The Future Of Capitalism
Noreena Hertz’s ideas for the future of capitalism set off against British conservative journalist Danny Finkelstein:
Making The Switch From Gucci Capitalism To Cooperative Capitalism
My good friend, Cambridge University economics professor and celebrity Noreena Hertz, has given an interesting interview to German news service Spiegel Online in which she says capitalism is about to change:
Hertz: I am convinced that we are at a turning point in capitalism. The financial crisis could only come about because people were too focused on growth without asking where this growth comes from and at what cost. The crisis was a wake-up call for many people who accepted the rules of the old system. And many people — from policymakers to academics to economists to politicians, but also the man on the street — are starting to question whether the old rules were actually fair, just or right.
SPIEGEL ONLINE: You call it the switch from Gucci capitalism to cooperative capitalism.
Hertz: In Gucci capitalism, people believed that the markets were absolutely rational and reliable. Economists created models with cartoon-like assumptions about…
Noreena Hertz: The Economist We Need NOW
I’ve known Noreena Hertz most of my (and her) life. She’s always been my most mentally able friend. I don’t know what her IQ is, except that it’s off the charts. Her list of achievments at early ages is beyond prodigy. There was a risk, though, of going off the rails, and no doubt some of the more establishment politicians and economists thought that was exactly what she had done when she started writing and speaking about how the underpinnings of modern capitalist economies were unsustainable and inevitably heading towards massive crises.
Well she’s finally getting her dues, as this profile in Fast Company shows:
Not long ago, economist Noreena Hertz lived at the lefty margins of her field. But her (widely ignored) prediction of the credit crisis and her call for a more evolved form of capitalism have suddenly put her at the center of the universe.
Noreena Hertz had to seduce Bono…
