(From left) European Council President Charles Michel, US President Joe Biden, Japanese Prime Minister Yoshihide Suga, British Prime Minister Boris Johnson and Italian Prime Minister Mario Draghi pose for a group photo at the G7 meeting, at the Carbis Bay Hotel in Cornwall, England, on June 11. G7 leaders have decided to use multilateral and national development banks as vehicles to coordinate a global infrastructure investment drive. Photo: AP
Opinion
Opinion
Macroscope
When the invisible hand of the market can’t fight climate change, intervention is needed
- Separately, the G7 and Asian Development Bank have decided ‘the market’ cannot solve major problems like global warming or a lack of basic infrastructure by itself
- Instead, an institutional form of capitalism combining private and public money may be emerging
(From left) European Council President Charles Michel, US President Joe Biden, Japanese Prime Minister Yoshihide Suga, British Prime Minister Boris Johnson and Italian Prime Minister Mario Draghi pose for a group photo at the G7 meeting, at the Carbis Bay Hotel in Cornwall, England, on June 11. G7 leaders have decided to use multilateral and national development banks as vehicles to coordinate a global infrastructure investment drive. Photo: AP
