At the end of 2020 the Future Markets Consultation invited students and young scholars to submit their ideas on a sustainable and just market economy for Europe in the shape of an essay. The jury has meanwhile read all the submissions to this essay contest with great interest. Five master students and four young scholars have been nominated for the prize. The winner in each of these two categories will be announced in a short award ceremony on 12 April 2020.
Various innovative ideas, such as an unconditional universal basic income, job guarantee and universal basic services, today seem less radical and utopian than they used to be. But should we put our faith fully in one of these options, seeing it as a silver bullet solution to all of our problems? Or should we, instead, advocate for an innovative combination that brings together the strengths of different ideas?
We are living through a twice-in-a-century change in economic thinking and policy making, also known as a paradigm shift: away from neoliberal market ideas and a focus on narrow economic growth, towards an economy centred on enhancing human well-being in a sustainable, equitable and resilient way – also known as the Well-Being Economy.
The Think Tank of Young Economists of the Future Markets Consultation has investigated how we can move towards the Wellbeing Economy. At an online event on 12 April 2020 the young economists will present the report and receive a short reaction from former Dutch prime minister Jan-Peter Balkenende, who will write the main consultation report.
We need a ‘Great Reset’ or ‘Great Reallocation’ of capitalism in which European capital is being invested in European companies, and vice versa, European companies being financed with European capital; these investment decisions resulting from a dialogue between the European wealthy and European entrepreneurs; and this process being maximally supported and promoted by national and European laws and regulations. This idea was not born from gloomy nationalism or anti-globalism, but from the conviction that a better balance is needed between global and local, between place of production and place of consumption, between mobile wealth and immobile labor, between large-scale politics and small communities, between freedom and responsibility, between short- and long-term. A viewpoint for the Future Markets Consultation submitted by Dutch think tank Socires.
With its recently published manifesto, Springtij wants to give a significant push to the shift towards a future-proof Netherlands. It is a political manifesto that is meant to be apolitical; Springtij points to ideas “that transcend party political positions. Ideas and solutions that do not divide society but strengthen it.” The Springtij manifesto is built around four ‘environments’: living & working environment, agricultural & natural environment, industrial environment, and great waters & sea. The changes described in the manifesto require a number of economic and social changes. A viewpoint submitted to the Future Market Consultation.
Transparency in the chain, for some companies this is their mission, but for many companies it is a complicated matter. While in developing countries, where many raw materials and/or products come from, there is a high risk of human rights violations. Understanding the chain is an important step towards transparency. To achieve this, legislation is necessary, argue Jacob van der Duijn Schouten and Jacoline de Kruijf in a viewpoint submitted to the Future Market Consultation.
Green Swans draws on Elkington’s first-hand experience in some of the world’s best-known boardrooms and C-suites. Using case studies, real-world examples, and profiles on emergent technologies, Elkington shows how the weirdest “Ugly Ducklings” of today’s world may turn into tomorrow’s world-saving Green Swans.
In this podcast Annick van Rinsum speaks with Dirk Bezemer, professor of Economics, member of the Sustainable Finance Lab, and author of the book Een Land van Kleine Buffers [‘A Country of Small Buffers’, in Dutch]. They talk about the difference between the Rhinelandic and the Anglo-Saxon capitalist models and their effect on socio-economic outcomes, about whether there is a uniquely European capitalism at the world stage and the need to(re-)define it, and about the role of economists as social scientist to address the challenges that the future brings. This episode of the podcast series by Pakhuis de Zwijger forms the closure of a series of online dialogues that we organized with them over the past couple of months on the future of capitalism in Europe.
“In Karl Marx’s Life, Ideas, and Influences, editors Shaibal Gupta, Marcello Musto and Babak Amini bring together contributors to commemorate the 200th anniversary of Marx’s birth and to discuss the relevance of his theoretical and political legacy today. The book offers an open-minded, informative and thought-provoking collection of contributions that inspires in-depth discussions not only of past Marxian and Marxist legacies, but also of how we learn from them to act upon our present and future world, writes Janaína de Faria.”
“‘We’ve lived through a neoliberal era for the last 40 years, and that era is coming to an end,’ Sitaraman says, adding that the ideas and policies that defined the period are being challenged on various levels. What comes next depends on if we take a proactive and democratic approach to shaping the economy, or if we simply react to and ‘deal with’ market outcomes.”
“In Anti-System Politics: The Crisis of Market Liberalism in Rich Democracies, Jonathan Hopkin studies the political counter-movements that have arisen on the Left and the Right since the 2008 financial crisis, positioning these as forms of ‘anti-system politics’ that are a response to the failures of neoliberal orthodoxy. Scott Timcke finds this book one of the most compelling reads of 2020, deserving of serious engagement and discussion by anyone interested in politics, philosophy and economics.”
“Are myths about jobs stopping us from seeing our working lives clearly?” A discussion of three recent books / reports.
The recording of our live cast on Europe’s Future Economy of the Common Good (23 November) is now available. Participants in this closing dialogue were Tito Boeri (Italy), Luis Garicano (Spain), Dalia Marin (Austria/Germany), and Geert Noels (Belgium).
“Fighting anti-Black racism in the corporate world needs to be done in partnership with academia. After all, business schools in particular play a critical role in shaping the next generation of leaders, and Black representation (or lack thereof) in materials and faculty has an impact on not only who leads businesses but also how they lead. The authors lay out three areas.”
The latest book by Villanova University’s Eugene McCarraher, who teaches humanities, is a deep dive into the history of a perverted love story and a false religion — the western worship of money and markets. The author testifies against a creed that has dominated our lives since the 17th century and offers an imaginative look at what can help us break the spell. In the following essay, cultural historian Lynn Parramore discusses The Enchantments of Mammon: How Capitalism Became the Religion of Modernity.