Redesigning Democracy in the Digital Age | DAVOS 2020

TL;DR

Economist Glen discusses radical market ideas to reshape economics and governance for a more democratic society.

Transcript

good morning and welcome to the web day too I guess although I already have a little bit of West fatigue I have to say how the great full day yesterday I'm Rana Faru Hart I'm a columnist and associate editor at the Financial Times and I am so pleased to be here doing this one on one with economist Glen while he is the author of an amazing book whic... Read More

Key Insights

• 💍 Returning to engaged political economics reminiscent of historical figures like Henry George can foster meaningful change in modern economic discourse.
• 😑 Quadratic voting offers a nuanced approach to decision-making, promoting consensus and empowering individuals to express their preferences effectively.
• 🤑 Reforming campaign finance through matching contributions and innovative funding models can ensure fair representation and reduce the influence of money in politics.
• 🥺 Redefining market dynamics to prioritize stakeholder interests and promote accountability can lead to more equitable and democratic governance structures.

Questions & Answers

Q: How does Glen suggest addressing the corruption in the economics profession?

Glen emphasizes the need to return to an engaged form of political economics like Henry George and build movements for change in contrast to the current technocratic model.

Q: What is the concept of quadratic voting and how has it been implemented in places like Taiwan and Colorado?

Quadratic voting allows individuals to express nuanced preferences, allocating credits to issues based on importance. Its success in Taiwan and Colorado has led to consensus-building and effective decision-making.

Q: How does Glen propose to reform campaign finance and ensure more equitable funding for candidates?

Glen advocates for matching small contributions with public funds using a formula derived from economic theory, promoting citizen participation and reducing the influence of money in politics.

Q: In what way does Glen suggest reshaping market dynamics and governance structures?

Glen argues for redefining antitrust regulations to make companies accountable to stakeholders and balance power through mechanisms like cooperatives and board representation.

Summary & Key Takeaways

• Economist Glen discusses the corruption in the economics profession and the need for radical shifts to address today's economic challenges.

• The concepts of quadratic voting and data governance are explored as solutions to improve democracy and create consensus.

• Combining technology with economic theory, Glen proposes innovative solutions to campaign finance reform and stakeholder capitalism.