The Italian-born economist Luigi Zingales arrived in the United States in the 1980s, and embraced the American commitment to capitalism. But he believes the economic events of the past decade, combined with the actions of politicians from both left and right, have undermined capitalism’s reputation.
In his recent book, A Capitalism for the People, Zingales warns that the US economy is on the path to having a crony-capitalist political and economic system, which aids the interests of big business over genuine competition. This will increasingly lead to an erosion of support for capitalism, as the public view a corrupted system which rewards elites without improving the lot of ordinary people.
His book offers a range of recommendations for restoring true competition to the economic system – which he believes is the only way to stop the US going the way of many of the Southern European states. This is a theme that the CPS has explored recently in The Quest for Change and Renewal in a UK context.
In this evening roundtable seminar, Professor Zingales will outline the conclusions and key recommendations of his extremely important book, before the event opens out into an informal roundtable discussion.
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