Capitalism is in crisis. Paul Collier, renowned economist and author, argues that while capitalism is the only system capable of delivering mass prosperity, it has derailed since the 1980s, becoming a business culture stripped of ethics and generating new mass anxieties.In this episode, we delve into Collier's book, The Future of Capitalism, which provides a forthright diagnosis and pragmatic remedies for these anxieties. Discover the key divisions tearing societies apart: the spatial divide between booming metropolises and broken provincial cities, the class divide between the highly educated and the less educated, and persistent global disparities.Collier's powerful analysis highlights how the erosion of ethics, influenced by ideologies prioritizing profit and individualism, has replaced foundational values like reciprocity and dignity. Learn about his call to restore a dense web of reciprocal obligations within ethical states, firms, and families.We explore compelling examples, from the collapse of Sheffield's steel industry to the success of Switzerland's vocational training and the lessons from companies like Toyota and the Danish COVID-19 response.This discussion is vital for policymakers, citizens, and business leaders. Tune in to understand the historical trajectory of capitalism, the ethical obligations of different societal actors, and potential pathways to a more inclusive and ethical economic system based on shared purpose and community. Learn how Collier proposes we can apply these insights to bridge divides and rebuild trust.ReferencesBackhouse, R. (2022). Paul Collier, The Future of Capitalism: Facing the New Anxieties [Review of the book The future of capitalism: Facing the new anxieties, by P. Collier]. Journal of Economic Methodology, 59(6), 770–774. https://doi.org/10.1007/s12115-022-00753-5Bayram, M. E. (2019, May 30). Book review | The future of capitalism: Facing the new anxieties by Paul Collier [Review of the book The future of capitalism: Facing the new anxieties, by P. Collier]. LSE Review of Books. https://www.democraticaudit.com/2019/06/01/book-review-the-future-of-capitalism-facing-the-new-anxieties-by-paul-collier/Collier, P. (2018, October 4). An absence of ethics is driving our mass anxieties. UnHerd.Fondazione Pirelli. (2020, April 6). Ethics above all. Fondazione Pirelli.kludgeocracy. (2018). The future of capitalism [Online forum post]. Reddit.Nasca, L. (Host). (2019). Paul Collier, "The Future of Capitalism: Facing the New Anxieties" (Harper, 2019) [Audio podcast episode]. In New Books Network Book of the Day. New Books Network.

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