The Future of Capitalism in an Age of Insecurity Conference
Friday 20 - Saturday 21 October 2023, LSE
The LSE's incoming new President and Vice Chancellor Larry Kramer will give opening remarks at the Phelan US Centre's conference, The Future of Capitalism in an Age of Insecurity, on Saturday 21 October, and join participants for breakfast from 8:30am to 9:30am.
There is a growing belief that free market capitalism isn’t working and needs to be reformed. While global markets have lifted billions of people out of poverty since the 1990s, markets have also fueled growing inequality, economic insecurity, and populist backlashes in rich and poor nations. In response to the Covid-19 pandemic and the return of great power rivalry, pressures to 'de-couple', 'de-globalise' and 're-shore' trade and investment have accelerated. Disenchantment with global capitalism is spreading.
In the face of these intensifying pressures and cross pressures, how might global capitalism be reformed? What role should government, businesses and global institutions play in restoring public confidence in the governments’ ability to manage markets to bring greater prosperity and well-being to society as a whole? Where should political leaders and policy makers concentrate their efforts to make markets more equitable and inclusive—at the local, national or global levels?
One way to get leverage on these questions is to focus on the primary challenges that those seeking to reform and reenergise capitalism will have to negotiate in the short- and medium-term. We identify four challenges that warrant closer analysis: great power competition for geopolitical advantage; the spread of populism and illiberalism; the anti-globalist backlash against global institutions; and the disruptive effects of technological innovation in the workplace.
Bringing together leading scholars and analysts, this conference will examine the effects of geopolitical turmoil, democratic discontent, anti-globalism, and technological change on capitalist economies. Panelists will explore the role that governments, businesses and global institutions might play in helping to negotiate these challenges at the local, national, and global levels. The conference is hosted by the Phelan US Centreat LSE.
Please note that this event is free and open to all LSE staff and students, but registration is required by Monday 9 October for both the keynote address on Friday 20 October and the conference on Saturday 21 October. Tickets will be allocated using a random ballot. To request a ticket, please click on the buttons below.
Conference panels and speakers
Friday 20 October, 6:00-7:30 pm: Rethinking market capitalism: Innovation and the Path to Shared Prosperity
The widely held idea that democracy and markets could or would flourish everywhere has run aground. Public confidence in political and economic liberalism has waned since the triumphalism of the 1990s. What practical steps can political leaders and policymakers take to restore public trust in governments’ ability to manage markets as a source of collective prosperity?
In tonight's lecture, MIT's Daron Acemoglu argues that modern market economies have focused excessively on automation and cost-cutting. What we need is not more innovation for eliminating jobs or intensifying surveillance, but a renewed focus on creating new tasks, providing better decision-making tools and granting greater autonomy to workers. Good jobs, which pay high wages and deploy worker skills, are not only critical for productivity growth, but also essential for re-creating democratic citizenship.
This event will be a hybrid event, with an in-person audience and an online audience.
This event is free and open to all LSE staff and students, but registration is required via the event webpage. Tickets will be allocated using a random ballot. Please register using the online form before 10am on Monday 9 October. You will be notified whether your ticket request has been successful on Thursday 12 October.
For those successful in requesting a ticket for the in-person event please note no bags (other than small handbags which will be checked at the discretion of LSE Security) will be allowed into the venue and no cloakroom will be available. Photo ID will be required to access the venue.
For the online event: To register for this event, please register via the event webpage.
Saturday 21 October, 9:30-11:00am: Globalisation and the return of geopolitics
The resurgence of geopolitics is reshaping everything from supply chains to sustainability. What will the resulting new geo-economic landscape look like? Are we entering an era of greater regionalisation and localisation of trade and finance? If so, what can policymakers do to maximise social wellbeing while minimising the risk of great power conflict? This panel will consider the implications of mounting geopolitical rivalry and economic nationalism for global capitalism.
Saturday 21 October, 11:30-1:00pm: Populism and democratic capitalism
Public trust in the competence and fairness of democratic governments has eroded. Populist insurgencies, mostly on the far right, are hollowing out the political center, the bedrock of democratic capitalism. What should governments, parties and businesses do to restore public confidence in democratic capitalism? What are the main obstacles standing in the way? This panel will explore the challenges of rebuilding democratic support for capitalism at a time of extraordinary political discontent and volatility.
Saturday 21 October, 2:00-3:30pm: Global governance in an era of anti-globalism
Popular support for global economic institutions like the WTO, IMF and World Bank has weakened in the Global West as well as in the Global South. Pressures to ‘take back control’ are rising in the advanced industrial nations. Demands for greater input and fairness in emerging economies are widespread. The emergence of rival models global governance also signals a shift. This panel will focus on whether and how these global institutions might be reformed to make them more relevant and responsive to today’s economic, technological, and environmental challenges.
