In this engaging discussion, Paul Mason, BBC economics editor and author of 'Meltdown,' joins Stephen King, HSBC's Chief Economist, Ian Bremmer, a political scientist, Kim Campbell, Canada's first female Prime Minister, Jean Pisani-Ferry, a renowned economist, and Vince Cable, former UK Shadow Chancellor. They dive deep into the evolution of capitalism, critiquing its failures and assessing the increasing need for government regulation. The conversation not only reflects on historical contexts but also emphasizes balancing market dynamics with ethics and governance in today’s complex economy.
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insights INSIGHT
Free Market Ideology Flawed
Free market capitalism, as an ideology, views the market as the best regulator of economic life.
This ideology has been proven wrong empirically, contributing to market meltdowns.
insights INSIGHT
Rise of State Intervention
The 20th century saw a move away from free markets towards more government intervention.
Public spending has dramatically increased in most Western countries over the past century.
insights INSIGHT
Shift to State Capitalism
The global economy is shifting from free market capitalism to state capitalism.
State-owned enterprises and sovereign wealth funds are increasingly powerful, challenging the free market model.
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In 'The Storm', Vince Cable explains the causes of the global economic crisis and how policymakers should address it. He highlights the British government's complacency towards property price bubbles and high personal debt, which left Britain vulnerable. Cable argues against isolationism and nationalism, advocating for faith in liberal markets to maintain global economic progress.
Meltdown
A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse
Thomas E. Woods Jr.
In this book, Thomas E. Woods, Jr. challenges the common narrative that deregulation and free markets led to the 2008 financial crisis. Instead, he argues that government interventions, such as those through Fannie Mae and the Community Redevelopment Act, were the primary causes of the housing bubble and subsequent market collapse. Woods also critiques government bailouts, suggesting they exacerbate the problems rather than solve them. The book provides a detailed explanation of Austrian business cycle theory and its application to the crisis, as well as a historical context comparing the government's response to the Great Depression.
Atlas Shrugged
Ayn Rand
Published in 1957, 'Atlas Shrugged' is Ayn Rand's magnum opus and her longest novel. The story is set in a dystopian United States where increasingly burdensome laws and regulations strangle innovation and productivity. The plot follows Dagny Taggart, a railroad executive, and Hank Rearden, a steel magnate, as they struggle against 'looters' who exploit their work. A mysterious figure named John Galt leads a strike of productive individuals, persuading them to abandon their companies and disappear. The novel culminates with Galt's three-hour radio speech explaining his philosophy of Objectivism, which emphasizes rational self-interest, individual rights, and the importance of the human mind. The book explores themes of capitalism, property rights, and the failures of governmental coercion, presenting a provocative vision of a society in collapse and the potential for a new capitalist society based on Galt's principles.
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In this episode we take a look back to an Intelligence Squared debate recorded in 2009. As the British economy has been plunged into uncertainty in the past week, many have become sceptical of new Prime Minister Liz Truss's plans for financial growth. But what did people have to say in 2009 about the balance between market and state? Chaired by the impressionist and comedian Rory Bremner, we hear from journalist Paul Mason, economist Stephen King, political scientist Ian Bremmer and the 19th prime minister of Canada Kim Campbell.
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