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Three years ago, when the worst financial and economic crisis since the 1930s gripped the global economy, the Financial Times published a series on “the future of capitalism”. Now, after a feeble recovery in the high-income countries, it has run a series on “capitalism in crisis”. Things seem to be worse. How is this to be explained?
In 2009, the world was in a state of shock. Now, despite successful efforts at stabilising economies, people are closer to despair. Something seems to be wrong with the system. But what, and what needs to be done?
Capitalism has always changed. That is its genius. Today’s shocks make the case for reform urgent. Let us consider seven challenges. Some relate to capitalism itself, others to the context in which it operates.
In 2009, the world was in a state of shock. Now, despite successful efforts at stabilising economies, people are closer to despair. Something seems to be wrong with the system. But what, and what needs to be done?
Capitalism has always changed. That is its genius. Today’s shocks make the case for reform urgent. Let us consider seven challenges. Some relate to capitalism itself, others to the context in which it operates.
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