EAST BOOKS – Bridging economics and sociology

A new approach to capitalism is possible.

We live in a world in which outside forces determine economic growth. This is the very nature of the quantitative easing programmes backed by the Federal Reserve, Bank of England, Bank of Japan and, since last month, European Central Bank. As well as the demand from emerging countries, still on the plus side. The same can be said of the industrialisation taking place in the sub-emergent economies. All of these factors are beneficial to the world economy, which is based on just a few variations of the capitalistic development model. Yet there are still areas such as the eurozone in which there is no escaping the dependency on external demand. Developing, or even better, renewing domestic production factors is therefore the next challenge. Suggested reading on the subject is Creating Economic Growth: Lessons for Europe by Marco Magnani, a corporate banker and senior fellow at the Harvard Kennedy School of Government.