Free Market Road Show

#FMRS2022: THE FREEDOM VARIANT

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FMRS Budapest – Report

The first panel of FMRS Budapest posed a very interesting discussion. When asked about the economic growth over the last decade, Dr. Geza Sebestyen attributed the growth to high growth rates in the V4 region, which were on average 2-3% higher than the average growth rate for the EU. He also attributes this growth rate to the increase in employment. The growth in employment caused a growth in wages. This in turn gives consumers more money to spend and increases the economic growth rate for the region. Szabolcs Pasztor explains that “The V4 region countries are the growth engines of the European Union.” Pasztor contributes the growth to the increase in FDI (Foreign Direct Investment), and the increase in export to GDP ratio of the V4 region. György Kerekes also agrees with Pasztor’s analysis of the importance of FDI and export ration increases. Kerekes adds that it is the critical infrastructure, as seen in the network of businesses and supply chains, that has contributed to this phenomenal growth.
The second panel focused on the energy crisis before and after the sanctions posed on Russia. The panelists agree on two major points. The first being that the energy crisis began before the Russia-Ukraine war. The second being that the sanctions made the crisis worse, rather than started it. They cite many different reasons for changes in the energy situations, however a major point that continues to be discussed in the United States as a global powerhouse both economically, and in the military. With that, the politics of energy in the USA consistently changed based of the majority in the Senate and House of Representatives, along with a new democratic president. America’s global power has a reach on the energy in the EU through its own policies, imports, and exports.
The next panel looks at inflation and economic growth post Covid-19 and Russia-Ukraine war. It contrasts the topic of the first panel by warning us of future problems. They cite many visual graphics and conclude that government spending is causing a burden on the economy. In some countries, spending accounts for 50% of economic output. Furthermore, the lack of younger taxpayers in the future will limit additional revenues for the government, providing an even more dire imbalance. They conclude that a balanced population paired with reasonable government spending is necessary for the future.
Panel 4 explores the China-EU relationship. Li Schoolland explains a recent article published by the European Commission and how China is a systemic rival of the EU’s economy rather than an equal partner. It calls for a more independent track that allows the EU to remain a competitor to the Chinese market. Current demands from China are unbalanced and favor the Chinese. Despite this, most Chinese citizens still live in poverty. The government tends to hide that many people live under $1 USD daily. The panelist explained how a new Europe can no longer depend on its past methods and agreements to grow its political and economic prowess.
The final panel is more philosophical and finds issues within Science and Scientism. A particularly interesting point from Dr. Calum T.M Nicholson is that “We call people experts if they know a lot about a little, but the problem is people who seek to know a little about a lot are not nearly as valued in contemporary Western culture.” He points out that a narrow expertise tends to overshadow a broader knowledge, when a broader knowledge may have better connections to the world as a whole.

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Welcome Words

  • John O’Sullivan, CBE, President of the Danube Institute
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Panel 1: V4: New Economic heart of Europe?

  • László György, Secretary of State for Economic Strategy and Regulation, Hungary
  • Szabolcs Pásztor, leading researcher at Oeconomus and Associate Professor at the National University of Public Service
  • Géza Sebestyén, head of Economic Policy Department at Mathias Corvinus Collegium and Associate Professor at Corvinus University.

Moderator:

  • Anton Bendarzsevszkij, Danube Institute
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Introduction to the second panel

  • István Kiss, Danube Institute

Panel 2: Europe’s Energy Crisis: The Crisis was Here Before the Sanctions

  • Alex Cranberg, Chairman of Aspect Holdings, LLC
  • Janos Csák, former Director of MOL
  • Werner J. Patzelt, MCC, expert on German politics/political structures
  • Alexandr Vondra, MEP, ENVI Committee

Moderator

  • John O’Sullivan, Danube Institute
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Panel 3: From globally synchronized growth to globally synced inflation or deflation?

  • Craig Biddle, The Objective Standard
  • John Fund, National Affairs and Fox News
  • Alberto Mingardi, Istituto Bruno Leoni
  • Dan Mitchell, Center for Freedom and Prosperity

Moderator:

  • John Prout, Danube Institute
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Introduction to the fourth panel

  • Ákos Bence Gát, Danube Institute

Panel 4: What will be China’s role in the post-war/post-Covid world and how will it impact the EU’s place in the world politically and economically?

  • Adam Kerenyi, Hungarian Academy of Sciences Centre of Excellence
  • Li Schoolland, Acton Institute

Moderator:

  • Gergely Salát, Institute of Foreign Affairs and Trade, Hungary
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Introduction to the keynote

  • David Nagy, Danube Institute

Keynote: The Problem With Experts: Science and scientism in the post-truth’ age

  • Calum T M Nicholson, Visiting Fellow of the Danube Institute
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FMRS Budapest – Program

Moderator:

Beyond the terrible toll in lives lost and injured, the war in Ukraine also threatens Europe and the world’s energy and food supplies and whose macroeconomic and geopolitical implications are just now being understood. From food and fuel inflation that can create political and social unrest; the loss of critical materials such as semi-conductor grade neon – critical for lasers used to manufacture chips – that will further exacerbate the chip shortage to a potential re-alignment of how currencies are backed, transacted and settled (eg SWIFT alternatives): these are just a few of the challenges that a distinguished panel of experts will address, examine and offer possible solutions.

FMRS Budapest – Program

10:00am – 10:15am Welcome Words

10:15am – 11:20am Panel

V4: New Economic heart of Europe?

  • György Kerekes, professional expert of the Makronóm Institute
  • Szabolcs Pásztor, leading researcher at Oeconomus and Associate Professor at the National University of Public Service
  • Géza Sebestyén, head of Economic Policy Department at Mathias Corvinus Collegium and Associate Professor at Corvinus University.

Moderator:

  • Anton Bendarzsevszkij, Danube Institute
11:20am – 13:00pm Panel

Europe’s Energy Crisis: The Crisis was Here Before the Sanctions

  • Alex Cranberg, Chairman of Aspect Holdings, LLC
  • Janos Csák, former Director of MOL
  • Werner J. Patzelt, MCC, expert on German politics/political structures
  • Alexandr Vondra, MEP, ENVI Committee

Moderator

1:00pm – 2:00pm Lunch break, Aranybástya Restaurant
2:00pm – 3:00pm Panel

The Global Outlook for Inflation, Growth and Debt in a Post-Covid / Post-Sanctions World

Moderator:

3:00pm – 3:15pm Coffee break
3:15pm – 4:20pm Panel

What will be China’s role in the post-war/post-Covid world and how will it impact the EU’s place in the world politically and economically?

  • Adam Kerenyi, Hungarian Academy of Sciences Centre of Excellence
  • Li Schoolland, Acton Institute

Moderator:

  • Gergely Salát, Institute of Foreign Affairs and Trade, Hungary
4:20pm –   5:00pm Keynote

The Problem With Experts: Science and scientism in the post-truthage

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