Barack Obama's presidency was supposed to herald the beginning of a "phoenix economy" featuring social justice, environmental responsibility and a green-jobs focus, writes John Elkington. Now, a report questions whether capitalism is the obstacle. "[C]apitalism's effectiveness moves along the spectrum of time horizons, brilliant at the short end but lost, irrelevant, and even plain dangerous at the very long end," writes Jeremy Grantham of asset manager Grantham, Mayo, Van Otterloo.

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