OnPoint - Project Syndicate Skip to main content

SubscriberExclusiveLandingHero
op_wautier1_Feodora ChioseaGetty Images_corporategreed Feodora Chiosea/Getty Images
Free to read

The Profit Trap

Jean-Baptiste Wautier

Purpose must replace profit as the primary objective driving companies and markets. Although restructuring capitalism around this principle may seem like a tall order, it is not only possible but necessary.

considers why capitalism is creating problems instead of solving them, and how to save the system from itself.
  1. Shareholder capitalism Volkan Furuncu/Anadolu Agency via Getty Images

    Todd G. Buchholz on US debt, Chinese trade practices, industrial policy, and more

    Todd G. Buchholz points out that not all the reasons for the US economy’s strong performance are positive, highlights the limits of antitrust enforcement, suggests that China is undermining both its own future growth and the world trading apparatus, and more.
  2. op_andrews7_Print CollectorPrint CollectorGetty Images_firstopiumwar Print Collector/Getty Images

    The Evolution of Empire

    John Andrews traces the enduring role of imperial power from the eighteenth century to the present.
  3. bp far right Photo by Artur Widak/NurPhoto via Getty Images

    A Far-Right Resurgence in Europe?

    Featured in this Big Picture

    PS editors , Sławomir Sierakowski , Michael Ehrenreich , Zaki Laïdi , Philippe Legrain , Soňa Muzikárová , Slavoj Žižek

    Many observers breathed a sigh of relief at the results of the European Parliament elections, because the widely predicted far-right surge did not dislodge traditional conservatives. But even if far-right forces do not dominate the next European Parliament, they have gained ground, particularly in France and Germany. Can mainstream politicians and parties reverse this trend?

  4. onpoint-promotion-module

    Introductory Offer

    Subscribe now to gain greater access to Project Syndicate starting at less than $5 per month.

    Upgrade Your Subscription

  5. op_benami1_LOUAI BESHARAAFP via Getty Images_syriaconflict Louai Beshara/AFP via Getty Images

    Anatomy of a Massacre

    Shlomo Ben-Ami considers what the 1860 massacre of Christians in Damascus can and cannot teach us about preventing genocide.
  6. GettyImages-2156649816 Photo by Nikolas Kokovlis/NurPhoto via Getty Images

    AI: Hope or Hype?

    Featured in this Big Picture

    Angela Huyue Zhang , S. Alex Yang , Michael R. Strain , Anne-Marie Slaughter , Avni Patel Thompson , Jamie Metzl , Simon Johnson , Eric Hazan , Daron Acemoglu

    Whether generative artificial intelligence will do more harm or good to our families, economies, and societies remains an open question. In devising strategies for harnessing the technology, optimism is undoubtedly warranted, but it should not come at the expense of realism.

  7. GettyImages-626268896

    Carla Norrlöf on NATO, the US dollar, the Gaza war, and more

    Carla Norrlöf advocates an expansion of NATO’s operational focus, suggests ways the US can enhance global confidence in the dollar, offers the Biden administration advice on how to respond to escalating tensions in the Middle East, and more.
  8. benghiat4 Getty Images

    The New-Old Authoritarianism

    Ruth Ben-Ghiat explains how Donald Trump and other “strongmen” leaders are dismantling democracy.
  9. bp industrial policy Photo by Scott Olson/Getty Images

    What Comes After Neoliberalism?

    Featured in this Big Question

    Mehrsa Baradaran , Anne O. Krueger , Mariana Mazzucato , Dani Rodrik , Joseph E. Stiglitz , Michael R. Strain

    Governments that had spent nearly a half-century preaching the virtues of free trade, deregulation, and hyperglobalization are now imposing import tariffs and export restrictions, adopting industrial policies, and lavishing subsidies on domestic firms in favored sectors, like green tech. With many observers heralding the death of neoliberalism, we asked PS commentators what comes next.

  10. roach141_STRAFP via Getty Images_china trade STR/AFP via Getty Images

    China’s Economy Cannot Export Its Problems Away

    Alicia García-Herrero & Alessio Terzi explain why the current growth strategy will inevitably fail to address the roots of the economy’s problems.
  11. GettyImages-1166756409

    Raghuram G. Rajan and Rohit Lamba on Indian job creation, industrial policy, democracy, and more

    Raghuram G. Rajan & Rohit Lamba argue that India must place the highest priority on creating and owning intellectual property, advocate an alternative to interventionist industrial policies like subsidies, call for the decentralization of Indian governance at every level, and more.
  12. op_whatley11_Chun Shu EyeEm_openbook Chun Shu/EyeEm/Getty Images

    Read More Summer 2024 Reading List

    PS editors share books that have impressed them lately, and say why you should consider adding them to your summer reading list.
  13. bp - trade war Photo by Costfoto/NurPhoto via Getty Images
    Subscriber Favorite

    The US-China Trade War Heats Up

    Featured in this Big Picture

    Pinelopi Koujianou Goldberg, Carl Bildt, Dani Rodrik, Qiyuan Xu, Arvind Subramanian

    A spate of new US tariffs on Chinese goods has raised the specter of full economic decoupling between the world’s two largest economies. For many observers, the measures are not only misguided, but also counter-productive, with the potential to undermine economic dynamism, hamper climate action, and trigger geopolitical conflict.

  14. op_rajan4_MANJUNATH KIRANAFP via Getty Images_Indiastartup Manjunath Kiran/AFP via Getty Images

    The Indian Election and the Country’s Economic Future

    Raghuram G. Rajan worries that the country will squander its massive potential by trying to emulate China's growth strategy.

It is both the best and the worst of times for democracy – or at least for voting. Although a record-breaking four billion people across 76 countries will have cast ballots in elections this year, democratic institutions are increasingly under strain, and leading watchdogs warn of a broad-based global trend toward “autocratization.”

Learn more
PSQ2_2024_Age of Extremes_Spread_noshadow

Edit Newsletter Preferences

Set up Notification

To receive email updates regarding this {entity_type}, please enter your email below.

If you are not already registered, this will create a PS account for you. You should receive an activation email shortly.