Jan 22, 2026

Capitalism and Crises

How to Fix Them

Colin Mayer

Hosted by Alfred Marcus

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Summary

The world is encountering multiple crises - climate, droughts, floods, energy, food, and pandemics, to name a few. Capitalism and Crises: How to Fix Them (Oxford UP, 2024) is about how capitalism can help fix them It has helped to cause because of a misconception about the nature of the system. There has been a failure to understand the key institution business. This book describes why this has happened and what needs to change to address it. At the core of the problem is the key driver of capitalism profit and the way in which those who run the system and provide it resources for it have been rewarded. Currently, profit comes from causing as well as solving problems. Drawing on history, philosophy, psychology, and biology as well economics, law, and finance, Mayer describes what has gone wrong and what needs to change. He sets out the big challenges that capitalism must address and discusses how financial institutions should be at the heart of this, and how the public sector can work with the private on a common purpose of creating shared prosperity. Capitalism and Crises is an inspiring and motivational roadmap.

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Alfred Marcus

As the Edson Spencer Professor at the Carlson School, I’ve spent my career helping students, scholars, and executives understand how companies succeed, why they fail, and how they can rise again. I’ve authored over 20 books and numerous articles in leading journals. My writings span immigrant entrepreneurship, demography, corporate turnarounds, and sustainability among other topics. My latest book explores how firms like Dell and Best Buy reinvented themselves. It is called Comeback: Can Great Firms Rise Again? It is published by the University of Toronto Press and will be available at the end of March.

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