The Economics of Belonging

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Fueled by populism and disenfranchisement, recent years have seen a widespread rejection of the post-1945 economic and political order in Western countries. Political debates have escalated into violent clashes between those seeking to "take their country back" and those defending a perceived elitist and broken social contract. This polarization of values prompts a need to reassess the root causes of our challenges. In this engaging work, Martin Sandbu argues that economics is central to our growing inequality and that addressing it requires the right policies. He presents a radical plan for establishing a just economy where everyone can belong. Sandbu asserts that the increasing numbers of the left behind are not merely a consequence of globalization but rather stem from technological changes and flawed domestic policies that have undermined inclusive economic participation. He advocates for economic openness alongside significant reforms in productivity, regional development, support for small- and medium-sized businesses, and enhanced worker representation. Additionally, he discusses how active macroeconomic policies, universal education, basic income, and improved capital taxation can collectively benefit society.