FT News Briefing Repairing the social and economic damage brought by the pandemic
Jul 6, 2020
Martin Wolf, the Chief Economics Commentator for the Financial Times, dives deep into the aftermath of Covid-19 and its potential to reshape our societies. He discusses the decline of the global free market era and the rise of inequality, emphasizing the urgent need for systemic reforms. Wolf advocates for a renewed focus on citizenship, arguing it can drive societal progress amidst pressing challenges like climate change and economic instability. His insights challenge traditional economic notions and highlight the significance of collective welfare.
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Eras of Economic Instability
- The post-WWII social democratic era and the subsequent global free market era both ended in economic instability.
- The pandemic could mark the end of the global free market era for Western democracies.
Weaknesses of the Current System
- The weaknesses of the current system, like de-industrialization and the influence of the financial sector, cannot be fixed by reverting to past models.
- Changes in corporate governance, debt management, taxation, and public spending are needed.
The Importance of Citizenship
- The next economic stage should prioritize the concept of citizenship.
- This focuses on democracy, equality, citizen participation in policy, and government's role in protecting and fulfilling citizens' lives.