New economic and moral foundations for the Anthropocene

Oxford Martin School: Public Lectures and Seminars

Prof Beinhocker will argue that by changing the ideologies, narratives, and memes that govern our economic system, we can create the political space required to rapidly transform to a sustainable and just economic system. The biosphere and econosphere are deeply interlinked and both are in crisis. Industrial, fossil-fuel based capitalism delivered major increases in living standards from the mid-18th through late-20th centuries, but at the cost of widespread ecosystem destruction, planetary climate change, and a variety of economic injustices. Furthermore, over the past 40 years, the gains of growth have flowed almost exclusively to the top 10%, fuelling populist anger across many countries, endangering both democracy and global action on climate change. This talk will argue that underlying the current dominant model of capitalism are a set of theories and ideologies that are outdated, unscientific, and morally unsound. New foundations can be built from modern understandings of human behaviour, complex systems science, and broad moral principles. By changing the ideologies, narratives, and memes that govern our economic system, we can create the political space required for the policies and actions required to rapidly transform to a sustainable and just economic system.