Western capitalism is crumbling – but it can be
saved
https://www.telegraph.co.uk/news/2023/10/29/western-capitalism-is-crumbling-but-it-can-be-saved/
HELENA MORRISSEY & PAUL MARSHALL:
We must recognise two fundamental points. First, we cannot lose sight of the importance of free markets and exchange as the primary driver of prosperity over the past 200 years. Scientific innovation and free markets came together to create the Industrial Revolution. In the past 75 years, extreme poverty across the world has fallen from 90 per cent to 10 per cent. It has halved in the past 20 years alone. Our best hope of finding solutions to today’s challenges still lies in human ingenuity, which can be unleashed through the market economy.
Second, and just as importantly, we must not deny that free enterprise without good governance leads to corruption and ultimately injustice. The way in which goods and services are exchanged mirrors human nature. For this reason, we need a return to character. Free markets only thrive in societies where there is a widespread acceptance of virtue – where people are respectful of each other and mindful of the common good.
Related:
https://www.imf.org/en/Publications/fandd/issues/2023/06/POV-riskless-capitalism-rajan-zingales
https://www.telegraph.co.uk/news/2023/10/29/western-capitalism-is-crumbling-but-it-can-be-saved/
HELENA MORRISSEY & PAUL MARSHALL:
We must recognise two fundamental points. First, we cannot lose sight of the importance of free markets and exchange as the primary driver of prosperity over the past 200 years. Scientific innovation and free markets came together to create the Industrial Revolution. In the past 75 years, extreme poverty across the world has fallen from 90 per cent to 10 per cent. It has halved in the past 20 years alone. Our best hope of finding solutions to today’s challenges still lies in human ingenuity, which can be unleashed through the market economy.
Second, and just as importantly, we must not deny that free enterprise without good governance leads to corruption and ultimately injustice. The way in which goods and services are exchanged mirrors human nature. For this reason, we need a return to character. Free markets only thrive in societies where there is a widespread acceptance of virtue – where people are respectful of each other and mindful of the common good.
Related:
https://www.imf.org/en/Publications/fandd/issues/2023/06/POV-riskless-capitalism-rajan-zingales