This is relevant to a number of issues that we are considering today. Social capital is stronger when institutions respond to, or even lead, key issues of the day. Aiming to simply preserve institutions can lead to weakening them.
While all institutions need to change, we must make sure expectations on institutions are not misaligned, as this would lead to an erosion of social capital. Some of the key issues highlighted for today’s discussion include the distribution of income and climate change. I will not get into the data on inequality or the risks from climate change. I think these are well known.