Summoning the Collective Will and Courage to Seek Economic Justice

Abstract

This chapter examines the role of human agency in creating economic institutions based on certain interests and values. It views the pandemic as a historical opportunity to break out of “path dependence” and reclaim human agency in determining the kind of institutions and societies the masses would like to create. The centrality of choice and values is emphasised by contrasting an institution such as the joint stock limited liability company created during the Industrial Revolution to help the privileged amass greater wealth without accountability with commenda, a late medieval economic institution that pioneered the concept of profit sharing with labour. While the former perpetuated greed, the latter built trust and harmony. The paper concludes that people have to consciously choose the kind of society they would like to create and to commit to the action that would realise their vision.