Is there an alternative to the failed orthodoxies of neoliberalism or the chaos of economic populism? Yes, according to Oxford economist Professor Eric Beinhocker and technology entrepreneur and civic activist Nick Hanauer. A new paradigm is emerging that they call ‘Market Humanism” which has the potential to reshape our economy and our politics.

We are in the midst of a change in the global economic paradigm. The neoliberal consensus dominated policy, politics, business, and academia from the 1970s until it collapsed in the 2008 financial crisis. Since then, we’ve been living in a paradigm vacuum that has been filled by economic populism and the politics of grievance. This paradigm vacuum is not only a threat to democracy and the geopolitical order but also prevents us from addressing critical issues such as climate change and the rise of artificial intelligence.

But there is hope. Synthesising across a wide range of work from modern economics to philosophy, behavioural science, anthropology, sociology, political science, complex systems theory, evolutionary theory, computer science, and other fields, Beinhocker and Hanauer assemble the pieces of what a new, and better, economic paradigm might look like.

They call this new paradigm, ‘Market Humanism’ – an economy built for human flourishing and an economics built on 21st century science. In this talk they will describe what Market Humanism is, and how it has the potential to change our thinking on policy and business, how it might re-configure our politics, and new narratives that can engage the public. They will conclude with a discussion of the opportunities and challenges of moving towards a market humanist economy.

This is a joint event with INET Oxford.