Through a series of ten public online dialogues we will explore solutions and bring together researchers from around the world to rethink capitalism. How can the freedom and innovative potential of free markets be squared with the requirements of ecological sustainability and social justice as well as inclusiveness? Speakers include Elizabeth Anderson, Paul Collier, Joseph Stiglitz, Mohammed Yunus and Luigi Zingales (and others). Join us for this series of online events from September to November 2020.
Debate Series on Sustainable & Just Free Markets with Nobel Prize Winners Joseph Stiglitz & Mohammad Yunus
On September 21, researchers from four Dutch universities will start an international consultation that will investigate the options for a sustainable and just free market in Europe. Central part of the consultation is a series of live casts on “The Future of Capitalism” with internationally renowned economists, including Nobel Prize winners Joseph Stiglitz and Mohammad Yunus. The series is organized in collaboration with Dutch debating center Pakhuis de Zwijger. Under the leadership of former Prime Minister Jan Peter Balkenende, ideas from the consultation will be bundled in a report that will be published in 2021. [Press Release]
“Systems Are Not Changed Mysteriously; They Are Transformed When There Is a Fundamental Change in Ourselves” – J. Krishnamurti
Every episode of the online dialogues between visionary economists, organized as part of the Future Markets Consultation, starts off with a personal reflection by one of the members of the Consultation’s Think Tank of Young Economists. This is the reflection by Jim Surie at the start of the dialogue on ‘Economics for Change’ (14 September).
In this kick-off of a series of online dialogues with visionary economists we explore how economics is at the basis of incremental systematic change. How do the global financial and economic system, climate change, human consciousness and social security relate to one another? How do these systems interact and most importantly, how can we – without discarding capitalism in its entirety – transform them?
“In the mid-1980s, Milton Friedman’s view that the only social responsibility of business is to increase its profits became dominant in business and academia. Since the Great Financial Crisis, his views have increasingly been challenged. To mark the 50-year anniversary of Friedman’s influential NYT piece, we are launching a series of articles on the shareholder-stakeholder debate.”
“What will the economy of the future look like? To answer that we must first consider the current trajectory and the ways in which modern capitalism operates, who it benefits, and if it is sustainable. In this video, historians, economists, and authors discuss income and wealth inequality, how the American economy grew into the machine that it is today, the pillars of capitalism and how the concept has changed over time, and ways in which the status quo can, and maybe even should, change.”
“The pandemic has reinforced that which has been undermining the foundation of capitalism since 2008: the link between profit and capital accumulation. The current crisis has revealed a post-capitalist economy in which the markets for real goods and services no longer coordinate economic decision-making”, writes Yanis Varoufakis.
“Across Western advanced economies, a widespread sense of malaise has given rise to a debate about what the state can and should do to ensure economic justice, particularly for those at the bottom of the income ladder. As always, the fundamental question is whether public policies would help or hamper growth and dynamism.”
“The COVID-19 pandemic has highlighted the high costs that unchecked externalities – such as those resulting from people not wearing face masks – can impose on an economy and society. Economists must begin to examine how these costs can be reconciled with ordinary consumption.”
“It’s no wonder that people like the idea of a job guarantee, with the government as the employer of last resort, promising a job to anyone who wants one. It would avoid the catastrophic and well-documented social, economic, political and cultural costs of long-term unemployment on families, health, life expectancy and communities. And economists love that it’s an ‘automatic fiscal stabiliser’: it increases government spending when the economy is weak by funding the guaranteed jobs, and reduces it as the economy recovers. So, if the benefits of a job guarantee are so big, what’s the problem?”
“Financialisation has since taken many forms, but basic elements remain the same. It is based on uneven power relations that capture future individual obligations and make them saleable. The contracts underlying the 2008 credit crisis, for example, turned future mortgage payments into tradeable financial securities with actual present value.”
“Many of the failures of GDP as a measure of economic performance are well known. Policymakers in search of an alternative should recognize the far-reaching power of healthy life expectancy as a measure not only of individual wellbeing, but of broader macroeconomic conditions as well.”
Towards an Innovative, Inclusive and Sustainable Market Economy in Europe – Starter Paper Future Markets Consultation
If we are looking for a place where the new perspectives on an economy geared toward sustainable human flourishing, an ‘economy for the common good’ can be embodied, Europe, as the continent in which the search for such an economy has always been on the agenda, seems to be the most likely candidate.
This is the starter paper for the Future Markets Consultation, which will run into the fall of 2020. The goal is to develop a new economic vision for Europe, enabling human flourishing for all in an ecologically sustainable way. You are cordially invited to participate!
“Recently, commentators from all sides have taken to dismissing growth as a golden idol of narrow-minded capitalists. Likewise, many people see the pursuit of growth as an alternative, not a complement, to the pursuit of social needs like public health and sustainability.
These narratives are understandable, considering the misinformed and tone-deaf ways in which many public figures have attempted to advocate the importance of growth and economic activity, particularly during the current pandemic. But the narratives themselves could not be more misleading.”
How can the freedom and innovative potential of free markets be squared with the requirements of ecological sustainability, social justice & inclusiveness? That is the question that the Future Markets Consultation will investigate in the fall of 2020. As part of the consultation, an essay contest for students and young scholars will be organized. Deadline to submit an essay is 30 November 2020.