Only consumers can make capitalism work

Hugh Davidson
Oxford Strategic Marketing

Hugh Davidson explains how a proper appreciation and application of the marketing principle and its values across all aspects of business would make consumer-led capitalism a model in which everyone had a stake and guard against future financial crises.

In the Financial Times series 'Capitalism in Crisis', there were articles by leading politicians, regulators, financially-driven CEOs, philanthropists, economists, and even by 'Occupy London'. But not a word from marketers.

Failures in financial regulation, the flawed structure of banking, excessive risk-taking, conflicts of interest, toxic cultures, weak auditing, and the role of governments were all examined intelligently. But scarcely a word about customers or the circumstances which will empower them in future.

Past models of capitalism were dissected and future ones discussed. Many excellent points were made. Yet the most obvious one — that only customers can make capitalism work better – was not.