What kind of economic models and systems might replace the current ones?
KN: There is actually surprising consensus. Most people agree that the overarching objective is to create – or at least aspiring to create — a system which is highly productive, yet also human: A global governance structure that is high on both efficiency and empathy. But suggestions as to how this can be achieved differ greatly. Among the anti-globalists and anti-capitalists the only solution seems to be to regulate markets. But, the first thing that will happen when we start regulating these markets is that they will become less efficient. Then as markets become less efficient, the pie will start shrinking. Finally those in charge, at least unless we start confiscating financial capital and lobotomising competent individuals, will still retain power. Instead that this time they will demand as much out of a much smaller pie as they did before. So if we go down this route, we will end up in a situation in which the poor will become even poorer. It’s strangulation by regulation. A more
