Inequality and the malleability of capitalism

Amid the triple crises of Covid, climate and inequality, here is economist Dean Baker with, for me, some optimistic words on the sheer adaptability of the economic system in which huge numbers of us live, and the implications of this for the third of these crises, which remains an integral aspect of the course of the other two.

The political economy of capitalism frequently gives rise to unsettling change but, as pointed out below, with the kind of tone often heard from the reformist centre-left, we are probably not clever enough to design a completely new socioeconomic system from the top down. Instead we must try and remain flexible and open to experimentation in the name of an evolving, progressive reformism. Continue reading