Richard Branson puts forth plan B for capitalism

Capitalism has become a dirty word over the last few years, as policymakers and the media paint it as the source of the majority of the world’s ills. However, despite the wishes of some of the more extreme campaigners, capitalism is likely to live on beyond these turbulent times.

Adjusting the model, however, is something many have called for, not least British entrepreneur Richard Branson. Having successfully launched airlines, record labels and train companies through his Virgin brand, riding the crest of the capitalist wave over the last 40 years, Branson wants to create a more ethical approach to business.

He has gathered leading businessmen into his B team in order to formulate an alternative to the existing capitalist system. Jochen Zeitz, chairman of German sportswear maker Puma, will head the group alongside Branson with the explicit aim of creating a “fair, honest, positive and creative” business environment.

According to the Economist, the group will campaign governments and other multinationals to reform standard business practices, including ending quarterly reporting of results, transparent accounting of companies environmental impact and an end to fossil fuel subsidies.

The B team is yet another organisation that Branson has formed to bring reforms to the way the world is run. Other groups include the Elders, which counts the likes of Jimmy Carter and Desmond Tutu among its members, which aims to advise politicians around the world on how to run their countries. Another is the Carbon War Room, which is designed to help businesses and politicians cut the use of fossil fuels.

While Branson has been frequently accused of shameless self-promotion, his stated aim of making businesses act in a more ethical way, while profiting from the capitalist system they operate in, can only be applauded.