Rethinking Capitalism [Audio]

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Speaker(s): Michael Jacobs, Professor Mariana Mazzucato | Western capitalism is in trouble. For decades investment has been falling, living standards have stagnated or declined, and inequality has risen dramatically. Economic policy has neither reformed the financial system nor restored stable growth. Climate change meanwhile poses increasing risks to future prosperity. In this joint lecture, Mariana Mazzucato and Michael Jacobs will propose new ways of thinking about capitalism. Drawing on their new book, Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth they will show how today’s deep economic problems reflect the inadequacies of orthodox economic theory and the failure of economic policies informed by it. They will show how alternative economic approaches can better explain how capitalism works, why it often doesn’t, and how it can be made more innovative, inclusive and sustainable. Michael Jacobs (@michaelujacobs) is Visiting Professor in the School of Public Policy and Department of Political Science at University College London and Visiting Fellow at the Institute for Public Policy Research. An environmental economist and political theorist, his work has focused on the political economy of environmental change. He was formerly General Secretary of the Fabian Society, Co-Editor of the The Political Quarterly, and Senior Adviser to the Global Commission on the Economy and Climate, which he helped to found. Mariana Mazzucato (@MazzucatoM) holds the RM Phillips chair in the Economics of Innovation at SPRU in the University of Sussex. Her book The Entrepreneurial State: debunking public vs. private sector myths was on the 2013 Books of the Year list of the Financial Times. Professor Mazzucato is winner of the 2014 New Statesman SPERI Prize in Political Economy, the 2015 Hans-Matthöfer-Preis and in 2013 the New Republic called her one of the '3 most important thinkers about innovation'. Professor Mazzucato advises policy makers around the world on innovation-led growth. Robin Archer is Director of the Ralph Miliband Programme at LSE. The Ralph Miliband Programme (@RMilibandLSE) is one of LSE's most prestigious lecture series and seeks to advance Ralph Miliband's spirit of free social inquiry.