With an introduction by Professor Duncan Ivison For several decades after the Second World War, capitalism regulated by democratic politics proved successful. Rapid growth and equitable distribution supported by
With an introduction by Professor Duncan Ivison
For several decades after the Second World War, capitalism regulated by democratic politics proved successful. Rapid growth and equitable distribution supported by open markets ended the pessimism about instability and inequality that permeated Joseph Schumpeter’s classic Capitalism, Socialism and Democracy (1942) written during the war against Fascism.
Now doubts are rising again: in the developed countries, incomes have stopped growing for most people. Inequality is increasing. Vested interests are blocking stabilising interventions. Democracies are rejecting international exchange. And all this is happening at the very moment market authoritarianism in China is breaking the link between high incomes and democratic government.
Economist Ross Garnaut’s public lecture probes these trends, and the new forces shaping the major global developments of our time. He notes how the abundance of capital, labour shortages and rising prosperity in parts of the global economy are elsewhere matched by political introversion, economic stagnation and rising inequality. The future attraction of democracy, he suggests, now depends on the capacity of democracies to come up with reforms that enable government for as well as by the people.
Image credit: Lindy Baker, 2016
Professor Ross Garnaut is an economist whose career has been built around the analysis of and practice of policy connected to development, economic policy and international relations in Australia, Asia and the Pacific. He has held senior roles in universities, business, government and other Australian and international institutions.
He is Professorial Research Fellow in Economics at the University of Melbourne. In 2009 Ross was awarded the degree of Doctor of Letters, honoris causa, from the Australian National University and in 2013 he received a Doctor of Science in Economics, honoris causa, from the University of Sydney. He is a Fellow of the Australian Academy of Sciences and a Distinguished Fellow of the Economic Society of Australia. In addition, Ross is a Distinguished Life Member of the Australian Agricultural and Resource Economics Society and also an Honorary Professor of the Chinese Academy of Social Sciences.
(Wednesday) 6:30 pm - 8:00 pm
The Quadrangle, The University of Sydney