Task Force on Global Capitalism in Transition

The Trilateral Commission convened in 2021 distinguished business leaders, scholars, and policymakers from around the world in its Task Force on Global Capitalism in Transition.


The time was right for this effort. Capitalism or market-based economies are at a historic transition point. Capitalism’s positive impact on prosperity and well-being is unmatched. Nonetheless, many people are frustrated today by its inability to handle some of the greatest challenges facing society. There are growing concerns about whether market-based economies will be able to address three major challenges. First, climate change. Second, the disruptions triggered by the digital revolution. Third, rising inequalities.


This report represents the culmination of this Trilateral effort to understand these challenges and chart a path forward. This report calls for a new “Social Compact with the Next Generations.” This compact prioritizes equality of opportunity. The report does not offer one-size-fits-all solutions. Rather, it suggests an overall direction for governments, businesses, and nonprofit institutions and specific steps they can take to achieve critical common goals.


Moving toward a more sustainable and inclusive capitalism is a defining challenge of our age. The task force hopes its work stimulates discussion, debate, and, ultimately, decision.


Task Force Co-Chairs

Carl Bildt
Co-Chair of the European Council on Foreign Relations
Kelly Grier
Former U.S. Chair and Managing Partner and Americas Managing Partner, EY, Chicago
Takeshi Niinami
Chief Executive Officer of Suntory Holdings

Members of the Task Force

Bruce Andrews
Senior Vice President and Managing Partner of SoftBank Group; former Deputy Secretary of Commerce
Ajay Banga
Executive Chairman, Mastercard
Taeho Bark
President, Lee & Ko Global Commerce Institute, Seoul; Professor Emeritus and former Dean, Graduate School of International Studies, Seoul National University; former Trade Minister of Korea; former Chairman, International Trade Commission of Korea
Julie Bishop
Chancellor, Australian National University
Dame Nicola Brewer
Non Executive Director, Iberdrola SA, Aggreko plc, London First
John Bruton
Former Taoiseach (Prime Minister) of Ireland
Edoardo Campanella
Senior Global Economist, UniCredit Bank, Milan; Senior Fellow, Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School
Mark Carney
Former Governor, Bank of England and Bank of Canada
Vladimir Dlouhy
President of the Czech Chamber of Commerce; International Advisor, Goldman Sachs
Makiko Eda
Chief Representative Officer, World Economic Forum, Japan
Andrew Erdmann
Senior Advisor, Task Force on Global Capitalism; former Chief Operating Officer, State of Missouri
Naushad Forbes
Co-Chairman, Forbes Marshall Pvt. Ltd.; Chairman, Ananta Aspen Centre, New Delhi
Sigmar Gabriel
Chairman, Atlantik-Brücke; former Foreign Minister of Germany
Luigi Gubitosi
Operating Partner at Advent International
Marillyn Adams Hewson
Former Chairman, President, and CEO, Lockheed Martin
Mellody Hobson
Board Chair, Starbucks
Akinari Horii
Special Advisor and Member of the Board of Directors, The Canon Institute for Global Studies, Tokyo; Asia Pacific Treasurer, The Trilateral Commission
Bhairavi Jani
Executive Director, SCA Group; Chairperson, IEF
Bilahari Kausikan
Chairman, Middle East Institute, National University of Singapore; Ambassador-at-Large, Ministry of Foreign Affairs of Singapore; former Permanent Secretary, Ministry of Foreign Affairs, Singapore
Lawrence Lau
Ralph and Claire Landau Professor of Economics; former Vice-Chancellor and President, The Chinese University of Hong Kong
Bo Lidegaard
Co-Founder and Partner, Kaya Advisory; former Editor Politiken, Copenhagen
Doris Magsaysay Ho
President and CEO, Magsaysay Group
Cecilia Malmström
former European Commissioner for Trade, European Commission, Brussels
James Manyika
Senior Vice President of Technology and Society, Google
Takehiko Nakao
Chairman of the Institute, Mizuho Research and Technologies, Ltd., Tokyo; former President, Asian Development Bank (ADB)
Armando Garza Sada
Chairman of the Board, Alfa
Susan Schwab
Professor Emerita, University of Maryland and Strategic Advisor, Mayer Brown
Lawrence H. Summers
Professor and President Emeritus, Harvard University
Helle Thorning-Schmidt
Former Prime Minister of Denmark
Hans Wijers
Chairman, ING Group; Member of the Supervisory Board, HAL Holding B.V.; Member of the European Advisory Panel, Temasek; former Deputy Chairman, Royal Dutch Shell; former Chairman of the Supervisory Board, Heineken, Amsterdam; former non-Executive Director, GlaxoSmithKline (GSK), London; former Chairman and Chief Executive Officer, Akzo Nobel; former Dutch Minister for Economic Affairs; former Senior Partner, BCG

A New Spirit of Capitalism (2022)

Readers interested in more detailed historical context and analyses of the themes discussed in this report should consult the research study provided to the task force entitled A New Spirit of Capitalism: Toward More Sustainable and Inclusive Economies (London: Hurst Publishers, 2022).