Thread by @WylerMaura

Democratic capitalism is under threat. Is it worth fixing? What needs to be done to tackle inequalities? And the ultimate question these days: How is COVID reinforcing existing and creating new inequalities?
⏳Stay tuned – only 25 minutes to go for the livestream @DeatonAngus 👇🏻

https://twitter.com/ubscenter/status/1326560962359529475

Why is inequality a problem in modern capitalism? @DeatonAngus presents historical data on income inequality: We see little change post 2008. Also, capitalism has brought great prosperity. So what is wrong? We should not only look at income inequality...

Talking about wealth which is much more unequal than income because differences in income persist and accumulate over time. But, many of the superrich benefited many, but may also be hurting many...

How does capitalism generate inequalities? It is in its genes, says @DeatonAngus "We cannot have the benefits without risking the cost." So me must regulate it.

One point of view: creative destruction and disruption is the essence of economic growth and innovation.

Sharing insights from his book with Anne Case @Princeton “Deaths of Despair and the Future of Capitalism” press.princeton.edu/books/hardcove…
@DeatonAngus @ubscenter

He explains that in the US, successive cohorts of people without a university degree are experiencing increasing rates of suicide, chronic pain, mental distress, low wages, and mistrust in the democratic process.

Over the last century, Americans’ life expectancy at birth has risen from 49 to 77. Yet in recent years, that rise has faltered. Among white people age 45-54, deaths have risen.

Especially vulnerable are white men without a four-year bachelor’s degree. Curiously, midlife deaths have not climbed in other rich countries, nor, have they risen for American Hispanics or blacks.

In fact, black people with B.A.s are now more likely to live through midlife than white people without B.A.s.

"American pharma was allowed to addict and kill people for money" @DeatonAngus explains, highlighting the role of the ‘opioid catastrophe’ and falling rates of well-paid and meaningful employment as underlying factors.

What to do? We need to restore competition: #1 Acknowledge that markets can't do everything #2 Fix antitrust #3 Re-orient the courts #4 Campaign finance reform, rules on lobbying, eliminate tax havens.
#inequality #capitalism #UBSCenterForum
@DeatonAngus @ubscenter

Q&A time 👉🏻How can the US health system be fixed? @DeatonAngus suggests insurance for every child from birth on and price control which would help a lot.

Q: Should we not rather look at or evaluate systems like capitalism over a longer period of time? A: Yes and no. Of course it needs a broad perspective. Nevertheless, we cannot close our eyes to current developments.

Q: Implications of climate change on inequality? A: Climate change will for sure create new forms of inequalities and reinforce existing ones.

Great talk @DeatonAngus 👏🏻 I learned a lot about the underlying mechanisms of #inequality and on how to solve current problems of democratic capitalism - which it seems, is worth saving after all.
#UBSCenterForum @ubscenter