The panel for the Sussex Conversation on capitalism in April 2013. From left to right: Nicola Horlick, Prof Alan Winters, Sarah Montague (Chair), Lord Skidelsky and Prof Mariana Mazzucato

A packed audience at the Royal Institution in London for the seventh Sussex Conversation in April 2013

A panel of experts discussed the nature of capitalism and how to enable economic growth at this year’s Sussex Conversation at the Royal Institution in London last night (Thursday 18 April).

Sarah Montague, regular presenter of BBC Radio 4’s Today programme, chaired the discussion, titled ‘Capitalism is dead: long live capitalism?’

The panel was completed by:

• Nicola Horlick, Chairman, Rockpool Investments LLP
• Professor Mariana Mazzucato, Professor of Science and technology Policy, SPRU – Science and Technology Policy Research (Sussex)
• Lord Skidelsky, Emeritus Professor of Political Economy (Warwick)
• Professor Alan Winters, Professor of Economics (Sussex)

In a wide ranging debate about the nature of capitalism and its contribution to well being and the development of society were explored and discussed.

Professor L Alan Winters discussed the importance of understanding how economic growth and the benefits of capitalism were seen by the developing world as well as in Western economies. The "other 6 billion" people on the planet were gaining significantly from the benefits of such growth in their economies and seeing their well-being improve. One challenge was how this could be made sustainable.

Nicola Horlick argued that while disparity of wealth in countries such as the United States was striking, capitalism continued to provide the best model for successful development: there was no quick alternative solution to economic growth.

Lord Skidelsky agreed that “there is still some life in capitalism” but suggested that changes were needed to allow people to enjoy the fruits of economic growth, for example by limiting the working week, and whether GDP growth alone should be the right measure for a successful society.

Sarah Montague, responding, asked Lord Skidelsky whether he could see any political party taking up his ideas. His reply: “I may have to start my own.”

Professor Mazzucato argued that the role of the state in enabling growth was key, advocating investment in research by government which underpinned innovation to stimulate economic growth.

This latest high-profile event followed the format of the six Sussex Conversations held during the University’s 50^th anniversary year in 2011-12.

It took place just two months before the G8 summit this June, to be held in the UK. Prime Minister David Cameron has said that his priority for the summit, and during the UK’s G8 Presidency this year, will be the global economy. 

The Conversation was filmed by a team of Sussex multimedia students and the video will be available on the Sussex website next week.

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