In the late 1970s to beginning 1980s, an epoch changing transition occurred, unnoticed by most. This transition corresponds to a change from a productivity-fueled growth that was seen in the 1950s and 1960s to what I will refer to as the regime of the “illusion of the perpetual money machine”. The result has been a succession of a number of massive bubbles and crashes, all developing jointly and feeding on each other until 2008. The bad news is that, since the great crisis and recession of 2008 and following aftershocks, the spirit of a “perpetual money machine” has been further developed into a regime of very moderate growth at the cost of ever increasing relative debt. This “new normal” heralds a period of global growing inequality and inter-generation conflicts, as well as grooms social crises and even more serious disruptions and conflicts. This situation may be further aggravated in the next decade by an increase in financialization, through exchange-traded-funds (ETFs), speed and automation, through algorithmic trading and public debt, and through growing unfunded liabilities. We conclude that, to get out of this catch-22 situation, we should first better manage and understand the incentive structures in our society. Second, we need to focus our efforts on our real economy and launch massive programs to support really disruptive and creative innovations, which come both with enormous risks and rewards. Here, the public sector has a fundamental role, as it had during the previous industrial revolution and the economic boom following WWII. We need a WWII-type effort in R&D and innovation to rebook the economies of the World. In this respect, China seems particularly well positioned as we will overview.

      1. 講座報名采用實名制。

      2. 請您合理安排時間，準時參加。

      3. 請您珍惜網上預約資源并按時出席，如因特殊情況不能到場，請至少提前1天在互動吧上取消報名。如未取消將按爽約處理，下次不再優先考慮。

      4.講座期間，請您將手機等通訊設備調至靜音或震動，勿在場內接聽電話。

      涉及本活動內容的所有文字、圖片和音頻、視頻資料，版權均屬主辦方所有，任何媒體、機構或個人未經主辦方授權不得以任何方式（含實錄、摘錄等）公開發布，并保留追究法律責任的權利。