Saturday 16 May, 9.05am until 10.30am, The Great Hall The Battle for the Economy
How we interpret the recession, and whom if anyone we blame for it, are key political and social as well as economic questions. So can we demystify the causes of the current global economic crisis? Some say the free market has had its comeuppance, and the crisis is a timely reminder of the need for a ‘sustainable’ economy. Some argue consumerism is the problem, though fiscal stimulus packages seem fixated on encouraging us to consume more. Some argue the West has been consuming too much and China not enough. Some blame greedy bankers, others blame greedy consumers, while both regulators and politicians stand indicted for wilful neglect. Should all or any of these people be held to account, or are they mere scapegoats that allow us to avoid facing up to the depth of the problems? Beyond the headlines, what really explains the present global meltdown?
This session will be preceded by a welcome address by Andrew Ritchie, CBE, director, Goodenough College and Rob Killick, CEO, cScape; author, UK after the recession.
Listen to the session audio…
Other formats are available here
 | Warwick Lightfoot economist; former Special Adviser to the Chancellors Nigel Lawson, John Major and Norman Lamont; Kensington and Chelsea councilor |
 | Phil Mullan economist; business transformation director, Easynet Global Services; author The Imaginary Time Bomb |
 | Richard Portes professor of economics, London Business School; founder and President, Centre for Economic Policy Research (CEPR). |
 | Simon Nixon European editor, Wall Street Journal’s Heard on the Street column; author, The Credit Crunch: how safe is your money? |
| Chair: | |
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Claire Fox
director, Institute of Ideas; panellist, BBC Radio 4's Moral Maze |
In 2008, the ‘credit crunch’ progressed from financial crisis to global economic recession, its impact spreading from the US housing market to western financial markets and, by the end of the year, to most nations and sectors of the international economy.
Gavin Poynter, Rising East, 8 April 2009What happened to the global economy? We seemed to be chugging along, enjoying moderate business cycles and unprecedented global growth. All of a sudden, all hell broke loose.
David Brooks, New York Times, 2 April 2009
Mason explains how deregulation is at the heart of the collapse of the banking system in September and October 2008 and how it led to expanded subprime mortgage lending, an uncontrollable derivatives market, and the lethal fusion of banking and insurance.
Paul Mason, Verso, 1 April 2009
The financial crisis and the environmental crisis are one and the same: both are crises of excess. There will be no lasting recovery without the recognition that the world needs to slow down a bit.
Larry Elliott, Guardian, 22 March 2009We are at a turning point in the life of our country - before us lies a period of economic dislocation unparalleled since the 1930s, while the dangers of climate change and resource depletion loom ever larger.
Jon Cruddas & Jonathan Rutherford (editors), Soundings, 2009The economic and financial crisis marks the end (for now) of a rapid expansion of globalization
Jean Pisani-Ferry & Indhira Santos, IMF, March 2009Behind the debate over remaking U.S. financial policy will be a debate over who’s to blame. It’s crucial to get the history right, writes a Nobel-laureate economist, identifying five key mistakes—under Reagan, Clinton, and Bush II—and one national delusion.
Joseph E. Stiglitz, Vanity Fair, January 2009The salient feature of the current financial crisis is that it was not caused by some external shock like OPEC raising the price of oil or a particular country or financial institution defaulting. The crisis was generated by the financial system itself.
George Soros, New York Review of Books, 6 November 2008"What makes these sessions much more stimulating than most seminars is the sharp, often challenging contributions from the audience so that you have a real debate, not just a platform presentation."
Richard Donkin, independent journalist and author
