Western Capitalism is in crisis, with falling productivity, investment and living standards, widening inequality, financial instability and the growing threat of climate change. This undergraduate module provides students with a critical perspective on these ‘grand-challenges’ and introduces them to new approaches to economics and policy which challenge standard thinking.
The module draws on the book “Rethinking Capitalism”, edited by Mariana Mazzucato (Director of IIPP) and Michael Jacobs (Visiting fellow in the UCL School of Public Policy). It features guest academic lectures from some of the chapter authors which can be viewed below. These academic lectures are combined with presentations by policy makers working at the frontline of the issues under discussion, including from the Bank of England, the UK Treasury and government departments dealing with innovation and climate change.
Learn more about the Rethinking Capitalism undergraduate module.
Lectures
- The market shaping forces of capitalism by Mariana Mazzucato
- Rethinking fiscal policy by Stephanie Kelton
- Economic rent, land and housing by Josh Ryan-Collins
- The firm, competition and the sources of productivity growth by Will Lazonick
- The economy as a complex and evolving system by Eric Beinhocker
- Governing the digital economy by Rainer Kattel
- New approaches to inequality by Branko Milanovic
- Money, credit and finance by Josh Ryan-Collins
- The economics of climate change and sustainability by Dimitri Zenghelis
- Capitalism, technology and innovation by Carlota Perez
The market shaping forces of capitalism
Mariana Mazzucato
9 January 2019
An introduction to the course and the key challenges facing modern capitalist economies. The lecture by Professor Mazzucato also examines the economic theories and policy frameworks that have led to these challenges and explores some broad-based alternative approaches.
Related material:
Policy lecture
Blog
The Language of Change
“The wicked problems of the 21st century are too complex and systemic to be solved by one sector alone. Global organisations need to reframe the way they approach…” Read more.
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Rethinking fiscal policy
Stephanie Kelton
15 January 2019
This week’s lecture by Stephanie Kelton focuses on fiscal policy: government decisions on spending and raising money, how it manages the public debt and how this effects economic growth.
Related material:
Policy lecture
Blog
Unleash the government and shaking the money tree
“At the Conservative Party Conference in 1983, then Prime Minister Margaret Thatcher reassured her audience and the nation that she would never waste taxpayers’…” Read more.
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Economic rent, land and housing
Josh Ryan-Collins
22 January 2019
This week’s lecture focuses on a much neglected issue in maintstream economics and the source of increasing concern in public policy: land and housing. Today, the main use of land is a site of housing, with housing affordability becoming a major issue of concern in advanced economies.
Blog
The economics of land and what that means for Generation Rent
“A two-bed apartment in Shoreditch’s Boundary Estate, a trendy part of London, will cost £700,000. Using a conventional ratio that banks will lend a maximum three times…” Read more.
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The firm, competition and the sources of productivity growth
Will Lazonick
29 January 2019
This week’s lecture examines the role of the firm (business enterprise) in the capitalist economy.
Blog
“Downsize and distribute”: why profit-driven purpose damages innovation
“A recent critique of the pharmaceutical industry suggested that bosses of the big drug companies ought to be paid according to genuine…” Read more.
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The economy as a complex and evolving system
Eric Beinhocker
5 February 2019
This week’s lecture argues how decades of research and the 2008 financial crisis has exposed severe shortcomings in the orthodox neoclassical economic model and raised questions about policies and political ideologies that derive from that model.
Related material:
Policy lecture
Blog
Capitalism done right: a co-operative system to solve human problems
“Eric Beinhocker has a sharp message for anyone studying economics: “If we invented economics today from scratch, it would look nothing…”” Read more.
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Governing the digital economy
Rainer Kattel
19 February 2019
This week’s lecture focuses on the transformational impact of digital technology on business, government and society at large. The digital economy is changing the way we perceive and expect to consume public services. It is having enormous impact on political debates from elections to tax policy to international relations.
Blog
The unlikey tech giant empowering citizens through data
“Here’s a list of well-known players in the tech world; spot the odd one out: Apple, Google, Facebook, Amazon, Barcelona.” Read more.
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New approaches to inequality
Branko Milanovic
26 February 2019
This week’s lectures analyses the dynamics of inequality both globally, in advanced economies and in the UK. Inequality is increasingly recognised as one of the most serious challenges facing modern capitalist economies, in particular in advanced economies.
Blog
Inequality in a meritocratic capitalist world
“The idea that wealth stays in a family for just three generations appears in numerous sayings around the world. “Rice paddles to rice paddles” is the Japanese version.” Read more.
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Money, credit and finance
Josh Ryan-Collins
5 March 2019
This week’s lectures will explore different theoretical approaches money, credit and finance and look in particularly at the role of the banking system, including central banks and financial regulation.
Blog
Shredding the veil: the Wall Street myth rampaging through Main Street
“Financial commentators in the US often talk about Wall Street and Main Street. Wall Street is home to the New York Stock Exchange and several…” Read more.
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The economics of climate change and sustainability
Dimitri Zenghelis
12 March 2019
Climate change poses an existential threat to modern economies. To mitigate the worst effects of rising temperatures will require reducing carbon emissions to near zero by 2050. Conventional economic theory – based upon market failure and marginal change - is not well suited to such a task.
Blog
Dismantling the carbon foundation of capitalism for a sustainable future
“Capitalism is founded on carbon, yet harnessing expectations to unshackle the economy from the burden of history is easier than narrow…” Read more.
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Capitalism, technology and innovation
Carlota Perez
19 March 2019
The impact of technology on employment and that of environmental goals on growth are at the top of the political agenda. This week’s session will look at these issues and how innovation can be nurtured by mission-oriented action on the part of both state and business.
Related material:
Policy lecture
Blog
It’s time to usher in the next golden age of innovation and technology
“Around the world, from the Philippines to Hungary, there is a rising tide of nationalist fervour urging politicians to make the country. Alas, most of the remedies proposed by populist…” Read more.
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