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Which Capitalism for the Twenty-first Century?

1,523 views · Published 5 November 2013 · 1:26:06 · Indexed 26 September 2026

Channel: Lee Kuan Yew School of Public Policy (LKY School) · 2013 · Education

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The 1990s saw the emergence of a self-confident Washington Consensus, convinced that capitalism had been proved a superior economic system and that market liberalisation, including of financial markets and capital flows, was the universal key to economic growth and increasing human welfare. That free market formula was, it seemed, equally relevant to advanced economies operating at the frontier of technology and prosperity, and to developing countries relentlessly converging towards advanced economy standards. That self-confidence is now challenged. The global financial crisis posed questions about the merits of financial liberalisation; China's growth model breaks many of the supposed rules for success; some emerging economies appear caught in a middle income trap; and in already rich countries many people now question whether further economic growth truly serves human welfare, or whether other objectives are more important.

Lord Turner's lecture will consider which elements of the case for free markets are robust and universally relevant, and where we need a more nuanced understanding of the role markets can play in advancing human welfare.

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Event: Which Capitalism for the Twenty-first Century?

Speaker: Lord Adair Turner, Senior Fellow, Institute for New Economic Thinking; LKY School Distinguished Visitor

Date: Wednesday, 23 October 2013 
Time: 5:15 p.m. - 6:30 p.m.

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