In recent years, capitalism’s shortcomings have become ever-more apparent. Prioritising short-term profits for individuals has sometimes meant that the long-term well-being of society and the environment has lost out – especially as the world has faced the Covid-19 pandemic and climate change. And as political unrest and polarisation around the world have shown, there are growing signs of discontent with the status quo. A central challenge for governments in the 21st Century will be to work out how to balance these long-term benefits of global trade with the short-term harms that globalisation can bring to local communities affected by low wages or unemployment. Economies cannot become completely divorced from the … Continue reading Next stage of capitalism (Matthew Wilburn King)