Martin Wolf is right, even brilliant /Ft, 4 December 2019/.
He calls for sweeping reforms of capitalism, concluding in saying: “Without political reform, little of what we need elsewhere will happen”. Period.
Major political reforms can be triggered by economic and financial crises ending in social and political upheavals, lost wars, defeated regimes and natural catastrophes. All of these may happen to global capitalism in the coming decades.
Nevertheless, governing political elites do not have the habit to give up their power. Instead they tend to wage wars in order to unite their nations.
We might live in 100 AD, our Roman emperor found the solution, by invading Dacia he benefited from the almost limitless treasures of the later province, gaining the resources to launch major public works at home.
Governor Matolcsy, MNB, the Central Bank of Hungary