Wolfgang Streeck, an economic sociologist and former director at the Max Planck Institute, delves into pressing economic issues. He discusses the deep-rooted inequalities perpetuated by status inheritance, highlighting the struggles for social mobility. Streeck connects capitalism to imperialism, exploring its disruptive influence on traditional lifestyles. He compares capitalism to a pandemic, emphasizing its instability and the associated risks to vulnerable populations. The conversation also critiques the sustainability of rising debt levels and their impact on economic performance.
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insights INSIGHT
Capitalism's Pandemic Nature
Economic crises are often vertical, starting at the top and spreading downwards.
Capitalism itself resembles a pandemic, horizontally expanding and disrupting traditional ways of life.
insights INSIGHT
Elite Capacity for Planning
Elites likely overestimate their ability to plan and execute large-scale changes.
Crises in capitalism often arise organically from the system's inherent instability.
insights INSIGHT
Capitalism and Biological Risks
Capitalism's expansion into untouched biotopes exposes us to new biological risks.
Research on biological warfare defense, like that funded by the US in Wuhan, creates a self-fulfilling prophecy.
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This book captures the nuances of uncertainty during an unprecedented time in Malaysia, structured into three sections to delve into the chronological development and context of each crisis. It serves as a reminder for the society that experienced these 100 days and as a reference for future generations, offering insights into how Malaysia can be better prepared for similar crises and address existing structural issues.
The Deficit Myth
Modern Monetary Theory and the Birth of the People's Economy
Stephanie Kelton
In this book, Stephanie Kelton challenges conventional economic wisdom by arguing that government deficits are not inherently bad and can actually strengthen economies. She dispels six key myths about deficits, such as the idea that governments should budget like households, that deficits harm future generations, crowd out private investment, and undermine long-term growth. Kelton explains that in a fiat currency system, governments are not constrained by the same budgetary rules as households or businesses. Instead, the real constraints are the limits of real resources and the threat of inflation. The book advocates for using MMT to address critical social issues like poverty, inequality, unemployment, healthcare, and climate change by shifting the focus from narrow budgetary questions to broader economic and social benefits.
Crisis Economy
Crisis Economy
Nouriel Roubini
Buying Time
Buying Time
Wolfgang Streeck
Our thirty-first interview is with Wolfgang Streeck, economic sociologist (Brühl, Germany) by Kristof K.P. Vanhoutte (Basel, Switzerland) Monday, July 12, 2021
PICT Voices is an interview series conducted by PICT faculty with notable members of the broader PICT community. Our goal is to present our community with a variety of voices across the spectrum of the humanities and critical, creative thinking. To achieve this, we will interview a broad spectrum of thinkers ranging from scholars to journalists.
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