Matolcsy: The unfolding new mantra

English2020. nov. 25.GOVERNOR MATOLCSY100WORDS

It seems to me that when it comes to the gist of major transitions of our time, Gillian Tett grasps the substance of it. /FT, 5 November 2020/

Really, we are in the 1970s, when the fans of Milton Friedman introduced the –then-new shareholder mantra. It meant everything for the next 50 years just up till now. It meant the rule of globalization, free-market capitalism, innovation and democracy – either in principle or in practice as well.

By now, it became the old mantra, due to the weakening, even decline in, all the four magic memes/elements. The unfolding new mantra is based on long-term sustainability instead of much narrower shareholder interests. 

It is indeed a zeitgeist shift based on regionalism and localization, government and central bank regulation, overall accelerated evolutions /one can call some of them revolutions/ and different kinds of an inclusive social order.

It is the next part of our history’s DNA. 

Governor Matolcsy, MNB, the Central Bank of Hungary

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