Future Markets Consultation

Towards a New Market Economy in Europe for Future Generations

Livecasts with renowed economists, an essay contest & more

Articles & blogs on opinion & Ideas

Category: opinion & Ideas

Friedman’s Principle, 50 Years Later

“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.”

Is a Capitalist-Socialist Economy Inevitable?

“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 Post-Capitalist Hit of the Summer

“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.

Is a Job Guarantee the Answer?

“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?”

How the Shadow of Slavery Still Hangs over Global Finance

“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.”

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!

Economic Growth Saves Lives – Don’t Fall for the Delusions of ‘Degrowth’

“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.”

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