THE NEW INSTITUTE dedicated its final collaborative fellowship program to the theme of Re-thinking Capitalism. It is striking how few institutions are devoted to interrogating the foundations, limits, and alternatives to one global system. Consistent with our belief that the humanities are essential to addressing today's interwoven crises, we understand capitalism not merely as an economic form, but as a socio-political practice - one that shapes values, behaviors, and culture. Our starting point is the ambivalent nature of capitalism: it has simultaneously generated immense material wealth, brought millions out of poverty, spurred technological and scientific development while also deepening inequality, promoting mass-scale ecological destruction, and fragmenting societies. We asked whether capitalism as such fundamentally needs to be left behind or whether it can be consistent with social well-being, equality, and ecological stability.

Our six programs probed different dimensions of this system with the aim of illuminating how it can be progressively transformed to serve both people and the planet. Consistent with our overarching mission to overcome the theory-practice gap, we brought together practitioners and academics from different sectors and disciplines. Our international focus is also reflected in our program chairs, who come from Japan, Nigeria, Peru, the United Kingdom, and the United States. This year, our programs were:

• Futures of Capitalism (chaired by Prof. Dr. Aris Komporozos-Athanasiou)
• Africapitalism (chaired by Prof. Dr. Kenneth Amaeshi)
• Beyond Capitalism (chaired by Prof. Dr. Kohei Saito)
• The Future of Food (chaired by José Luis Chicoma)
• Planetary Governance (chaired by Maja Groff)
• Bitter Victory (chaired by Prof. Dr. Petar Bojanic)

The first four programs brought together foundational questions about how capitalism as such works with concrete problems like repurposing financial instruments towards social ends, reforming food supply chains, and supporting shared entrepreneurship. Productive debates emerged across programs about the extent to which we require systems change as well as which practices count as progressive.

In response to the outbreak of war in Ukraine and in the Middle East, we organized a short-term program (Bitter Victory) concerned with the evolution of victory doctrines and their implications for the termination of violence and establishment of peace.

Fellow selection was based on open calls for applications in collaboration with the respective chairs. In addition,11 individual fellows were invited to contribute to cross-group discussions. A total of 55 fellows (69% academics and 31% practitioners from 20 countries) lived and worked at the Institute in 2024/25.

In a year marked by horrific wars, the global rise of right-wing authoritarian movements, and numerous attacks on free elections, a heated debate erupted among the fellows about the (in)evitability of social, economic and ecological collapse. If collapse is on the horizon, then the approach to bringing about positive social transformation radically changes. Assessments depended not only on individual temperament, but also on regional background. Fellows from comparatively politically stable and relatively wealthy countries were particularly receptive to the collapse theory. As a result, some programs shifted their focus from war economy to dark socialism and from finance imaginaries to collapse finance. But there were also forward-looking successes. For example, the Nigerian government officially adopted the One Kindred One Business Initiative (OKOBI) of the "Africapitalism" program as a national strategy to fight poverty. The "Future of Food" program drafted a report that paves new pathways for achieving a more just and sustainable global food system. The "Planetary Governance" program laid the foundations for the establishment of an International Court of the Environment and a Global Environment Agency. Even if global developments are not currently moving towards international cooperation, we nevertheless have to prepare for futures where such institutions are necessary to guard against massive human suffering.

The convivial atmosphere created by living, eating, and working closely together fostered mutual understanding and trust, which led to new ideas and collaborations impossible to achieve under less intimate conditions. We observed how lively interaction developed between groups, how expertise was shared, and networks across countries and disciplines were built. Furthermore, numerous references to last year's theme, Commons and Commoning, developed.

In addition to various in-house activities, we organized a series of public events and partner events with the Körber Foundation, the Frankfurt Book Fair, the Thalia Theatre and, together with the weekly newspaper DIE ZEIT and the Bundeskanzler-Helmut-Schmidt-Stiftung, the awarding of the Helmut-Schmidt-Zukunftspreis.

This academic year marks the end of THE NEW INSTITUTE's residential fellowship program. A total of 155 fellows from 27 countries have lived and worked at the Institute. This has resulted in a large number of publications, public interventions, and the establishment of a broad network of global thinkers and practitioners. And it has sown the seeds for a more just and democratic future that will continue to flourish in other places.

Reflections on our experiences forming an international resident fellowship program focusing on trans-sectoral work and concrete outputs for positive change will be offered in a separate publication.

We would like to warmly thank everyone who contributed to and supported the visionary idea of THE NEW INSTITUTE-the fellows, guests, and dedicated staff members who are committed to a better future with their hearts and minds.

We would like to also express our heartfelt gratitude to Erck Rickmers for making this possible through his generous support.

Dr. Anna Katsman
Academic Director

Dr. Britta Padberg
Managing Director