The Jubilee Principle, Martin Dent and the Ongoing Global Financial Crisis
The most striking outcome of the global financial crisis of 2007-9 was the stunned impotence of policy makers – politicians, technocrats and central bankers. They were either unable to fix the global economy or consciously chose not to do so. After the crisis, no structural change was made to the system at the core of the crisis: the international financial architecture. Instead business was made better-than-usual for those that caused the crisis, as most too-big-to-fail financial institutions were backed by government guarantees and central bank largesse in the form of QE and low rates.
Policy-makers imposed two key policies on the flawed globalized model: monetary easing (QE and low rates) and fiscal consolidation (austerity). Incomes across the world fell, while insecure employment and private debt rose to 319% of global GDP (IMF). Borrowing by English higher education institutions has ballooned since 2009, as has student debt. Simultaneously the finance sector (or the 1%) became the main beneficiary of central bank largesse. These policies increased corruption and fraud, intensified inequality, insecurity and led to political insurgencies around the world. Dependent on central bank ‘life support’ the heavily indebted global economy is increasingly prone to volatility and to a range of destabilizing shocks including the breakdown of earth’s life support systems. What lies ahead?
This event will also mark the launch of the inaugural Martin Dent Justice and Peace Memorial Lecture to honour Professor Martin Dent’s life and work.
Ann Pettifor is best known for her prediction of the Great Financial Crisis in The Coming First World Debt Crisis (Palgrave 2006). In 2003 she edited the New Economics Foundation’s Real World Economic Outlook (Palgrave) and in 2008 co-authored The Green New Deal published by NEF. In 2017 Verso published The Production of Money on the nature of money, debt and the finance sector. She is the author of The Case for The Green New Deal (forthcoming, 2019).
In 2018 the Heinrich Boll Foundation awarded Pettifor the Hannah Ahrendt Prize. She is a Council member of the Progressive Economy Forum and director of PRIME economics – a network of Keynesian macroeconomists. In 2015 the Rt.Hon Jeremy Corbyn MP appointed her to the Labour Party’s Economic Advisory Committee. She has an honorary doctorate from the University of Newcastle for her work leading an international movement for the cancellation of $150bn of debt owed by 35 low income countries, Jubilee 2000.
Refreshments will be available from 5.30pm onwards.
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This lecture is free and all are welcome to attend.
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- Chancellors Building, Westminster Theatre
- Institute of Liberal Arts and Sciences
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- 01782 734449