We are moving from a world in which individual choice and competition made sense to one in which collective choice and cooperation are necessary, not because ideologies have changed but because both the problems we face and the nature of the resources required to solve them have changed.
When the costs of economic activity are collective, capitalism (i.e., private property rights and individual choice) is suicidal; when the benefits are collective (e.g., new vaccines for COVID, new forms of alternative energy), capitalism is inefficient. The main challenge remains how deeply wedded politicians, economists and even the average person are to economic growth.
—Joshua Farley, University of Vermont, Professor of Community Development and Applied Economics
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