Opinion (Steen Jakobsen, Saxo Bank Chief Economist): “I have travelled to 16 different countries over the past year. They are all very different, with different systems, starting points and cultures, but they all share the same burden of inequality. I realised that the real loser since the financial crisis began in 2008 has been the middle class.
“Pundits will have you know that we are witnessing capitalism and the free market running amok. Where? There is not a single market working according to capitalistic rules.
“The main policy response in this time of crisis remains one of buying time. This solution will not last however; it will only make social inequality more severe. The source of income and wealth equality is an equal right to capital and to work. Currently the only parties with free access to capital are overburdened banks and governments.
“Ironically, pundits have dubbed the current crisis the running amok of capitalism. I would argue that we are witnessing governments and politicians running amok.
“We must invest in education, secure free markets, competition and long-term tri-party agreements on education, salary and working hours. This is the path towards more equality.”
My Comment: The solution is wrong—it is based on the model of egoistic capitalism that no longer works. We need to invest in the following:
- Reaching a reasonable, single level of well-being for all people,
- Introducing mandatory integral education and upbringing.
Both of these measures will eliminate the crisis because they will remove the contradictions between man, who devours nature, and the world around him; they will change us, and we will understand how to create a new economy of well-being and balance.