The intellectual constructs and economic paradigms of the present seem unable to reflect current realities and to provide direction for the future, attached as they are to ideologies of the past. In the digital economy the “invisible” hand model seems increasingly detached from the real economy, trying to navigate without vision and theory. An increasing number of sectors exhibit natural monopoly characteristics. Over-indebtedness and decreasing competitiveness of the western economies is leading to a gradual fall in their relative power. The share of middle class in the total population of these countries is inevitably declining, thus creating new tensions in the system. The lack of safe assets in recent years is the outcome of the structural changes that are taking place and the fact in the new world the notion of value has changed substantially. A new model will emerge sooner or later, although its characteristics are still unknown. Hopefully, large-scale war, which was a way of solving similar economic problems in the past, is out of the question today. But the major challenge remains of modifying the system, in motion, without losing the many gains of globalization, but mitigating its negative consequences.

This strand of activity of FOGGS will focus on the merits and shortcoming of the prevailing economic model, with proposals for additional or alternative models of organizing today’s globalized economy.