The Future of Capitalism: Facing the New Anxieties
- This event has passed.
The Future of Capitalism: Facing the New Anxieties
14 January @ 1:00 pm - 2:00 pm
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 and the far left in Europe. We have heard many critiques of capitalism but no one has laid out a realistic way to fix it, until now.
The Henry Jackson Society is pleased to invite you to join Professor Sir Paul Collier in a fascinating discussion about the future of capitalism and in finding a way how to save capitalism from itself.
Professor Sir Paul Collier – is the Professor of Economics and Public Policy at the Oxford Blavatnik School of Government. He is the author of The Bottom Billion, which won the Lionel Gelber Prize and the Arthur Ross Prize awarded by the Council on Foreign Relations, The Plundered Planet, Exodus and Refuge (with Alexander Betts). Collier has served as Director of the Research Department of the World Bank, and consults with the German and many other governments around the world.
Jesse Norman MP is the Member of Parliament for Hereford and South Herefordshire. He read classics at Oxford and completed a masters and a doctorate in Philosophy from University College London. Before entering politics, he ran an educational project working in Communist Eastern Europe, and was a director at Barclays. He has been an Honorary Fellow at UCL, a Governor of the National Institute for Economic and Social Research, and a Visiting Fellow at All Souls, Oxford. His previous books include a celebrated study of Edmund Burke.
On 14 January 2019 the Henry Jackson Society hosted Professor Sir Paul Collier of the Blavatnik School of Government at the University of Oxford. The discussion centred around the future of capitalism and the challenges that it faces.
Professor Collier started by underlining the importance that there is indeed a future for capitalism, because it is the only system that can universally drive up living standards around the world. He then cited the three big derailments of capitalism in the modern age. According to him, the first occurred in the 1840s when a lack of public policies in Northern English cities – most notably Bradford –suffered from a crisis in public confidence. According to Professor Collier, pragmatic solutions were delivered for real anxieties, and the solution was to invest extensively into public health. The second occurred in the 1980s with two new rifts in society. He named these as regional and educational; up until the 1980s, regional differences in income had been narrowing. But since 1980 these forces had begun to work in reverse, with the core economic hub of the UK beginning to cement itself in the South East of the country. He attributed this to the increasing globalisation of the global economy and the relative decreasing of domestic trade in favour of the international. On top of this was the emergence of London has a world financial centre, in part due to its capacity to be able to communicate with both New York and Tokyo simultaneously due to its advantageous time zone.
Third, Professor Collier brought up the current predicament that he believes capitalism finds itself in. He believes that capitalism rose because of rising technology. But with technology comes complexity, and with complexity you need ever-increasing expertise. The ‘fancier’ that technology gets, the more redundant industrial workers become. However, unlike the 1840s, Professor Collier believes that we have no done enough to combat this problem. Why? Partly, due to the divisiveness of our politics. As an economist, Professor Collier advocated that successful people are successful because they are productive, at least to those that are on the right. Yet on the left, unproductive people are embraced under the umbrella of the ‘human rights of the victimised’. The result he believes, is the melting away of a shared identity which he believes we have seen in Britain, France and the United States.
Finally, Professor Collier took note of the solutions to the current predicament we face, starting with the ever increasing skill gap. He explained how the current education system is solely directed to the cognitively gifted third of the population, whilst not enough emphasis is put on the skills of the other two thirds, whose expertise are usually more practical. He notes that the UK is particularly bad at this, the best job being done by Finland. The second solution was spatial. Professor Collier used his hometown of Sheffield to demonstrate that how a broken city is one where the closer to the centre you are, the more unproductive it is. He believes that the Government needs to do more to make firms believe in an area, which can be done with both infrastructure and skills. But of course, how do you pay for it? Naturally, Professor Collier believes that the investment should be paid through taxes, but emphasized that land owners should be targeted, and with that, the most expensive land. He indicated that whilst London land is extremely productive, it is not necessarily because of the land owners. With that, he inferred that taxes should not go towards funding benefits, but harnessing the skills of the practically minded two-thirds of the population.
Finally, Professor Collier ended with a word of advice. He underlined that we have to quash the ‘I deserve it’ attitude – and that of the victimized. A ‘hard centre’ is need to quash the myths of the right and the left, he believes. To truly ward off the plight of capitalism, we need to accept that we are all participants in productivity, thus a shared belonging and common purpose is essential.
The prewar history of the Japanese intelligence community is an indictment of the effects of power and bureaucratic arrogance without … Continued
From the early 1970s, the three regions of Taiwan, Mainland China and Hong Kong have experienced divergent democratic fortunes, as … Continued
Eighteen months after he led his own audacious insurgency against France’s established parties Macron would face another popular insurrection. This … Continued
Vibrant international engagement has often been suggested to have gone out of the proverbial window in modern nation-state geopolitics. Indeed, … Continued
The Henry Jackson Society is delighted to invite you to this invitation-only workshop on Vietnam, the Indo-Pacific and Global Britain. … Continued
With yet another closely contested Israeli election having just concluded, and coalition-forming prospects looking confused, it is an appropriate time … Continued
As the 21st century continues, it has become increasingly apparent that humanity is operating within a constantly shifting and multi-polar … Continued
The Henry Jackson Society is delighted to invite you to the invitation-only roundtable discussion with Admiral (Ret’d) Chen Yeong-Kang ‘Taiwan’s … Continued
These days the world is facing an unprecedented wave of violent extremism by non-state actors of various stripes. The causes … Continued
2019 marks the ten years of the launch of the Eastern Partnership initiative. Although the initiative has provided the necessary … Continued
The UK’s decision to leave the European Union in the June 2016 referendum on EU membership has generated fierce debate … Continued
It is important to discuss what drives social and economic exclusion among British Muslim women. Levels of female unemployment continue … Continued
How is the US Government tackling anti-Semitism? With growing concern over Islamist extremism, Far-Left anti-Zionism and the rise of Neo-Nazi … Continued
The UK has suffered at the hands of far-right terrorism in recent times. This includes the killing of Labour MP … Continued
Everyone knows that populism in the US and UK today is rooted not only in resentment toward elites but also … Continued
According to Elif Shafak, culture and literature matters. It becomes especially relevant in the age of populism, pessimism and political … Continued
The unfolding crisis in Venezuela represents a major challenge not only for the country’s citizens, but also for the international community. … Continued
As we commemorate the 30th anniversary of the events culminating in the Tiananmen Square Massacre of June 4th 1989, it is important to note … Continued
As the strategic environment changes, planning for state-on-state military confrontation has re-emerged. Non-state actors – perhaps assisted by revisionist powers … Continued
The BJP had an impressive victory in the 2019 General Election, emerging as the single largest party garnering more vote … Continued
In the twenty-five years after 1989, the world enjoyed the deepest peace in history. In The Rise and Fall of … Continued
In recent times, national populism has been on the march in much of the Western world. 2016 was a year … Continued
Twenty years after NATO’s bombing of Yugoslavia, the Western Balkans countries are beset by economic, political, and social uncertainty. The … Continued
In light of the publication of the Modernising Defence Programme in December 2018, which recognised the emergence of a more … Continued
The relationship between Russia and the West is once again deep in crisis. A major reason for this is that … Continued
The special relationship is under strain. President Donald Trump’s unorthodox approach to foreign policy together and the uncertainty caused by … Continued
On March 29, the United Nations adopted Security Council Resolution 2367 on sexual violence in conflict. Questions have been raised, … Continued
In late 2013, the People’s Republic of China began building and fortifying islands across a number of reefs in the … Continued
The Wealth Effect: How the Great Expectations of the Middle Class Have Changed the Politics of Banking Crises
The rising wealth of middle class households and voters has transformed the politics of banking crises. At this event, Jeffrey … Continued
In the state elections in December 2018, the big loser was the BJP, which had won 62 of 65 Lok … Continued
Belarus has received increased international attention over recent years, much of which has focused on Russia’s ambitions towards the country. … Continued
With returning IS fighters and uncertainty over Brexit, concerns surrounding human rights, civil liberties and national security have never been … Continued
Putin’s Hostages: Ukrainian Political Prisoners of the Kremlin is a documentary about the roughly 70 Ukrainians political prisoners incarcerated … Continued
In the eyes of many, the prospect of a two-state solution to the Israel-Palestine conflict is diminishing. With peace talks … Continued
Hon. Malcolm Turnbull, Australia’s 29th Prime Minister, on ‘Preserving the Freedom of the Asia Pacific’
The Henry Jackson Society is delighted to host Hon. Malcolm Turnbull, Former Australian Prime Minister, for a special event chaired … Continued
Five years ago next month, Russia annexed Crimea in the first forcible annexation of the territory of a European country … Continued
Western liberalism is under attack, not only at home also but from newly-emboldened authoritarian states abroad. Across the West, states … Continued
Deep new rifts are tearing apart the fabric of Britain and other Western societies: thriving cities versus the provinces, the … Continued
Though mankind has traded tangible goods for millennia, recent technology has changed the fundamentals of trade, in both legitimate and … Continued
China’s Belt and Road strategy is acknowledged to be the most ambitious geopolitical initiative of the age. Covering almost seventy countries by land … Continued
Why Middle Eastern Jewish Refugees Are Key to Understanding and Resolving the Israel-Palestine Conflict
Jews lived continuously in the Middle East and North Africa for almost 3,000 years. But in just 50 years, indigenous communities … Continued
India and Turkey were the two exemplars of twentieth-century ‘secular states’ outside of the West. Professor Sumantra Bose believes that … Continued
The political events of recent years have sent shockwaves throughout the established order of Western liberal democracies. Election after election … Continued
Prof. Andrew Lambert’s new book, Seapower States examines how Britain and four other seapowers used their special identities to inform … Continued
Dave Rich’s updated edition of The Left’s Jewish Problem: Jeremy Corbyn, Israel and Antisemitism (2018) contends that antisemitism is a … Continued
Moneyland is the secret country of the wealthy and unscrupulous, the place where they put their assets, their children and … Continued
The Afghanistan War has now lasted for 17 years, and estimates suggest has cost the US government upwards of $750 … Continued
The Middle East remains one of the most tumultuous regions in the world today, with its many ethnic and religious … Continued
The past 18 months have seen an immense amount of economic, diplomatic, and even military activity relating to the Korean … Continued
As one of al-Qaeda's most respected bomb-makers, Aimen Dean rubbed shoulders with the mastermind of the 9/11 attacks and swore … Continued
The most dangerous threat we face today is no longer military, but rather the increasingly pervasive exposure of our personal … Continued
SPEAKER: Professor Carl Minzner, author, End of an Era China’s reform era is ending. Core factors that characterised its political stability, … Continued
SPEAKERS: His Excellency Renato Carlos Sersale di Cerisano - The Argentine Ambassador to the United Kingdom; Dr. Shimon Samuels - … Continued
SPEAKERS: Dr Michael Green - Author of By More Than Providence and Senior Vice President for Asia and Japan Chair … Continued
In the midst of some great changes in the international system, countries have been left with the qaundry of how … Continued
SPEAKER: Eliot Higgins, Founder of Bellingcat The destruction of Malaysian Airlines Flight MH17 over eastern Ukraine in July 2014 shocked the … Continued
SPEAKERS: Humphrey Hawksley, author of Asian Waters: The Struggle Over the Asia-Pacific and the Strategy of Chinese Expansion ; Bill Hayton, Associate Fellow … Continued
PROFESSOR NIGEL BIGGAR, Regius Professor of Moral and Pastoral Theology, Oxford University, in conversation with Douglas Murray The nation-state is … Continued
SPEAKER: EHUD OLMERT, former Prime Minister of Israel It’s been 10 years since the last meaningful peace deal was put … Continued
Whatever one’s feelings toward the outcome of the 2016 US elections, there can be no doubting the historic impact and … Continued
As Britain considers its relationship with Europe, European security has never been more precarious, with Russian revanchism on the rise … Continued
As the United Kingdom leaves the European Union, geopolitics is returning to the European continent. Germany and France are squabbling … Continued