1、February 2020 The social contract in the 21st century Outcomes so far for workers, consumers, and savers in advanced economies Since its founding in 1990, the McKinsey Global Institute (MGI) has sought to develop a deeper understanding of the evolving global economy. As the business and economics re
2、search arm of McKinsey it is not commissioned by any business, government, or other institution. For further information about MGI and to download reports, please visit McKinsey Global Institute The social contract in the 21st century Outcomes so far for workers, consumers, and savers in advanced ec
3、onomies Authors James Manyika, San Francisco Anu Madgavkar, Mumbai Tilman Tacke, Munich Jonathan Woetzel, Shanghai Sven Smit, Amsterdam Abdulla Abdulaal, Dubai February 2020 Preface What the social contract isand how and why it changeshas preoccupied philosophers, economists, and social scientists f
4、or at least four millennia, encompassing the Code of Hammurabi, Platos Republic, and the European Enlightenment when, among others, JeanJacques Rousseau used the term in his 1762 book, On the Social Contract. At its core, the social contract is the implicit relationship between individuals and insti
5、tutions. Historysuggests that the discussion about the social contract is most active in times of broadeconomic, social, and political upheaval. It is thus perhaps not surprising that the subject has once again become topical, given the shifts fueled by technology and globalization in market and pol
6、itical economies since the start of the 21st centurynot to mention the 2008 financial crisis. Public sentiment, as expressed in opinion polls over the past few years, suggests that we are living in a new era of rising discontent, mistrust of institutions, and an economy that does not work well for e