What threatens capitalism now?

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¿Qué amenaza al capitalismo global hoy en día? La respuesta en esta presentación del catedrático Craig Calhoun, Director del London School of Economics (LSE).

¿Qué amenaza al capitalismo global hoy en día? La respuesta en esta presentación del catedrático Craig Calhoun, Director del London School of Economics (LSE).

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  • 1. Whatthreatenscapitalismnow?Professor Craig CalhounDirector and PresidentLondon School of Economics
  • 2. Collapse? Capitalism seems to be surviving a deep andstill lingering global crisis A longer period of depressed growth than theGreat Depression Predictions of its immanent collapse oftenhighlight genuine weaknesses, butnonetheless are misleading The USSR could “collapse” because it was astate.
  • 3. Transformation Capitalism is more likely to be transformed Possibly gaining new resilience Possibly changing beyond recognition State capitalism One system among many The model is not collapse of a state, but morelike feudalism giving way to capitalism itself over300 years. and giving way not simply to capitalism, But to stronger monarchies, empire and nation-states Moreover, capitalism is still growing in much ofthe world
  • 4. Thinking from the crisis Close to the precipice Too connected to fail Massive capital injections stopped the spiral. But bailouts triggered fiscal crises. Then fiscal crises triggered political, diplomatic,and social crises, especially in the Eurozone. But lingering unemployment, lack of growth andwidespread unhappiness have brought no systemictransformation
  • 5. Systemic Risk Capitalism in general and the ascendancy offinance Dramatic increase in proportion of financialassets In US, from 25% in 1970s to 75% in 2008 Creative destruction and new technology Asset price bubbles Intensifications of interdependence “too connected to fail”?
  • 6. Institutional deficits Double movement (Polanyi) Dynamism Distribution Inequality and social cohesion Social contract The implicit bargain for growth Loss of legitimacy States, civil society, and even firms
  • 7. Scarce resources anddegraded nature The need for growth and the limits to growth Land Energy Minerals Pollution Climate change Financial non-solutions Cap and trade
  • 8. Capitalism as anexternalization regime The production of wealth and the distributionof “illth” Public goods Knowledge Environment Migration Informalization
  • 9. Capitalism’s context The return of geopolitics Faultlines of former empires Illicit capitalism Regions, religion and nation-states Cosmopolitanism and belonging The world-system Decline of hegemony Chaos Multilateral leadership
  • 10. Capitalism is unlikely to collapsenext week, but it is also unlikely tolast forever.And if it lasts,it will be because it changes