Economic determinism: Barack Obama, the former US President, delivered the 2018 Nelson Mandela Annual Lecture at the Wanderers cricket stadium in Johannesburg on 17 July 2018.  Here is an excerpt from the lecture.

“Now, I don’t believe in economic determinism. Human beings don’t live on bread alone. But they need bread. And history shows that societies which tolerate vast differences in wealth feed resentments and reduce solidarity and actually grow more slowly; and that once people achieve more than mere subsistence, then they’re measuring their well-being by how they compare to their neighbors, and whether their children can expect to live a better life. And when economic power is concentrated in the hands of the few, history also shows that political power is sure to follow – and that dynamic eats away at democracy. Sometimes it may be straight-out corruption, but sometimes it may not involve the exchange of money; it’s just folks who are that wealthy get what they want, and it undermines human freedom.

And Madiba understood this. This is not new. He warned us about this. He said: “Where globalization means, as it so often does, that the rich and the powerful now have new means to further enrich and empower themselves at the cost of the poorer and the weaker, [then] we have a responsibility to protest in the name of universal freedom.” That’s what he said. (Applause.) So if we are serious about universal freedom today, if we care about social justice today, then we have a responsibility to do something about it. And I would respectfully amend what Madiba said. I don’t do it often, but I’d say it’s not enough for us to protest; we’re going to have to build, we’re going to have to innovate, we’re going to have to figure out how do we close this widening chasm of wealth and opportunity both within countries and between them. (Applause.)

And how we achieve this is going to vary country to country, and I know your new president is committed to rolling up his sleeves and trying to do so. But we can learn from the last 70 years that it will not involve unregulated, unbridled, unethical capitalism. It also won’t involve old-style command-and-control socialism from the top. That was tried; it didn’t work very well. For almost all countries, progress is going to depend on an inclusive market-based system – one that offers education for every child; that protects collective bargaining and secures the rights of every worker – (applause) – that breaks up monopolies to encourage competition in small and medium-sized businesses; and has laws that root out corruption and ensures fair dealing in business; that maintains some form of progressive taxation so that rich people are still rich but they’re giving a little bit back to make sure that everybody else has something to pay for universal health care and retirement security, and invests in infrastructure and scientific research that builds platforms for innovation”.