“Neoliberalism’s anti-government, free-market fundamentalism is simply not suited for today’s economy and society, but what comes next is still not fully developed,” said Larry Kramer, president of the William and Flora Hewlett Foundation, which launched its Economy and Society Initiative in December 2020 to focus on identifying a successor to neoliberalism. “This joint effort reflects our shared interest in replacing outdated 20th-century thinking — individualistic versus collectivist, central control versus free markets, liberty versus equality, and the like — with new ideas that can lead to broader economic justice and prosperity for people around the world. This is a first step to support forward-thinking scholars, students, and thought leaders who can break out of a patently failing neoliberal paradigm, with its ossified left-right divides, and help shape a bold new vision for what people should expect from their governments and economies.”
“In the decades since economists like Milton Friedman and Friedrich Hayek first developed their economic theories, our understanding of the world and the behavior that drives it has exponentially improved. Collectively, we have made great gains in understanding the cause and effects of economic inequality; created vast online social networks that operate from pocket-sized computers; sequenced the human genome; and achieved a much more comprehensive understanding of evolutionary biology and the fundamentally cooperative nature of human beings. Yet the economic models and assumptions utilized by many academics, economists, and policymakers haven’t remotely kept pace with these advancements,” said Omidyar Network CEO Mike Kubzansky. “Now, more than ever, it is imperative that we prioritize interdisciplinary scholarship to update our knowledge of complexity to better understand our economy — the ultimate complex, dynamic system. We are pleased to join the Hewlett Foundation and our other partners in supporting a new cadre of academic leaders, and a new epoch in the study of economics and its intersection with a diverse range of fields. Together, we can change the ideas that will change the world.”
- Reimagining Capitalism: Major Philanthropies Launch Effort at Leading Academic Institutions
I personally been thinking about alternatives for a very long time. It is not easy.
I laud this new initiative but I am apprehensive:
- I sincerely hope this is not a camouflage to re-brand socialism. Fifty percent of this team should include right-wing/neoliberals. If you don't understand why then please quit and go read Team of Rivals: The Political Genius of Abraham Lincoln
- Everyone involved should have spend time in some of the most poverty and crime ridden places on earth. Read William Easterly's The Tyranny of Experts: Economists, Dictators, and the Forgotten Rights of the Poor
- I don't care about the color or nationality of the team but the ideas cannot come sitting in a comfortable western villa . Live the life of people who will be impacted by your decisions. Read Taleb's Skin in the Game: Hidden Asymmetries in Daily Life.
- Daily mantra of the team should be: Road to hell is paved with good intentions.
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