Does Capitalism Need Saving?
Tuesday, May 3, 2016 / 9:30 am - 10:30 am
, Senior Fellow, Milken Institute; Editor, the Milken Institute Review
, Professor of Economics, George Mason University
, Bendheim Professor of Economics and Public Affairs, Princeton University;
Former Chairman, White House Council of Economic Advisers
, Mary and Robert Raymond Professor of Economics, Stanford University; George P. Schultz Senior Fellow in Economics, Hoover Institution
Free-market capitalism has been the dominant economic system in the West for hundreds of years. It has facilitated spectacular improvements in living standards, doubled lifespans and lifted generations of workers from backbreaking labor to comfortable middle-class lives. But, as instability and increasing inequality batter the global economy, critics wonder whether the system can sustain prosperity without more aggressive intervention. Few people want to kill the golden goose. But with markets concentrating wealth and power in fewer hands and global economic leadership increasingly fragmented, the idea that capitalism will repair itself seems problematic. Do we need to restructure the entire system or just smooth its rough edges? Is change even possible without the leadership of wealthy elites and the kind of cooperation among sovereign states rarely seen outside of war? Big questions to resolve in an hour, but this distinguished panel is uniquely qualified to try.