An inspired dialogue was the immediate outcome of Dr Ranjit Nayak’s presentation yesterday at the M6 Educational Centre. Introducing well-known shortcomings of current capitalism, Nayak raised the obvious question: how do we fix it?
Under the headline “Aftermath: A New Economic Model After The Global Economic Collapse,” Dr Ranjit Nayak explained the outcomes of the financial crisis, the current global macroeconomic challenges and discussed regional and local perspectives on the implications of these challenges and what needs to be done in order to effectively overcome them.
Dr Nayak’s intervention took place Thursday at the M6 Educational Centre in Skopje.
One basic claim of Dr Nayak was that we are standing at the end of a historical cycle. The end of the cycle represents a period of reflection and of economic contraction, while the eternally returning cycle will recommence and economic expansion will follow.
Nayak suggested that this period of reflection should preferably result in the embedding of societal values in the capitalist system; values which the blind marketplace cannot by itself take into account. Moreover, the greed temptation should be tackled.
“It all boils down to education”, said Dr Nayak, summarizing his own discussion on how to fix the imperfections. It is about embedding values in people’s minds from early on. However, Dr Nayak’s intervention employed the old wisdom of learning: make your questions bigger than your answers.
Henceforth: a lively discussion that continued in the lobby of the M6 Educational Centre – and that will continue.
Dr Ranjit Nayak is Chief Advisor in International and European Affairs of the Government of the Republic of Macedonia.
The M6 Educational Centre’s mission is to achieve academic excellence by engaging top-notch international lecturers that bring current and applied know-how that advances the skills and personal growth of current and future business leaders.