Bertrand Badré for PS Say More

The PS Say More Newsletter | [View this message in a web browser]( [PS Say More]( Welcome to Say More, a weekly newsletter offering readers exclusive insights into the ideas, interests, and personalities of some of the world’s leading thinkers. In each issue, a Project Syndicate contributor is invited to expand on topics covered in their commentaries, address new issues, and share recommendations about everything from books and recordings to hobbies and social media. This week, PS talks with Bertrand Badré, a former managing director of the World Bank and the current CEO of Blue like an Orange Sustainable Capital. To read the full interview – in which Badré argues that capitalism should be reformed not replaced, bets on the EU recovery fund, and rates the World Bank’s COVID-19 response – [click here](. Bertrand Badré Says More… Project Syndicate[Bertrand Badré]( In your [latest PS commentary]( you, [Ronald Cohen]( and [Bruno Roche]( compare post-war multilateralism and financial capitalism to “various systems of exploitation” throughout history, which “have built empires and amassed great wealth while performing atrociously in terms of human wellbeing and social capital.” The latter systems’ collapse “represented moral progress,” you wrote, “because it allowed for a new era in which human rights and shared prosperity could prevail.” What makes you think capitalism can be “refashioned,” rather than that it will or should be replaced? Bertrand Badré: It was less a comparison than a reminder and, I hope, a wakeup call. Systems do not last forever. They evolve, collapse, get replaced. If the systems are highly unjust or exploitative, this can be a very good thing. But if they are merely flawed, there is no guarantee that what replaces them will be superior. I believe that the market economy is the best system we have found to allocate scarce resources – financial, human, social, and environmental – within constraints. So, unlike the empires to which I referred, it does not need to be fully abandoned. In my view, our best bet is to uphold the market economy’s core principles, while addressing its constraints – market expectations (such as from consumers, investors, or workers) on the one hand, and regulations and citizen expectations on the other – so that it tackles issues like inequality and climate change. If we fail, another system could arise to replace the market economy, and it could leave us worse off. PS: The European Union’s new €750 billion ($883 billion) recovery fund has been widely hailed as an important step forward for the bloc. In May, you and [Mathilde Lemoine]( [spelled out]( what Europe needed to do to secure a strong recovery – and a more prosperous future. By this standard, how does the recovery fund rate? BB: Is it the “Hamiltonian moment” that some have hailed? It is probably... [Continue reading]( [Europe's COVID Crossroads]( [Europe's COVID Crossroads]( By Bertrand Badré and Mathilde Lemoine Beyond the immediate threat to public health, the coronavirus has also pushed most European economies onto a slower growth track, all but ensuring a more difficult recovery over the long term. To prevent the worst, EU policymakers must address the looming shortfall in public and private investment. By the Way... PS: Your 2018 book, [Can Finance Save the World?: Regaining Power over Money to Serve the Common Good]( you describe how finance can be harnessed to help us solve many of the world's biggest problems. This month, you will release an [essay]( in French, “Do we (seriously) want to change the world?,” which provides a kind of follow-up, covering COVID-19. At the most fundamental level, how has the pandemic affected the issues that you raised in your book? BB: The pandemic is not a crisis of capitalism, of finance, or of globalization. But it is exposing some fault lines and accelerating pre-existing trends – particularly those that contributed to the global financial crisis, but have not yet been addressed. It is thus deepening distrust in existing systems, and forcing us again to reflect on our crisis-recovery strategies. This includes recognizing that good behaviors by some individuals, institutions, or companies, though laudable, will never be sufficient. In my view, the time has come to open the hood of the systems underlying our world and make lasting adjustments to what drives them. That might mean replacing – and even redesigning – some parts. If we stick to small and partial fixes, we will have wasted the opportunity this crisis presents, and the public will soon run out of patience. And our next breakdown could be even more devastating. PS: As a former World Bank managing director, how do you rate the body’s response to the COVID-19 crisis? Where would you like to see it take a more active role? BB: The World Bank – and development banks more broadly – have generally been offering... [Continue reading]( [Say More: Tlaleng Mofokeng]( Previously in Say More [Tlaleng Mofokeng]( – a member of the Commission for Gender Equality in South Africa and an expert in sexual and reproductive health and rights – underscores the need to decolonize global health funding, identifies her main goal as UN Special Rapporteur for Health, and shares the firsthand experiences that motivate her work. [Read more](. [Check out the full Say More archive]( [Register now to attend our virtual sustainability event on September 16 and 17! 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