LATEST NEWS FROM PARTNER CAP X
25 November 2016
Western capitalism is broken – here’s how to fix it - Ukraine’s unhappy anniversary - Why have young Americans lost confidence in their country? - Fake news is not going anywhere soon
A decade has now passed since the start of the Great Recession, and it seems the next generation will be paying for it for the rest of their lives: less likely to be as rich, safe, or healthy as the last. What has gone wrong? Western capitalism has turned into an increasingly dull and predictable club where no one is signing out. The good news is that this stagnation, like progress, is neither inevitable nor automatic.
Monday marked the third anniversary of the protests that removed President Yanukovych from power. But Ukraine still sits at 130th on the world corruption index, with $12 billion disappearing from the budget annually, and the IMF is likely to withdraw funds unless the political establishment cleans up its act. With a Trump presidency looming, Ukraine is looking increasingly friendless - and vulnerable.
Surveys of US students have found that they are not just ignorant about Western institutions, history and culture, but increasingly sceptical of them. Very few attribute their quality of life to the triumph of the basic principles of democratic capitalism - including reason, free speech and equality of opportunity. Instead, they see the system as greedy, selfish and unfair. What's gone wrong?
In the wake of the US presidential election, fake news has spread moral panic like a virus. Yet it is mostly a demand-side problem - because the audience themselves are fuelling its creation. The bigger threat to society is if governments and tech companies become swept up in the frenzy and overreact - for example by relying on the kind of top-down controls that so often edge into censorship.
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