INSEAD Knowledge Podcast

How capitalism went astray—and how to fix it

12 Aug 2020

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Capitalism's current troubles did not begin with Covid-19, but the pandemic has further exposed the grave consequences of inequality in developed economies and the fragility of global value chains. Populist movements (on both the left and right) are intensifying their demands that Adam Smith's "invisible hand" be assigned a local habitation and a name. Moreover, the harsh business lessons of Covid (PPE shortages, operational shutdowns, etc.) cast some doubt on the core tenets of globalisation.Robert U. Ayres, INSEAD Emeritus Professor of Economics and Political Science and Technology Management, joins us to discuss how the USA's post-WWII capitalist hegemony lost its way in the late 20th century, and what can be done to restore capitalism's global credibility in the face of Covid-19. In his new book, "On Capitalism and Inequality: Progress and Poverty Revisited", Ayres argues that the moral and ethical decline began with the rise of Wall Street speculation, which increasingly caused the world economy to resemble a poker game with dizzying stakes, rigged in favour of the wealthy and powerful. To re-establish a sense of fairness, Ayres recommends a familiar remedy: universal basic income, otherwise known as UBI. Unlike many UBI proponents, however, Ayres has a robust, provocative answer to the pertinent question of how it can be paid for.Read more: https://knowledge.insead.edu/economics-finance/how-universal-basic-income-could-save-capitalism-14941

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13:00H | 21 DIC 2025 | Fin de Semana

01 Jan 1970

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10:00H | 21 DIC 2025 | Fin de Semana

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12:00H | 20 DIC 2025 | Fin de Semana

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2ª PARTE | 06 ENE 2026 | EL PARTIDAZO DE COPE

01 Jan 1970

El Partidazo de COPE

3ª PARTE | 22 ENE 2026 | EL PARTIDAZO DE COPE

01 Jan 1970

El Partidazo de COPE

3ª PARTE | 04 MAR 2026 | EL PARTIDAZO DE COPE

01 Jan 1970

El Partidazo de COPE

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INSEAD Knowledge Podcast

How capitalism went astray—and how to fix it

This episode hasn't been transcribed yet

Other recent transcribed episodes

13:00H | 21 DIC 2025 | Fin de Semana

10:00H | 21 DIC 2025 | Fin de Semana

12:00H | 20 DIC 2025 | Fin de Semana

2ª PARTE | 06 ENE 2026 | EL PARTIDAZO DE COPE

3ª PARTE | 22 ENE 2026 | EL PARTIDAZO DE COPE

3ª PARTE | 04 MAR 2026 | EL PARTIDAZO DE COPE

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