I think we genuinely live today in the best societies there have ever been. But they could be much better, and if we focus on relevant reforms, they can be made much better. We had this problem in the biggest crisis in capitalism, was obviously the 30s followed by the Second World War. Action was taken, very successful action in my view. It is clear now that what followed that has not worked as well as I would have liked.
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