Since its origins, democracy has been a work in progress. Today, many question its resilience. The Bertelsmann Foundation and Humanity in Action have teamed up with Andrew Keen, author of How to Fix the Future, to launch How to Fix Democracy: a video and podcast series exploring practical responses to the threats facing democracies around the world. Host Andrew Keen interviews prominent thinkers, writers, politicians, technologists, and business leaders who enlighten and challenge us as we seek the answers to How to Fix Democracy.
In this episode, host Andrew Keen sits down with Sir Paul Collier, a Professor of Economics and Public Policy at the Blavatnik School of Government and a Professorial Fellow of St Antony’s College, Oxford University. In this interview, Sir Paul Collier explains why he thinks the biggest problem of capitalism in the last two centuries in the US and UK has been the concentration of moral load-bearing. While in the past, derailments of capitalism have been remedied by families and firms, along with governments, all taking responsibility, nowadays, that burden has concentrated in the state. Decentralization of political and economic power can be a way to reverse this, and the key is re-skilling workers whose labor has become less and less valuable outside of the few major clusters of knowledge intensive firms.