The Future of Capitalism: The Munk Debates

October 31, 2020
The Future of Capitalism: The Munk Debates

In Western societies, the capitalist system is facing a level ofdistrust not seen in decades. Economic inequality is rampant. Lifeexpectancy is falling. The environment is being destroyed forprofit. Political power is wielded by wealthy elites and bigbusiness. For capitalism’s critics, it is clear that the system isnot designed to help average people. Their solution is atop-to-bottom reform of the “free market” along more socialist anddemocratic lines. For proponents of capitalism, however, thissystem has been the greatest engine of economic and social progressin history. Not only has capitalism made all of us materiallybetter off, its ideals are responsible for everything from women’srights to a cleaner environment to political freedoms. The answerto society’s current ills is more capitalism, more economicfreedom, and more free markets.The twenty-fifth semi-annual Munk Debate, held on December 4,2019, pits editorial director and publisher of the Nation Katrinavanden Heuvel and former finance minister of Greece YanisVaroufakis against Harvard professor Arthur C. Brooks and New YorkTimes columnist David Brooks to debate whether the capitalistsystem is broken.