Τhe dipole free market vs. central planning under the current uncertain conditions
Back in mid-February, when the organizing committee set up the call for papers for the coming ACA conference, the war in Ukraine had not yet started. This war has changed much of what Europeans as well as all citizens of the world think, believe and expect for the near, as well as the more distant, future. The theme of this year’s conference “Man and his creations, foresighting the future,” could not have been timelier.
Under the current uncertain conditions and all the negative prospects about the upcoming energy and food crisis due to a series of other crises, such as the climate change, the pandemic, and the war in Ukraine, it is important to revisit the socioeconomic fundamentals of the modern prosperous society most of us live in. These fundamentals include democracy, freedom, and responsibility.
There is a lot of discussion on how different countries dealt (and keep dealing) with the pandemic and the results and repercussions of such policies. There is significant discussion on how central banks reacted on the surge of inflation and to what extent their reaction was the best possible. Similarly, the debate on how to deal with the climate change is far from over. In the present highly interrelated, interconnected, and interdependent world it is important to take into consideration the possible effects of our actions upon others. Responsibility is the key concept for all kinds of organizations, from the individual level to the state, country, and even international organization’s level.
Humanity has made a long way to reach the current unprecedented levels of well-being. It is up to us to replace egoism with responsibility and make sure planet Earth will be around for next generations to enjoy the same if not a better quality of life.