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Progressive capitalism is an economic framework that seeks to restore balance between markets, the state, and civil society to address societal challenges. It emphasizes government intervention to regulate markets, invest in public goods like education and infrastructure, and curb the influence of large corporations. Progressive capitalism to reduce inequality, promote sustainable development, and foster a more equitable distribution of wealth and power in society. It has most notably been championed by economist New Keynesian Nobel-winning economist Joseph Stiglitz.

Definitions
As defined by Joseph Stiglitz, progressive capitalism is a form of capitalism that advocates for a new social contract that rebalances the roles of the market, the state, and civil society, leveraging market forces and entrepreneurship to enhance societal well-being. It involves rewriting economic rules to address issues like market dominance, ensuring globalization benefits all citizens, and implementing government investments in technology, education, and green infrastructure, alongside public options for essential services.

Progressive capitalism is often presented as an alternative to shareholder capitalism and neoliberalism.

Principles
Progressive capitalism principles include recognizing excessive corporate power as oppressive, viewing government as a check on private excess, understanding diverse methods for distributing economic benefits, valuing secure and well-paid workers as capitalism's consumers, and rejecting a trade-off between fairness and economic growth, with reduced inequality potentially fostering greater prosperity.

Stiglitz delineates four key priorities of progressive capitalism. Firstly, it involves restoring equilibrium among markets, the state, and civil society to tackle issues like economic stagnation, rising inequality, and environmental degradation through government regulation and investment. Secondly, recognizing the pivotal role of scientific inquiry and social cooperation in wealth generation, emphasizing the need for markets governed by the rule of law and democratic oversight. Thirdly, addressing the problem of concentrated market power, which contributes to inequality and stifles economic growth, by curbing the dominance of large corporations. Finally, progressive capitalism seeks to sever the nexus between economic and political influence, advocating for reforms to reduce the sway of money in politics and mitigate wealth inequality, ultimately fostering a fairer and more prosperous society.

Progressive capitalism aims to enhance America's prosperity by facilitating the expansion of individual opportunity instead of nurturing perpetual reliance on an excessively intrusive government. Aligned with progressive capitalism are societal aims such as prioritizing education from K-12 to adapt to the evolving economy, ensuring relief from college and student debt, and offering comprehensive support for families, including access to universal healthcare. It also involves implementing a fairer tax system, strengthening the social safety net, combating workplace discrimination, addressing housing segregation and affordability, revitalizing national infrastructure, and fostering economic growth in stagnant communities where relocation is challenging.

Application
Certain aspects of progressive capitalism may rely on collaborations between the public and private sectors, while others may require direct government investment. The economic framework involves a heightened level of government spending on technology, education, and infrastructure. Joseph Stiglitz asserts that the progressive capitalism agenda is highly feasible and essential to enact. He argues that the alternatives put forth by nationalists and neoliberals would only exacerbate existing issues such as stagnation, inequality, environmental degradation, and political discord, potentially resulting in undesirable outcomes. Stiglitz contends that the concept of progressive capitalism is not contradictory but rather offers a practical and dynamic alternative to failed ideologies like free-market neoliberalism.

Measures within the framework of progressive capitalism include addressing the challenges of affordability and accessibility in healthcare, by exploring innovative solutions beyond single-payer systems such as public options that maintain choice while expanding coverage. For childcare, targeted measures like expanding tax credits and implementing universal paid leave can alleviate burdens and encourage family well-being. Education initiatives, including universal pre-K and affordable college options, are crucial for fostering opportunity and addressing inequality. Infrastructure revitalization is urgent, requiring significant public investment to boost economic growth and create jobs. Climate change demands comprehensive action, including a carbon tax and investments in renewable energy, while tax reform must prioritize fairness and sustainability through measures like progressive taxation and pre-distribution reforms.

Progressive capitalism entails deploying antitrust law to combat the dominance of large corporations, scrutinizing mergers and acquisitions, and potentially breaking up unchecked corporate giants like Amazon and Facebook to ensure fair competition in the market. Richard North Patterson suggests that this approach would address the acquisition practices of tech giants like Amazon, Facebook, Google, Apple, and Microsoft, which have collectively acquired 436 companies and startups over the past decade without significant regulatory oversight. Progressive capitalism also necessitates pre-tax reforms. There are constraints, both political and economic, on the extent to which income can be redistributed through taxation and government spending alone. Emphasizing pre-distribution, a fundamental aspect of progressive capitalism, entails reshaping economic incentives and income structures prior to taxation. Proposed measures include granting corporations a charter of corporate citizenship, allowing employee board representation, and requiring executives to hold shares for a specified period.

Another crucial element of progressive capitalism is preventing special interests from corrupting democracy. Richard North Patterson has suggested that the framework would involve strengthening the Federal Election Commission (FEC), shutting down individual super PACs, and implementing measures such as comprehensive disclosure of campaign funding sources and a public campaign-finance matching system. Steps should be taken to sever the connection between corporate lobbyists and public officials, including restrictions on stock ownership and lobbying careers, and increased transparency in lobbying activities. Progressive capitalism recognizes that economic and political health are intertwined, and unchecked dominance of large private institutions can narrow opportunities, stifle competition, and undermine representative governance. By addressing these issues, progressive capitalism aims to preserve the integrity of the political and economic system and prevent the rise of extremism and authoritarianism.

Given the existential challenge of climate change, in the scope of progressive capitalism, public initiatives and regulations must to prioritize the development of a sustainable economy. A crucial aspect of ensuring widespread access to a middle-class lifestyle will be the establishment of government-backed alternatives, such as public options for mortgages, retirement plans, and healthcare.

Criticism

 * “Progressive Capitalism” Is Impossible