The Future of Capitalism: The Munk Debates

This was the question debated by leading experts at The Munk Debates in Toronto on October 29, 2019. The debate was moderated by Rudyard Griffiths, former editor-in-chief of Maclean's magazine.

The panelists were:

• Mariana Mazzucato, professor of economics at University College London and author of The Value of Everything: Making and Taking in the Global Economy
• Dambisa Moyo, global economist and author of Edge of Chaos: Why Democracy is Failing to Deliver Economic Growth - and How to Fix It
• Mark Carney, former governor of the Bank of Canada and the Bank of England, and UN Special Envoy for Climate Action and Finance
• Sharan Burrow, general secretary of the International Trade Union Confederation

The debate was wide-ranging, covering topics such as inequality, climate change, technology, and the role of government. But at its heart was the question of whether capitalism is still fit for purpose in the 21st century.

The Future of Capitalism: The Munk Debates

by Rudyard Griffiths

5 out of 5

Language	:	English
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Mark Carney argued that capitalism has been a powerful force for good in the world, lifting billions of people out of poverty. He said that while capitalism is not perfect, it is the best system we have for creating wealth and prosperity.

Mariana Mazzucato agreed that capitalism has been a powerful force for good, but she argued that it is time for a new kind of capitalism. She said that the current system is too focused on shareholder value and not enough on the needs of society.

Dambisa Moyo was more critical of capitalism. She said that the system is rigged in favor of the wealthy and that it is not delivering for the majority of people. She argued that we need to find a new economic model that is more inclusive and sustainable.

Sharan Burrow said that capitalism is in crisis. She said that the system is not working for working people and that it is leading to inequality and environmental degradation. She argued that we need to rebuild capitalism from the ground up, with a focus on social justice and sustainability.

The debate was lively and engaging, with each panelist making strong arguments for their respective positions. The debate did not produce any clear consensus on the future of capitalism, but it did provide some important insights into the challenges and opportunities facing the system.

There are a number of challenges facing capitalism in the 21st century. These include:

• Inequality: The gap between the rich and the poor is growing wider in many countries. This is due to a number of factors, including globalization, technology, and the decline of unions.
• Climate change: Climate change is one of the most serious challenges facing humanity. It is caused by the burning of fossil fuels, which releases greenhouse gases into the atmosphere. Climate change is leading to rising sea levels, more extreme weather events, and other devastating impacts.
• Technology: Technology is rapidly changing the world. This is creating new opportunities for growth and productivity, but it is also leading to job losses and other dislocations.
• The role of government: The role of government in the economy is a matter of debate. Some people believe that government should play a more active role in the economy, while others believe that government should take a more hands-off approach.

The future of capitalism is uncertain. However, there is a growing consensus that the system needs to be reformed. This means addressing the challenges of inequality, climate change, technology, and the role of government.

There are a number of different ways to reform capitalism. One approach is to focus on creating a more inclusive economy. This means raising wages, investing in education and training, and expanding access to affordable housing and healthcare.

Another approach is to focus on sustainability. This means investing in renewable energy, reducing emissions, and protecting the environment.

A third approach is to focus on the role of government. This means rethinking the role of government in the economy, and finding ways to make government more effective and accountable.

The future of capitalism is in our hands. We can choose to reform the system and make it more just and sustainable. Or we can allow the system to continue to drift, with potentially disastrous consequences.

The Future of Capitalism: The Munk Debates

by Rudyard Griffiths

5 out of 5

Language	:	English
File size	:	1404 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	134 pages
Lending	:	Enabled

FREE