The CEU Lectures: George Soros on The Economy, Reflexivity and Open Society
Click here to watch all the Soros lectures.
Introduction
In his recent lecture series at Central European University in Budapest, Hungary, George Soros unveiled his latest thinking on economics and politics in five separate lectures. They are the culmination of a lifetime of practical and philosophical reflection. In his first two lectures he discussed his general theory of reflexivity and its application to financial markets, providing insights into the recent financial crisis. The third and fourth lectures examined the concept of open society, which has guided Soros’s global philanthropy, as well as the potential for conflict between capitalism and open society. The closing lecture focused on the way ahead, closely examining the increasingly important economic and political role that China would play in the future.
Lecture 1: General Theory of Reflexivity -- Link to video here.
George Soros presents the fundamentals of his guiding philosophy, laying the foundation for his four subsequent lectures. This session discusses historical understandings of objective reality, scientific inquiry, and the limits of human perception. It discusses the gap between perceptions and reality, illustrating how actions based on these flawed perceptions then reshape reality in a reflexive system.
Lecture 2: Financial Markets -- Link to video here.
This lecture applies the general theory of reflexivity to financial markets, challenging the prevailing paradigm of the efficient market hypothesis. George Soros discusses bubbles and the recent financial crisis in detail, testing his theory against major financial events.
Lecture 3: Open Society -- Link to video here.
In this session, George Soros discusses the concept of open society, which guides his philanthropy and is central to his political and social thinking. Over the past quarter century, Soros has devoted over seven billion dollars to promoting the underpinnings of this concept—from equal access to justice to freedom of expression—around the world, from South Africa to Poland to the United States. Here, he describes the historical and philosophical roots of open society. George Soros builds on Karl Popper’s thinking while stressing the central importance of fallibility, relating this to reflexivity, and applying these concepts to political and social reality. The lecture concludes by discussing the balance between individual freedom and regulation to protect the common good.
Lecture 4: Capitalism Versus Open Society -- Link to video here.
In this lecture, George Soros explores the conflict between capitalism and open society, market values and social values. Focusing on the principal-agent problem, he will use contemporary economic and political examples to challenge market fundamentalism while presenting ideas for protecting the public good more effectively.
Lecture 5: The Way Ahead -- Link to video here.
Turning his attention to the future, George Soros focuses on the increasingly important role that China is likely to play on the world stage. He will outline key global trends and discuss their major economic and political implications for the years ahead.