Rethinking Capitalism: Paradigm Changes in Economics and Policy - Michael Jacobs
Few would argue that Western economies have performed well over the last decade. The financial crash, which revealed systemic risk in the financial system, has been followed in many countries by a period of slow growth, stalling productivity, stagnant earnings and rising inequality. At the same time, mainstream economic theory and policy
have also been under challenge: on the one hand with the alleged poor performance of economic forecasting and analysis; on the other with the apparent failure of conventional economic policies to restore sustained growth and rising living standards. Many commentators have linked this to the growth of political disaffection in the Western world.
In this seminar, Michael Jacobs will examine the relationship between the weaknesses of Western economies and the challenge to mainstream economic analysis and policy. Drawing on the experience of past periods of crisis and subsequent changes in economic theory and policy, he will discuss how far conditions exist for another economic ‘paradigm shift’, and what such a shift might look like.