Future Markets Consultation

Towards a New Market Economy in Europe for Future Generations

Livecasts with renowed economists, an essay contest & more

Articles & Blogs on Socialism & Free Markets

Hand-picked for you from around the web + original content published just on the Moral Markets site

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.”

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?”

Bailouts Pose an Economic, and Moral, Threat

“Suddenly in these times of the COVID-19 crisis, everything is ‘free’: stimulus checks, benefits, paycheck loans, and medical care. The government can spend with reckless abandon. Trillions of dollars of debt are rubber-stamped with little fanfare. […] The result of a government-rescue culture is not the flowering of capitalism but very much the opposite. As Ruchir Sharma writes in the Wall Street Journal, ‘the irony is that the rising culture of government dependence is, in fact, a form of socialism – for the rich and powerful‘.”

Jobs Crisis: The Case for a New Social Contract

“COVID-19 has revealed the problems with this paradigm. In doing so, it has showcased the ‘real key workers’ keeping society functioning and supporting human life. What is now required is a new social contract with a moral purpose. It would be based around strengthening public services and other human necessities sometimes known as the foundational economy, while creating green jobs aimed at cutting carbon emissions.”

Searching for Socialism: The Project of the Labour New Left from Benn to Corbyn

“In Searching for Socialism, Leo Panitch and Colin Leys bring out the continuities in the policies and aspirations of Tony Benn and Jeremy Corbyn in seeking to transform the British Labour Party into an instrument of socialist change. While urging for greater efforts towards instilling socialist values and objectives within the Labour Party, the authors conclude that without a compelling socialist ideology capable of overcoming the contradictions of 21st-century capitalism, we remain searching for socialism, writes David Lane.”

Faced with Post-Covid Uncertainty, the Last Thing We Need Is a Grand Plan

“The initial analysis, that the economy needs to change, is going to change, is entirely correct. But as no one really knows how it is going to change, we should avoid trying to lay down the rigid rail lines of a plan to get there. For plans take you to where you know you want to go, like trains, and the current reality is that we’re wandering on a plain of possibilities without knowing what is the end destination, or even which one is desirable. All of which leaves us, as Hayek insisted, with having to use the market to do the calculating for us. Forget the grand plan, do the things that are sensible anyway, then leave well alone.”

Loading

Post archive