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City fund managers call for rethink of capitalism
"Two of the world’s biggest fund management bosses have called for a rethink of capitalism and its obsession with constant economic growth, in a plaintive appeal for business and governments to deal more decisively with the challenges of climate change.
Anne Richards, chief executive of Fidelity International, said the world must end 'our obsession with ever-increasing GDP' and the 'primacy of shareholders' to foster the kind of long-term thinking that would help protect the environment.
Andreas Utermann, CEO of Allianz Global Investors, said the world’s growth mania — 'nominal GDP growth, supported by population growth, [and profit] growth' — was clearly unsustainable, and suggested that capitalism in its current form is borrowing from the future while destroying the environment'."
The future of wealth and prosperity will perhaps be based on outcomes measures other than GDP and shareholder value. There may very well be stormy times ahead as the trading systems, investment groups, and industry carry on doing what they have done in the past.
Source: ft.com
growth gdp capitalism obsession rethink fund environment world
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