August 2nd, 2016
(written by lawrence krubner, however indented passages are often quotes). You can contact lawrence at: firstname.lastname@example.org
My sense is the changes will eventually involve fundamental constitutional revision. For now, people are talking about minor changes of policy:
The emergence of the Trump and Sanders insurgencies in the US, the Brexit vote in Britain, the formation of ultra-nationalists movements in Europe, are obvious markers of the new mood. The sea-change presents itself in different ways in different places. ISIS is a protest too.
Writers on the left have been taking positions on these issues for years, not that a broad-based political platform has yet appeared. In Abdication of the Left, Dani Rodrik, of Harvard University’s Kennedy School of Government, offered a short survey last month:
Consider just a few examples: Anat Admati and Simon Johnson have advocated radical banking reforms; Thomas Piketty and Tony Atkinson have proposed a rich menu of policies to deal with inequality at the national level; Mariana Mazzucato and Ha-Joon Chang have written insightfully on how to deploy the public sector to foster inclusive innovation; Joseph Stiglitz and José Antonio Ocampo have proposed global reforms; Brad DeLong, Jeffrey Sachs, and Lawrence Summers (the very same! [as earlier pressed for financial deregulation]) have argued for long-term public investment in infrastructure and the green economy.
The Economist recently added to the canon Alberto Alesina, of Harvard, and Enrico Spolaore, of Tufts, for their 2003 book The Size of Nations. Robert J. Gordon, of Northwestern, belongs there as well, for The Rise and Fall of American Growth: The US Standard of Living since the Civil War. And, on the eve of the Brexit referendum, Angus Deaton, of Princeton, last year’s Nobel laureate in economics, weighed in with a short essay, “Rethinking Robin Hood.”