Capitalism is dead, but what will replace it?

People think about economics in incredibly binary ways.

You are either a defender of neo-liberal capitalism or you're a bloody socialist.

In reality, just as Marx predicted - capitalism has killed itself, it was never going to be sustainable by design, but something new is about to be born from its ashes.

The conditions are now right for a new economic framework which is more cooperative, fairer, kinder to the planet and able to secure the future of a much wider set of people.

Things however will most likely get darker before they improve. There are decades of collective, binary, ill-informed ideologies to break first.

Read the full related article:

The neoliberal era is ending. What comes next?

In a crisis, what was once unthinkable can suddenly become inevitable. We’re in the middle of the biggest societal shakeup since the second world war. And neoliberalism is gasping its last breath. So from higher taxes for the wealthy to more robust government, the time has come for ideas that seemed…

The CorrespondentRutger Bregman

In the future, the world will need to have universal, uniform, basic public healthcare which delivers the same standard of care no matter where you live.

That's according to rockstar French economist Thomas Piketty - oh and employees will need to also have a board seat in your organisation.

Thomas Piketty Knew This Was Coming

The scholar of inequality warned us that our economic systems couldn’t withstand a global catastrophe.

IntelligencerDavid Wallace-Wells

Governments are scrambling to pump money into their economies to keep them alive and limit the number of jobs lost as a result of this health crisis.

But if there's one thing governments should have learned from 2008, it's that quality far outweighs quantity. Wasting huge amounts of public debt on the banking and financial sectors won't make a difference.

What does work? Yes, public investment in local value-creating innovation - in other words investing in partnerships that solve real tangible problems.

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The Big Failure of Small Government | by Mariana Mazzucato & Giulio Quaggiotto - Project Syndicate

It is no coincidence that countries with mission-driven governments have fared better in the COVID-19 crisis than have countries beholden to the cult of efficiency. Effective governance, it turns out, cannot be conjured up at will, because it requires investment in state capacity.

Project SyndicateMariana Mazzucato & Giulio Quaggiotto