Is the Market Economy Still Alive?

When? Tuesday, 29.03. | from 18:00

Where? Vienna University of Economics and Business, Building D5, Room D5.0.001

About the lecture

In current economic discourse, "market economy" is little more than an incantation - for everything that is good, from the point of view of its supporters, and everything that is bad, from the point of view of its critics. This lecture presents an attempt at political economy in the twenty-first century. Eighty years ago, Schumpeter predicted that capitalism would perish from its own success. Well, capitalism is alive and kicking; but is the market economy still alive?

The lecture recalls the theoretical foundations of the market economy and confronts its constituent elements with the economic reality, which is characterized in particular by financialization, digitalization and global forces. Building on this, an agenda for science, economic policy and the development of the public sector will be outlined in order to transform the concept of an economy based on responsible economic subjects and fair competition as part of a free democratic society into the future.

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