The Economist and American Nobel laureate, Paul Samuelson, once said, “when my information changes, I alter my conclusions”. The Financial crisis happened ten years ago yet we don’t seem to have altered our approach to how we manage the economy.
The bailing out of the UK banks during the financial crisis cost over £1 trillion, and that figure doesn’t tell the whole story: think of the impact on real wages, the social and financial repercussions of austerity, and the erosion of trust in the corporate sector. Laurie Macfarlane, Economics Editor at openDemocracy, will ask what there is to learn from the crisis, and discuss how the economy could really create long term, distributed prosperity.
Recent years have also seen a decline in the number of US corporates. What factors are responsible for their decline, and what is different about the 21st century corporate? This is a puzzle that Jerry Davis likes to get to grips with. The old-fashioned corporate was once the source of lifelong career ladders, and of retirement savings for millions. In the era of the more footloose 21st century corporate, how do we promote economic and social security?
Join both of our guests for a fascinating discussion about the change that needs to come.
Laurie Macfarlane is Economics Editor at openDemocracy and an Associate Fellow at the Institute for Innovation and Public Purpose at University College London. Prior to this he was Senior Economist at the New Economics Foundation.
He is the co-author of the critically acclaimed book Rethinking the Economics of Land and Housing, which was described by the Financial Times as “a lucid exposition of the dysfunctional British housing market”. He has written extensively on economic issues for outlets including the Guardian and the New Statesman, and has appeared as an economic analyst on a number of major broadcasters.
Associate Dean for Business & Impact, University of Michigan's Ross School of Business
Jerry Davis has spent the past 30 years trying to make sense of corporations: how they shape our lives, and how we shape them through laws, social movements, and internal activism. His formative influences include a youthful tour of the Ford Rouge Plant and stints as a sewer digger and a drill operator, all of which persuaded him that the life of the mind was a lot more appealing than actual work. He is currently Associate Dean for Business+Impact at the University of Michigan’s Ross School of Business. His latest book is The Vanishing American Corporation: Navigating the Hazards of a New Economy.
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