Glenn Hubbard says potent reforms to expand economic opportunity align with the traditional vision of American capitalism OpenFuture
In “The Communist Manifesto” of 1848, Karl Marx and Friedrich Engels noted: “The bourgeoisie, during its rule of scarce one hundred years, has created more massive and more colossal productive forces than all preceding generations together.”
Here, questions can be raised about whether today’s capitalism delivers a broad and growing base of prosperity and not just high average prosperity enjoyed individually by a few. In a time of rapid technological change, and globalisation, devising solutions to these shortcomings is urgent. Popular support for capitalism depends not just on preparing people for economic participation, but also on helping them respond to economic dislocation.
In the 1930s, in the midst of the Great Depression, President Franklin Roosevelt pushed through sweeping social-insurance policies. These reforms strengthened unemployment insurance and introduced Social Security. Government policy aimed to embrace workers buffeted by economic forces beyond their control amid capitalism’s chilly winds.
The Aspen Economic Strategy Group, of which I am a member, recently proposed a programme of federal grants to provide new funding to community colleges, contingent on institutional outcomes in degree-completion rates and labour-market outcomes.
For individuals likely to encounter a long spell of unemployment, Personal Reemployment Accounts would combine a fund to support income and retraining while unemployed with a bonus if a new job is found within a given period. President George W. Bush proposed the accounts in 2003 and studies were conducted, but the idea never became federal law.
At first glance they might seem wonkish and incremental. But they actually represent a big departure from the current centre-right and centre-left technocratic tweaking. Perhaps for that reason, they haven’t yet been done. Their pedigree traces back to classical 19th-century British liberalism that championed mass opportunity and individual flourishing. Yet their roots draw on the Scottish Enlightenment of Adam Smith—ironically, one of the few economists that Karl Marx respected.
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