RELEASE EMBARGO DATE: MAY 1, 2013 AT 9 AM
Panel: Crisis and Reform of Global Capitalism (Regency Room)
Date/Time: Wednesday, May 1, 2013 / 10:30-11:45
Talking Points for: Guy Sorman, Contributing Editor, City Journal, Manhattan Institute
1) Capitalism is in crisis by definition :
Innovation, creative destruction lead to “crisis”,
An unstable form which allows adaptation.
Complex relation with democracy (time inconsistency).
2) Slowing down of the Global economy since 2008
Cycles happen due to lack of innovation – or lack of trust.
Maybe the 80s were exceptional, we are back to the normal longterm trend
No national economy anymore : you cannot beat the trend.
The worse has been avoided (G 20 in Seoul).
3) How to recover?
No alternative but innovation in developed countries like South Korea.
To increase innovation: more free trade (replace IMF, WTO, World Bank),
More deregulation, more small business, more services.
A more creative economy by incorporation of cultural added value
4) Industries of the future
Health, Well- being, Old age support.
Energy maybe, not sure.