New Paradigm
NEW PARADIGM
After decades of overly naive market belief, we urgently need new answers to the great challenges of our time. More so, we need a whole new paradigm to guide us. We collect everything about the people and the community who are dealing with the question of a new paradigm and who analyze the historical and present impact of paradigms and narratives – whether in new contributions, performances, books and events.
LATEST NEWS
KNOWLEDGE BASE
NEW PARADIGM
The Crisis of a Former Paradigm
As a sign of a missing paradigm that holds societies together, liberal democracies today are facing their most serious crisis since World War II.
What Went Wrong
An ever-growing mountain of empirical evidence indicates that large parts of today’s crises are to be linked to the late effects and collapse of the market-liberal paradigm that has guided policymaking in most of the world since the 1970s.
New Economy in Progress
Since the critical financial crisis in 2008, the search for a new paradigm much more adequate than the former market-preference to rise to today’s challenges has accelerated. And, while a coherent new paradigm is not yet ready, a lot of new answers and actors have emerged.
Favorite Readings for a New Paradigm – Winter 2020/21
Every three months Forum New Economy is showcasing a hand full of selected research papers that lead the way towards a new economic paradigm.
Event – Beyond Growth – Towards a New Economic Approach
Michael Jacobs, Denis Snower, Katharina Beck, Christoph Schmidt and Nicola Brandt discuss on February 15 about the meaningfulness of growth and how to make economic policy more goal-oriented.
Why (and how) liberalism must reinvent itself in the 21st century
Timothy Garton Ash describes what should replace the failed technocratic economic liberalism of the past three decades.
Retrospect and outlook 2021
We take a look at what the past year has meant for us, as a Forum, and for us all - and give you a glimpse of the exciting projects we are planning for 2021.
James K. Galbraith – Will Joe Biden bring the Green New Deal?
Normalcy or (Green) New Deal? Joe Biden’s Economic Team and the prospects for a paradigm change
The economists that will be working for the president elect will likely focus on strengthening the power of labor, but will it be an all-encompassing paradigm shift?
Favorite Readings for a New Paradigm – Autumn 2020
Every three months Forum New Economy is showcasing a hand full of selected research papers that lead the way towards a new economic paradigm.
Forum New Economy and Wirtschaftsdienst: Does Germany need another economic model?
Is the German economy prepared for the tasks of our time? Thomas Fricke details what the Forum New Economy discussed at the seventh New Paradigm Workshop and what it identifies as the pressing issues lying ahead.
Review of the workshop on the future of the German economic model
Almost 60 speakers joined us in analysing the future of the German economic model. What was remarkable? What do we take away with us and what remains to be done?
OTHER MAIN TOPICS
Redefining
the role of
the state
REDEFINING
THE ROLE OF
THE STATE
For decades, there was a consensus that reducing the role of the state and cutting public debt would generate wealth. This contributed to a chronic underinvestment in education and public infrastructure. New research focuses on establishing when and how governments need to intervene to better contribute to long-term prosperity and to stabilize rather than aggravate economic fluctuations.
Remaking
finance
REMAKING
FINANCE
More than a decade after the financial crisis there still seems to be something seriously wrong with the financial system. Financial markets still tend to periodically misprice risk and contribute to boom and bust cycles. A better financial system needs to discourage short-termism and speculative activity, curtail systemic risk and distribute wealth more broadly.
Greening
prosperity
GREENING
PROSPERITY
During the high point of market orthodoxy, economists argued that the most 'efficient' way to combat climate change was to simply let markets determine the price of carbon emissions. Today, there is a growing consensus that prices need to be regulated and that a carbon price on its own might not be enough.
Reducing
inequality
REDUCING
INEQUALITY
The rising gap between rich and poor has become a threat to social cohesion in most rich countries. To reverse this trend it will be crucial to better understand the importance of different drivers of income and wealth inequality.
Innovation Lab
INNOVATION LAB
Do we need a whole new understanding of economic growth? What would be a real alternative? How viable are alternatives to GDP when it comes to measuring prosperity? These and other more fundamental challenges are what this section is about.
Globalization
for all
GLOBALIZATION
FOR ALL
After three decades of poorly managed integration, globalization is threatened by social discontent and the rise of populist forces. A new paradigm will need better ways not only to compensate the groups that have lost, but to distribute the gains more broadly from the start.
Europe
beyond markets
EUROPE
BEYOND MARKETS
The euro was planned during a period in which economic policy making was driven by a deep belief in market liberalism and the near impossibility of systemic financial crises. This belief has been brought into question since the euro crisis, which showed that panics do happen. New thinking needs to focus on developing mechanisms to protect eurozone countries from such panics and to foster economic convergence between members.
Corona Crisis
CORONA CRISIS
The current Corona crisis is probably the worst economic crisis of the post-World War 2 era. Economists are working hard on mitigating the economic effects caused by COVID-19 to prevent a second Great Depression, the break-up of the Eurozone and the end of globalisation. We collect the most important contributions.