Transforming Capitalism for Sustainable Development: Achieving the Vision of Three Zeros

Abstract

Capitalism is an integral factor of global economic growth and development; however, it has contributed to social and environmental issues like poverty, unemployment, and ecological degradation. Despite widespread recognition of these issues, existing economic models often fall short in addressing them comprehensively. This research aims to address this gap by proposing a reformed capitalism framework that aligns economic growth with social and environmental considerations. The main focus is understanding the effect of reforming capitalism on social business and green technology, and how they impact the realization of Three Zeros on poverty, unemployment, and carbon emissions. The data was collected using a structured survey, which yielded 474 valid responses. These responses were analyzed using SPSS 29.0 and SmartPLS 4.0, with a focus on the partial least squares structural equation modeling (PLS-SEM) technique. The findings revealed that capitalism reform has a significant effect on social business and green technology. Social business has a significant influence on zero poverty, zero unemployment, and zero carbon emissions. Green technology also has a significant positive impact on zero poverty, zero unemployment, and zero carbon emissions. This study contributes a novel perspective to the existing debate over economic reform by introducing a procedural and implementation-oriented model that promotes economic growth, equity, and ecological sustainability. This model focuses on addressing inequitable distribution and environmental protection. The implications extend to policymakers, business leaders, and civil society actors working collaboratively toward a sustainable economic future.