Inclusive capitalism needs action not words

There is much talk of an “inclusive” capitalism that would consider all stakeholders of a company (shareholders, employees, contractors, customers, the environment, local communit ies ). S ome companies even publish entire reports on their environmental and social responsibility. But if capitalism were to actually become more inclusive, we should see actual developments that address the current excesses of neoliberal capitalism. This means we would see: A fall in the gap between the return on equity for shareholders and risk-free interest rates, which is a synthetic indicator; An end to the skewing of income distribution against wage earners; An end to rising debt leverage; An end to oligopoly rents and dominant positions; An end to offshoring to countries with low labour costs; An end to tax competition; A sharp reduction in CO 2 emissions. Among this list of desirable developments , recent years have seen: An upturn in the wage share of GDP; No more offshoring; A fall in CO 2 emissions. But the gap between the return on equity and the risk-free interest rate continues to rise, as does debt leverage; monopoly positions continue to proliferate and tax competition remains intense. Little has been corrected.