"Much of the ground that Hay and Payne cover relates to markets, regulation and issues of sustainability in the social, environmental and economic realms. Their argument rests on two pillars: a newly active regulatory state (or pan-state) and the buy-in by varied actors of a set of normative ideals as to what constitutes a ‘good society’ for the long term. [...] The authors have raised the progressive flag yet have not jettisoned capitalism. They believe that the public interest can be defined and that the state can regulate to promote that public interest. To foster sustainable growth, they urge a much firmer set of rules for private banking, coupled with greater public investment in infrastructure. [...] We have much to gain by considering various aspects of the authors’ argument. [...] Their programme presents challenges, as the critics note in Part II – especially political ones. As far as broad principles are concerned, however, the authors are on safe ground, and instructors in fields such as labour studies, economics, sociology and politics will find no better (short) text to offer their students on this topic than Civic Capitalism."

"The first part of the book, ‘Civilizing Capitalism’, fleshes out this idea, before a number of authors respond to it in the second section. In the final short section, Hay and Payne turn their attention towards Britain and what the beginning of a transition to civic capitalism might look like in terms of politics and policy. Among the panoply of ideas presented, perhaps the three most significant are a greater interventionist and regulatory role for the state in the governance of markets; sustainable growth capable of being measured by a metric that does not simply equate increases in GDP with beneficial economic development; and an emphasis on not only reducing inequality between individuals but also between countries. Hay and Payne make a convincing and nuanced case for these measures but as their respondents demonstrate, there are some significant problems with the argument. [...] I am certain that Hay and Payne have some convincing ripostes to these criticisms. However, my one quibble about what is otherwise a stimulating read is that, for some reason, we don’t get to see what their responses are. A ‘Response to Our Critics’ section would have made more sense as a conclusion, rather than the all-too-brief consideration of civic capitalism in Britain, which is the least satisfying part
of the book."