* Seeks to create a new worldwide “economic paradigm”
* Co-founded by George Soros
* Its Governing Board includes Drummond Pike, founder and president of the Tides Foundation .
* Is staffed by numerous individuals who favor government intervention in national economies, and who view capitalism as a flawed system
See also: George Soros
The Institute for New Economic Thinking (INET) was conceived in January 2009, when Anatole Kaletsky — a Times of London economics writer who opposes the “noninterventionist model of capitalism” and favors deficit spending and “stimulus packages” as bulwarks against economic depression — discussed with George Soros “the unique opportunity to reshape economics in the wake of the financial crisis.” Eight months later, Soros assembled 25 economists, financiers, and journalists in Bedford, New York to brainstorm the idea. This “Bedford Summit” resulted in a “unanimous agreement that our economic paradigm must change,” and a “recognition of the importance of empowering the young generation of economists to rethink” the field of economics. Toward that end, INET was created as a nonprofit foundation in October 2009 with an initial $50 million pledge by Soros’s Open Society Institute. Kaletsky became a member of INET’s governing board.[
Co-founding](http://ineteconomics.org/about/leadership) INET with Soros was Jim Balsillie, CEO of the Canadian telecommunications company Research in Motion. In 2010 Balsillie was appointed to the United Nations High-Level Panel on Global Sustainability, charged with addressing “the growing risk of dangerous climate change.”
INET awards grants, generally in the $25,000 to $250,000 range, to individuals or teams “proposing research in new economic thinking.”
The organization also has set up task forces consisting of researchers led by senior economists — often from the INET Advisory Board — who “identif[y] critical issues requiring in-depth research.” As of April 2011, INET had established a Human Capital and Economic Opportunity Task Force, a History of Economic Thought Task Force, and an Economic History Task Force.
Moreover, INET periodically stages conferences and regional meetings at various locations to “bring people from different fields and schools of thought together” to discuss issues “that urgently require new economic thinking.”
Key members of INET’s governing board include:
INET’s advisory board has included such individuals as:
For additional information on INET, click here.