Matolcsy: Western flaws have been exposed

English2021. jan. 22.GOVERNOR MATOLCSY100WORDS

The pandemic helped us to see our future in a life-or-death lightening. In a nutshell, the health crisis-management of the West proved to be a total failure and the East, especially East-Asia fared much better. It is not capitalism’s flaws that have been exposed /Mariana Mazzucato, FT, 29 December/, it is the Western liberal model that went wrong.

In the Western model, individual freedom trumps nearly everything else. It is plainly wrong during wars, pandemics and shifting historical regimes. We have all of these in the 2020s, so we need to rewire Western mindsets and restructure Western institutions.

The health, wealth and happiness of communities trump individual interests, that is the reason why we should return to democracies from liberal democracies. We have to build strong families, communities, middle classes, even states in order to provide a strong, wealth-creating economy for the overwhelming majority.

Governor Matolcsy, MNB, the Central Bank of Hungary

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