But first: what does victory mean today? In an era where wars outlast generations and supposed “triumphs” on the battlefield crumble into prolonged conflicts, the “Bitter Victory” program – Petar Bojanić, Arseniy Kumankov, Yanfei Sun, Svitlana Matviyenko, and Sanja Bojanić – challenged one of humanity’s oldest obsessions: the concept of victory. Once a symbol of justice and resolution, victory has come to mean an open-ended promise, one that often goes unfulfilled for either side. On December 4, the program concluded in a panel discussion that brought together historians, security experts, and governance thinkers to interrogate the elusive nature of victory in modern warfare.

Historian Beatrice Heuser set the stage with a historical critique, tracing how the nineteenth-century fixation on victory untethered war from its ethical roots. Political scientist Argyro Kartsonaki shifted the lens to civil wars, debunking the idea that military success ensures peace and underscoring the transformative power of inclusion in conflict resolution. The head of the Organization for Security and Cooperation in Europe (OSCE), Cornelius Friesendorf, used the war in Ukraine as a warning: without stability and justice, battlefield victories only sow the seeds of future unrest. Maja Groff, chair of our “Planetary Governance”program, broadened the conversation, arguing for governance frameworks that address systemic injustices and rebuild trust.

Against the backdrop of ongoing wars and humanitarian crises, one must ask: how do wars end in the 21st century? What does it truly mean to “win” in a world where victories often perpetuate violence rather than resolve it? Victory today must mean more than defeating enemies – it must heal societies, transform conflicts, ensure justice – and ensuring that peace is not merely the absence of war but the presence of justice.

Victory is always a promise, one that rarely fulfills itself. In the end, it all boils down to one question: Can the idea of victory ever be reconciled with minimizing harm and protecting civilians? As the panel showed, this conversation is far from over and the work is just beginning. The program at THE NEW INSTITUTE may have ended, but the group's work will continue – and we will make sure to keep you informed.

What happens when capitalism is really put to the test? When the illusions of progress and prosperity are shattered by spiraling inequality and ecological collapse? These were the questions at the heart of the UCL Centre for Capitalism Studies’ (CCS) inaugural conversation on December 5.

Three voices. Three provocateurs. Economist Thomas Piketty, political commentator Ash Sarkar, and the anthropologist and journalist Gillian Tett confronted these acute and timely contradictions. The stage, moderated by our program chair and CCS Director Aris Komporozos-Athanasiou, was set not for consensus but for rupture.

Thomas Piketty began with optimism – of sorts. The state, he argued, had expanded before to deal with the crises of the 20th century. Why not again? He advocated a global wealth tax as a bold but increasingly plausible solution, citing growing support from the BRIC nations of the Global South.

Ash Sarkar pushed back against such optimism. In an age of resurgent nationalism, when capitalism consumes itself in ever more grotesque ways – how could one be optimistic? She challenged the idea of coordinated global action as anything but a fantasy – a cruel externality of a system devouring its moral core.

Gillian Tett took the long view. Neoliberalism, she argued, declined because it forgot what Adam Smith knew: markets need morality. What Reagan and Thatcher sold as economics was, in fact, ideology – a tunnel vision now replaced by cultural conservatism’s broader, more insidious ambitions.

The conversation sparked extraordinary interest, drawing more than 1,000 attendees. Some of them voiced their disillusionment.Institutions built to safeguard the global order have lost their trust and power. The Q&A exposed the generational divide – hope on one side, skepticism on the other. The future of capitalism, of politics, of power itself? Still in question.

What happens after neoliberalism? What replaces a system in crisis? These were the questions at the heart of a recent workshop organized by our program chair Kohei Saito and held at THE NEW INSTITUTE, where invited thinkers explored capitalism’s legitimacy crisis –and what might come next.

Who was there and what was discussed – Economist Ryuji Sasaki argued that capitalism monopolizes social cooperation much as feudalism once monopolized land. Alyssa Battistoni, a political scientist specialized on climate and environmental politics, reimagined land and social relations as "commons", products of collective effort, and called for "socializing nature for conscious planet-making". Political philosopher Søren Mau challenged the dismissal of utopias, urging Marxists to see them as tools for real change: If we define utopias as "the best possible solutions," they may serve as powerful drivers of material change.

This wasn’t just a workshop; it was an invitation to think beyond the failures of the market and toward new forms of planning, cooperation, and hope. The question isn’t whether a better system is possible – but whether we’re bold enough to imagine it.

Time is short and so is our attention span. The problem? The polycrisis is complex – but it demands our utmost attention to solve life-threatening catastrophic developments like climate change. In their various capacities, our fellows are working to address the polycrisis. This is why we started a new format: One Idea, 60 Seconds. A short video format in which our fellows present a thought, a concept, an idea or a proposal in accessible language – and in one minute.

Now that you made it this far – take a look at our first 60 seconds with our program chairs José Luis Chicoma (“Why do we rely on so few crops to feed the world?”) and Kenneth Amaeshi (“How can the OKOBI model tackle the problem of youth unemployment?”). And there is more to come, so be sure to follow us on Instagram, where we will be releasing our new videos first.

A philosopher in a theater. We are looking forward to an evening with Kohei Saito in Thalia Theater’s Nachtasyl space in Hamburg. He will be in conversation with the director of the Thalia Theater Joachim Lux and the dramaturge Christina Bellingen, addressing the question of sustainable life and many more. The bad news? Tickets were sold out online immediately, but there are always tickets available at the box office. So, make sure you get there early on January 20 – we’re starting at 8 pm.

Daniel Halliday’s favorite books, presented at the Felix Jud Bookstore on Thursday, 23 January at 5 pm. Daniel, one of our individual fellows, is an expert in political philosophy, with a particular focus on markets and various aspects of economic justice. He will be discussing books that have shaped his life and thinking. What we love most about these events? The little anecdotes about the books we all love so much.

Even more content. We are thrilled to announce that investigative journalist Felix Rohrbeck will be a media fellow, starting in the winter 2025 term. Felix will delve deeper into our annual theme of “Rethinking Capitalism” and publish a series of journalistic newsletters. Felix will look around us and our Fellows’ work for you, picking out the most interesting ideas, approaches and debates and translating them into simple, journalistic and descriptive language.

Turning points. As the year draws to a close, reflection feels inevitable. It’s a time to take stock of what has been, to grapple with what worked, what didn’t, and what it all means. But more than that, it’s a time to look forward – to see where things might turn, where a different path might emerge, where opportunities might still unfold. Turning points are rarely dramatic; they often come quietly, in moments of realization, decision, or necessity. 

Our residential fellowship program, central to so much of our work, is winding down. It is a change, yes, but not an end. It’s an opening – to rethink how we collaborate, how we contribute to the future, how we strive for systems that support democracy, sustainability, and a life worth living. The world is fraught, the future uncertain. But we believe that uncertainty is where turning points begin. It’s where new ideas take root, where risks are worth taking. A new year is almost here. We’re ready to embrace it. Are you?