A WEE DRAM
CHRIS GILMOUR: Volatility and uncertainty on the cards for capitalism
New generations are becoming increasingly sceptical of the excesses of the superwealthy
The theme of this year’s 72nd Annual CFA (chartered financial analyst) Conference in London was disruption, driven by the rise of populist politics, demographics, big data and its intelligent analysis, and climate change. Speakers forecast that disruptions to the status quo will increase in frequency and intensity as a new world order materialises. “Vuca” was the conference buzzword, standing for a “world of volatility, uncertainty, complexity, and ambiguity”.
There was concerned focus on the growing loss of trust in capitalism, with this age-old concept facing major threats to its survival. As more and more assets are concentrated in private hands and less and less are going to the broader investor community, the intention of capitalism, to ensure that everyone gets a fair crack at financial success, is being undermined. Only about 42% of Americans under the age of 30 now support it.