UCL Institute for Innovation and Public Purpose


New Rethinking Capitalism lectures featuring world-leading economic thinkers released each week

7 January 2019

UCL Institute for Innovation and Public Purpose (IIPP)'s undergraduate module, Rethinking Capitalism, provides insights into modern-day policy challenges with each lecture available to watch each week.

Capitalism isn't working

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.



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.

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Related material:

The Language of Change by Brendan Maton

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.

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Related material:

Unleash the government and shaking the money tree

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.

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Related material:

The economics of land and what that means for Generation Rent

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.

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Related material:

“Downsize and distribute”: why profit-driven purpose damages innovation

“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.

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Related material:

Capitalism done right: a co-operative system to solve human problems

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.

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Related material:

The unlikely tech giant empowering citizens through data

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.

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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.

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The economics of climate change and sustainability

Dimitri Zenghelis
12 March 2019

Coming soon
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The fourth industrial revolution: challenges and opportunities

Carlota Perez
19 March 2019

Coming soon
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