States and societies are in crisis around the world, as questions arise around the nature and quality of existing social contracts. COVID-19 has laid bare profound vulnerabilities within and across societies. The global pandemic is revealing deep failures in policy visions, institutional fragility, and incapacities of states to harness societal compliance where trust and a sense of national belonging is weak. At the same time, our interdependencies have never been so clear, as all countries, developed and underdeveloped alike, confront similar challenges. Crisis, however, offers opportunity to do things better, to build forward better – strengthening social contracts at all levels. How then, can social contracts, and compacting in times of crisis, offer pathways to address inequality and exclusion?

Shared capital, defined as a broadly distributed pattern of rights over productive assets, can be a powerful instrument to address economic and social inequalities. We argue that initiatives to bring about shared capital can foster both redistribution and recognition, and thereby bring about more inclusive and peaceful societies. Based on experience, we suggest moreover that they are feasible and can be advanced by suitable policies and actions—at local, national, and global levels.