Reshaping Capitalist Democracies

Session Submission Type: Virtual Roundtable

Session Description

The neoliberal framework of political economy that has shaped capitalist democracies for the last half century is fraying. The financial crisis in 2008 and the subsequent rise of populism were harbinger of a collapse that now seems inevitable. As we witness the fraying of capitalist democracy, many political scientists joined forces with scholars from other fields, civil society activists, and social entrepreneurs to articulate the next steps. This roundtable invites some of them to discuss their proposals to build new institutions, strengthen democracy, and restore the social fabric. The discussion will revolve around proposals articulated in several books and articles the participants have recently published, or that will be published before the meeting. Together these contributions build a vision of a reimagined democratic political economy, where the public and the private sector work together to foster inclusive human flourishing.
Jenna Bednar will consider how public policy might work to rebuild our social connectivity using a framework of human flourishing. The four pillars of the framework—dignity, sustainability, community, and beauty—each tap into a value that makes us human and expresses a different aspect of our relationships. These values may help to rebuild our fraying social fabric and the norms that sustain our democracy. Darrick Hamilton will discuss the pivotal and inseparable roles of economics, politics, and identity group stratification as it relates to political economy. Levi will present the findings of Moral Political Economy: Past, Present and Future (Cambridge University Press, coauthored with the panel chair Carugati), which argues for the need to build participatory spaces to strengthen democracy, foster relational equality, and support inclusive, expanded communities of fate. Nick Hanauer and Eric Beinhocker will challenge neoliberalism on the grounds that it provides, in their words, “a protection racket for the rich.” Drawing on Reimagining Capitalism in a World on Fire (New York: Public Affairs), Rebecca Henderson will articulate how today’s enormous problems – from climate change to inequality to exclusion – can only be solved by rebalancing the power of the free market with strong, competent, democratically accountable government and a revitalized civil society. The book explores whether and how the private sector might be able to contribute to such a shift. Finally, Nils Gilman will discuss the Berggruen Institute’s proposal for a new model of personal and public wealth-building designed to ensure a more equitable wealth distribution in the future. The proposed “mutualist” model of political economy would accelerate the large-scale diffusion of productivity-enhancing general-purpose technologies, while forging a new social contract based on a radical notion of shared ownership of returns on capital.
The roundtable aims at showcasing these ideas for a political science audience and elicit feedback on their merits, as well as integrating suggestions for building a path toward policy implementation.

Sub Unit

• Theme Panel

Chair

• Maria Federica Carugati King's College London

Presenters

• Margaret Levi Stanford University

• Jenna Bednar University of Michigan, Ann Arbor

• Rebecca M Henderson Harvard Business School

• Nils Gilman Berggruen Institute

• Nick Joseph Hanauer Civic Ventures

• Darrick Hamilton The New School