Future Markets Consultation
Towards a New Market Economy in Europe for Future Generations
the ethics of economics & business?
Part of the Future Markets Consultation is a series of public online dialogues in the fall of 2020 with visionary economists who in recent years have written books or have otherwise been involved in ‘rethinking capitalism’ or ‘rethinking economics’; What are their ideas about the market economy of the future & the future of capitalism in Europe?
On this page we have collected the full recordings of the sessions.
In this kick-off 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? With economists Irene van Staveren and Arnoud Boot.
In this dialogue we explore what the big challenges are for the long term future of the market economy / European market economies. What are the key problems with today’s capitalism and what is needed for a change toward a new form of capitalism/market economies, that are both humanly and ecologically sustainable? Is there a possibility for a distinct European model of capitalism, that can meet these demands? With economist Joseph Stiglitz and European politician Herman Van Rompuy.
As we are pondering whether Europe can develop its own type of market economy, a crucial question is what the role of businesses will be. And subsequently, what type of market order is needed to allow businesses that want to be a force for good to function properly. How can they be stimulated while other types of business may be discouraged? Or is it all up to the morally inspired entrepreneurs themselves? With economist Rebecca Henderson and management scholar Colin Mayer.
More and more the realisation that markets are not self-contained systems but need other social spheres to function well, has sunk in. Such spheres can be found in the government, but also in civil society and local, national or global communities. The risk is that markets undermine or invade either the state or the community-spheres. Why is a balance needed and how can this be achieved? What does it require from the various spheres, as ‘pillars’ of a good market society? With Paul Collier and Raghuram Rajan.
Employment is in transition; the platform economy has enforced more independent entrepreneurship and flexible contracts than we have ever seen. Income inequality is growing as taxation systems reward those with capital, resulting in a loop of the rich getting richer and the poor remaining poor. Simultaneously, housing markets are increasingly under pressure. Subsidised housing seems to no longer suffice in ensuring affordable housing for everyone. How to overcome the insecurities for people that come along with these developments? How can contemporary capitalism ensure happy workers and thriving communities? With sociologist Isabelle Ferreras & economist Josh Ryan-Collins.
Inequality between countries has become smaller over time, but within-country inequality is on the rise. Many fear that societal uprisings and further polarisation will be the result. Increased inequality is also allegedly related to the rise of populist movements. How will increasing inequality affect our societies? What role have free markets and technological innovation played? Can, and should we turn the tide? And who is the ‘we’ in that? With philosopher Elisabeth Anderson and economist François Bourguignon.
Worldwide poverty has been reduced tremendously over the last couple of decades. International trade and 'neoliberal' economic policies are said to have contributed to this success. At the same time, it remains questionable if these successes can be celebrated given so-called developing countries' increased inequality and increased dependency on volatile international markets. Resources, exploited by multinational firms and investors, are extracted without the local communities benefiting or receiving fair compensation. We'll discuss how on both the international level and national level economic instruments can be put into place that will enable markets to serve the poor. With economists Muhammad Yunus & Jeffrey Sachs.
We are facing an environmental crisis. Water pollution, air quality and soil fertility are just some of the environmental pressures on today’s world. To what extent is this crisis related to the current economic system we live by? To preserve and repair our natural environment, it seems various economic measures could be taken. Which ones could European governments, and perhaps the EU, take? How can markets be designed in such a way that they take into account the planet’s boundaries? Should firms start with pricing environmental damage in production processes? Or should governments introduce a tax on pollution? What is the role of consumers and civil society in this process? These questions – and more – will be discussed with economists Ann Pettifor and Julia Steinberger.
In this episode we will talk with journalist Rana Foroohar and author and producer Jonathan Taplin about the new corporate power structures we are facing today. Big Tech is now able to privatize the digital public space and is able to own all data generated in doing so. Additionally, we see that Big Tech is offering financial services where they have the potential to gain a huge market share. How can Europe make sure that, despite we don’t have our own Big Tech, keep control of technologies which shape our lives? Is the political ambition of the European commission to make an uniform digital identity for European citizens the way forward or does this lead to more surveillance?
In this week's dialogue we focus on the practical side of a new, different capitalism, and discuss the viability of new market practices. Many ideas regarding starting a new market economy have already been developed. How can these practices – both in businesses and the financial sector – be embedded in current-day market systems? What are obstacles that hinder the process towards a just transition? And what role can the EU play in this regard? These questions – and more – will be discussed with economist Luigi Zingales and economic reformer Christian Felber.
What kind of market economy in Europe will enable societies to flourish? This is the central question of the tenth, final dialogue in our series on the Future of Capitalism, which will be discussed with speakers, having all a different European background: Tito Boeri (Italy), Luis Garicano (Spain), Dalia Marin (Austria/Germany), and Geert Noels (Belgium). These discussants will discuss how and if Europe’s economic policies can be steered towards a more inclusive, just and sustainable model. Moreover, will such a model be a serious alternative compared with the US and China’s geopolitical dominance? Can we, despite the different cultures and countries we come from, find uniting ground for a European economic model? These, and more questions revolving around Europe’s economic state of affairs and global role will be discussed.
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