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The Keys to Inclusive Growth

14 13 1
25.11.2021

PARIS – The COVID-19 pandemic has highlighted major weaknesses of both the US and European models of capitalism. In the United States, the crisis has shown the limits of an economic system that fails to protect individuals against the effects of creative destruction and the social consequences of a macroeconomic shock. In Europe, it has revealed the insufficient dynamism of the region’s innovation ecosystem – particularly in the biotech sector, which holds the key to ending the pandemic. For all the harm it has caused, therefore, the COVID-19 crisis is also a wake-up call to rethink capitalism.

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    We do not regard the US economic model’s lack of protection and inclusiveness as a necessary price to pay for greater innovativeness. Nor do we think that Europe’s lack of innovativeness is a natural consequence of greater inclusion and better social protection. So, besides calling........

    © Project Syndicate


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