CRISIS IN CAPITALISM: CAN THE MODERN WELFARE STATE AND GLOBAL COMPETITIVENESS BE RECONCILED?
The Global Growth Agenda
Russia Today Televised Debate
In both developed economies and major emerging markets, there is a growing trend of concentration of wealth at the top percentile, while in the West a stagnant middle class places growing demands on a burgeoning welfare state. Is this becoming a threat to future growth and is it straining the political fabric of capitalist societies? What can and should be done to meet social demands, without sacrificing growth?
Broadcast
Key moments
Our current capitalism is not the capitalism of the previous century. The logic of this type of capitalism is freedom for labour, freedom for capital and a new set of rules for everyone in Russia.
The right word for today’s capitalism is not crisis but transition with new technologies, transformation and globalisation.
A balance between the state and the market economy is necessary for success. The state alone can’t act as effectively as (it can) in conjunction with a strong market.
The most interesting question is not whether capitalism is in crisis but when modern economic growth, which started 300 years ago, will slow down and end up in crisis.
Today, we face a crisis of growth and a crisis of jobs, as well as a crisis of trust. Trust in the state, in parliaments, in prime ministers, in financial systems and even in international organisations. This is something we should work on.
Every country should choose its own path and try to find its own model for success. There is neither a single form of capitalism nor a sole formula for success.
