From world-renowned economist Paul Collier, a candid diagnosis of the
failures of capitalism and a pragmatic and realistic vision for how we
can repair it. Deep new rifts are tearing apart the fabric of Britain and
other Western societies: thriving cities versus the provinces, the
highly skilled elite versus the less educated, wealthy versus developing
countries. As these divides deepen, we have lost the sense of ethical
obligation to others that was crucial to the rise of post-war social
democracy.
So far these rifts have been answered only by the
revivalist ideologies of populism and socialism, leading to the seismic
upheavals of Trump, Brexit and the return of the far right in Germany.
We have heard many critiques of capitalism but no one has laid out a
realistic way to fix it, until now. In a passionate and polemical book,
celebrated economist Paul Collier outlines brilliantly original and
ethical ways of healing these rifts - economic, social and cultural -
with the cool head of pragmatism, rather than the fervour of ideological
revivalism.
He reveals how he has personally lived across these
three divides, moving from working-class Sheffield to hyper-competitive
Oxford, and working between Britain and Africa, and acknowledges some
of the failings of his profession. Drawing on his own solutions as well
as ideas from some of the world's most distinguished social scientists,
he shows us how to save capitalism from itself - and free ourselves from
the intellectual baggage of the 20th century. These times are in
desperate need of Paul Collier's insights.
The Future of
Capitalism restores common sense to our views of morality, as it also
describes their critical role in what makes families, organizations, and
nations work. It is the most revolutionary work of social science since
Keynes. Let's hope it will also be the most influential - George
Akerlof, Nobel Laureate in Economics, 2001 In this bold work of
intellectual trespass, Paul Collier, a distinguished economist, ventures
onto the terrain of ethics to explain what's gone wrong with
capitalism, and how to fix it.
To heal the divide between
metropolitan elites and the left-behind, he argues, we need to
rediscover an ethic of belonging, patriotism, and reciprocity. Offering
inventive solutions to our current impasse, Collier shows how economics
at its best is inseparable from moral and political philosophy' -
Michael Sandel, author of What Money Can't Buy and Justice
For thirty years, the centre left of politics has been searching for a narrative that makes sense of the market economy. This book provides it - John Kay, Fellow of St John's College, Oxford and the author of Obliquity and Other People's Money
For well-to-do metropolitans, capitalism is the
gift that goes on giving. For others, capitalism is not working.
Paul Collier deploys passion, pragmatism and good economics in equal
measure to chart an alternative to the divisions tearing apart so many
western countries. -Mervyn King, former Governor of the Bank of England
The Future of Capitalism : Facing the New Anxieties - Paul Collier
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