Resetting the economy – for social need not profit

Michael Roberts Blog

In a recent World Economic Forum (WEF) virtual meeting, the ageing heir to the British monarchy, Prince Charles spoke with IMF chief Kristalina Georgieva. Charles’s speech was part of a launch event for The Great Reset, a project involving the WEF and the Prince of Wales’s Sustainable Markets Initiative, aimed at rebuilding the economic and social system to be more ‘sustainable’. Charles called for a resetting of the world economy after the COVID pandemic subsides.

I think this is the first time that I have agreed with a member of any ‘royal family’ on anything. But Charles is right, we need to reset the world economy after the pandemic has shown all its failings in stark reality.

Of course, Charles did not have in mind replacing the capitalist mode of production but simply making capitalism work better, more fairly and put on what he called a path of ‘sustainable development’. He…

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