A Better Regulated Capitalism

The last two years have been marked by an extremely dense literature inviting us to reinvent or rethink capitalism and, more broadly, our social models. What do you think the current crisis says about our economy and our social model? Is capitalism under threat today? Faced with the ‘rise in inequality', the ‘concentration of rents', the ‘casualisation of work' and the ‘deterioration of health and the environment', you call in your latest book for a better regulation of capitalism in order to direct creative destruction towards the objective of fairer and greener growth. What would be the essential features of this? You also see civil society as playing an important role in the implementation of an ‘incomplete contract'. What seems to undermine the cohesion of civil society today is inequality. Traditionally, it is considered that fiscal policy is the tool of choice for the redistribution of wealth, so that all stakeholders benefit from the economic system. Would you say that tax policy is still the main instrument for reducing inequality today? The calls for the development of a new industrial policy is becoming increasingly strong in Europe. Should European competition policy be reviewed to meet these new ambitions? Beyond the case of industrial policy, do you think that competition law needs to be more widely reformed to take into account the new characteristics of our economies?