The Peter McCormack Show #055 - Shanker Singham - How to Fix the UK Economy
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Mar 4, 2025 Shanker Singham, a prominent trade economist and competition lawyer, dives into the challenges facing the UK economy. He critiques past government decisions that have stifled growth and increased national debt, comparing the UK's stagnation to the rising economies of the US and Poland. Singham advocates for labor market flexibility and deregulation, arguing these reforms could ignite competition and innovation. He also discusses Brexit's economic potential and the transformative role of Freeports in revitalizing the UK's financial landscape.
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Impact of GDP per Capita
- GDP per capita growth changes people's outlook, fostering optimism and hope for the future.
- Conversely, economic contraction can lead to despair and destroy people's will.
Importance of Private Sector Growth
- The UK's low GDP per capita growth over the past 25 years is a result of deliberate government choices, not inevitable.
- Focus on private sector growth, as it drives overall prosperity and wealth creation.
Bitcoin Banking Challenges
- Peter McCormack had bank accounts closed due to his podcast's association with Bitcoin, illustrating incumbent protectionism.
- This demonstrates how established institutions can use their influence to stifle competition from emerging sectors.