Joint Lecture by Michael Jacobs and Mariana Mazzucato
Wednesday, 15 March 2017
Western capitalism is in trouble. For decades investment has been falling, living standards have stagnated or declined, and inequality has risen dramatically. Economic policy since the great crash of 2008 has neither reformed the financial system nor restored stable growth. Climate change meanwhile poses increasing risks to future prosperity.
This economic failure has now been brutally exposed in the political arena. The election of Donald Trump in the US and the Brexit vote in the UK have been widely interpreted as a revolt by those ‘left behind’ by the process of globalisation and deindustrialisation. Yet neither the political nor economic establishments appear to know how to respond.
In this joint lecture, Mariana Mazzucato and Michael Jacobs will seek to explain the causes of the current economic crisis, and suggest how we might escape it. Drawing on their new book, Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth they will show how today’s deep economic problems reflect the inadequacies of orthodox economic theory and the failure of economic policies informed by it. They will show how alternative economic approaches can better explain how capitalism works, why it often doesn’t, and how it can be made more innovative, inclusive and sustainable.
The lecture will be followed by a discussion with CUSP Director, Tim Jackson, and audience Q&A.