capitalism began with mass expropriation, enclosing the commons and the century of colonialism. Teddy Roosevelt worried about excessive wealth concentration in early part of 20th century. Wales aims to double employee owned companies by 2026. Next week it is 20 years since the Iraq War. Kirsty Walk discusses its legacy.
It’s Ok To Be Angry About Capitalism is the title of the new book by the US politician Bernie Sanders. In it he castigates a system that he argues is fuelled by uncontrolled greed and rigged against ordinary people. He tells Tom Sutcliffe it’s time to reject an economic order and a political system that continues to benefit the super-rich, and fight for a democracy that recognises that economic rights are human rights.
The Chief Economics Commentator at the Financial Times Martin Wolf looks more closely at how and why the relationship between capitalism and democracy appears to be unravelling. But despite the failings – slowing growth, growing inequality and widespread popular disillusion – he argues in The Crisis of Democratic Capitalism that the relationship remains the best system for human flourishing.
But the economist Kate Raworth believes that mainstream economics has had its day. Its failure to predict and prevent financial crises, while allowing extreme poverty, inequality and environment degradation to persist, means its contributing to, not solving, societal unrest. She argues that her theory – Doughnut Economics – offers a new model for a green, fair and thriving global economy.
Producer: Katy Hickman