doesn’t work for the modern world. It doesn’t address our social and environmental issues effectively. In a time of health and economic crisis we’re more aware than ever of its failures. Even before the current pandemic social inequalities were widening for more than 70 % of the global population. But what is the alternative? Can we change our mindset and growth instinct? How do we transform to an economic system that is more stakeholder-focused than shareholder-focused?

We are in the midst of health and economic crises that know no borders. COVID-19 has impacted billions of lives and will continue so for many years to come. Our resilience as a global community is being tested, and we can look at this as preparation for the environmental and climate crises we know are coming soon. The global losses from climate change could be a total of $600 trillion by the end of the century, but more importantly, human life as we know it will be irreversibly changed if we don’t act now. 

Therefore we need to restart our economy with the environment at the center of both public- and private sector strategies. But how do we create new jobs and economic success with the green transformation in mind? How do we ensure that we have the talent, governance models and business strategies to implement new systems in the food, water, energy and production sectors? How do we ensure that green business models are prioritized over others? How do we ensure, we don’t go back to outdated solutions and instead invest in the news ones? 

Don Tapscott, author of Wikinomics and Blockchain Revolution, said “Technology is breaking down the agreements that grew from the industrial age  – about employment, economic opportunity, public discourse, the integrity of democracy and other profound  issues.” In other words, we can say that for good or bad, technology has changed our lives and it’s here to stay. So it’s time to create a new set of agreements. 

How do we ensure that technology is used to create better solutions for the people and planet? How do we handle data responsibly, and how do we steer innovation towards an ethical digital world? Can we ensure that new digital business models can thrive without compromising privacy, democracy and ethics? What steps can we take to ensure a strong and healthy connection between governments and business in the digital age?

In the magazine ‘Imagine’, published by Space10, it is stated that the global urban population has soared from 751 million in 1950 to 4.2 billion in 2018, and urbanization isn’t slowing down. The UN predicts that about 2.5 billion more people will be living in cities by 2050. By then, almost 7 out of 10 will live in an urban area.

There is clearly a need to build more human centric cities where we can live and thrive. But how do we rethink the urban model to work for citizens and for the planet? How do we ensure more inclusive and equal opportunities for all? Can we create enough jobs within cities while being environmentally and socially responsible?