Capitalism has helped improve the living conditions of millions of people around the world over the last couple of centuries. It has, however, come at a cost and never more so than today, as it brings with it a toxic mix of insecurity and inequality.

In recent decades the problems associated with capitalism have been balanced in many countries by the development of the welfare state.

This century, however, presents a new challenge, as inequality is affecting greater numbers of people around the world.

The challenge for capitalism is to continue to provide the creativity and innovation needed to drive the economy while also providing solutions to the insecurity such creativity and innovation generates.

The challenge, however, may be unreasonable and unfair, as it seems that such inequality is not caused by capitalism alone.

The traditional view of the left is that government spending and taxes should be used to address the difficulties caused by capitalism. The traditional view of the right is that government should reduce spending and taxes to free up capitalism.

Each side believes its approach will harness the best of capitalism’s energy and redistribute the worst of its excesses thus creating a fairer society.

It seems, however, that neither side is correct, as commentators suggest the problem is not only inequality but also the inability, of individuals, families and communities to benefit.

Given that capitalism has helped reduce traditional barriers to equality of opportunity, the real problem may not be capitalism but how to ensure people benefit from the opportunities it creates.

Traditionally, education is proposed as a solution although in recent years there is evidence that education alone is not enough to address the difficulties people face.

Capitalism with all its economic benefits, it seems, is here to stay and so, unfortunately, is the inequality and insecurity it creates.

The challenge for governments and people is how to manage capitalism’s inequalities while continuing to benefit from its opportunities.

SO, capitalism has proved its worth in helping to drive the economy but it comes with a price that is increasingly difficult to pay.

What do you think? Is capitalism the problem or the solution? Get in touch, we would love to hear your views contact Nick on 028 8224 9494 or via Twitter @nick_oec.

Sten Allan Olsson, who has died aged 96, was the founder of Europe’s largest ferry operator, Stena Line, and one of Sweden’s greatest 20th-century entrepreneurs.
 
Stena began operating ferry services in 1962 on the short crossing between Olsson’s home city of Gothenburg and Skagen on the northern tip of Denmark. Its first venture outside Scandinavian waters was a Tilbury-to-Calais service launched with some razzamatazz in July 1965.

Thinking that he needed a publicity stunt to make up for a late start in the holiday season, Olsson — described by one reporter as “nothing if not confident” — ordered 60,000 free tickets to be distributed, mostly to factory workers and publicans in Essex and east London. These offered day trips on his ferry, named The Londoner for the purpose, with the novelty of smorgasbord thrown in. But paid bookings far exceeded expectations — resulting in a dockside ruckus in which free-ticket holders had to be turned away, while others who had paid demanded their money back.

Renamed Stena Nordica, The Londoner reappeared the following year, chartered by British Rail’s shipping division, on the Stranraer-Larne route between Scotland and Northern Ireland — but was again operating the Tilbury route in 1967.
Stena became more firmly established as a brand familiar to British holiday makers in 1990 with the acquisition of Sealink Ferries, formerly owned by British Rail. The Swedish line now carries more than three million passengers a year on UK routes, notably on “superferries” between Harwich and Hook of Holland, and on some 30 daily sailings across the Irish Sea. It also operates Baltic routes to Poland and Latvia.

The wider Stena Sphere family of companies founded by Olsson includes a huge international recycling business, the descendant of his first venture as a 23-year-old scrap dealer. Employing some 20,000 people, the group is also involved in bulk tanker shipping, offshore drilling, and oil and metal trading.
 

Sten Allan Olsson himself was a practical and thrifty businessman — an intuitive decision maker who was often seen on the quayside quizzing his workers and customers in the belief that “You’re never better than the information you have gathered”. Another of his favourite sayings, indicative of a cautious attitude to business risk despite his Tilbury debacle, was “Fly low and far”.

The son of a schooner owner and captain, Sten Allan Olsson was born on Donso, in the archipelago of islands off Gothenburg, on October 28 1916. He was educated at Ljungskile Folk High School and a commercial college in Gothenburg, and in 1939 founded his first business there, trading metal and rubber.

He expanded his local activities during the war years, and during the period of industrial shortages immediately thereafter, prospered as an importer of metal ingots. He also bought up pontoon tanks that had been used for temporary bridges, repainting and reselling them as oil containers.

In 1946 he acquired three sister vessels destined for the breaker’s yard and cannibalised them into one seaworthy ship to carry his own cargos. Two years later he established a shipping company which built up a modest fleet of coastal freighters in the 1950s. Meanwhile, he also established his own scrapyards and became a major supplier to Swedish steel mills.

To mark his 80th birthday, Olsson created a charitable foundation which has supported Gothenburg’s business school, art museum and opera house.

He married, in 1944, Birgit Andersson, who died in 2008. They had three sons and a daughter. The eldest son, Dan Sten Olsson — appointed CBE in recognition of Stena’s long-standing links to Britain — took the helm in the 1980s. Dan and his siblings, Stefan and Madeleine, who also inherited stakes in the business, are estimated to have a combined fortune of more than £2 billion.

Sten Allan Olsson, born October 28 1916, died July 12 2013.

---

Wee Wonders has been nominated for the Netmums Favourite party awards.

We would be really grateful for the vote - please follow the link below.

http://www.netmums.com/local-to-you/netmums-favourite-party-awards-vote-now

For those of you not registered on Netmums you will have to register - its free

---

• increase the number of Belfast technology companies selling and doing business America
• increase the knowledge of Belfast Tech companies in what it takes to establish and secure venture capital funding in the US
• improve business networks and partnerships between companies in Belfast and America
• raise the profile of Belfast as an investment location and digitally connected city.

• Download the Belfast Tech Mission application form (Word - 1.34KB)

---

“Axing roaming charges will benefit industry”


   
 
Fonehouse Belfast
email: belfast@fonehouse.co.uk    tel: 02890 611121    web: www.fonehouse.co.uk
 Unit 55  The Kennedy Centre  Belfast  BT11 9AE

---

---

---

TENDERS