A New Phase for the Global Economy? - Mark Thirlwell
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Complete video at: http://fora.tv/2008/10/29/Mark_Thirlwell_The_End_of_the_Free_Market Australian economist Mark Thirlwell argues that September 15, 2008 - the day the U.S. government declined to rescue ailing financial power Lehman Brothers - may mark the birth of a new phase for the global economy. ----- The state is back as a major economic player. The current financial crisis has prompted a tsunami of government intervention in rich world financial markets: from regulatory bans on short-selling though to massive public sector bailouts, loan and deposit guarantees, and a series of increasingly dramatic nationalizations. The severity of the crisis has undermined the reputation of Wall Street and left global financial capitalism as a badly tarnished brand. Meanwhile, the shifting geography of international economic and financial power means that a series of state-controlled actors - including Sovereign Wealth Funds, State-Owned Banks and State-Owned Enterprises, and National Oil Companies - have become important players on the world economic stage. Mark Thirlwell looks at the resumed battle for the Commanding Heights of the world economy, and asks whether the apparent victory for the free market secured in the 1980s and 1990s is now about to be overturned in favor of the state - The Lowy Institute for International Policy Mark Thirlwell, Program Director International Economy at the Lowy Institute for International Policy, is a graduate of Cambridge University and has an MPhil degree in economics from Oxford. He has a postgraduate qualification in applied finance at Macquarie University. Thirlwell began his career as an economist in the Bank of England's international divisions, where he focused mainly on emerging market issues. He also spent some time in the Bank's UK structural economic analysis division. Thirlwell subsequently joined JP Morgan, where he was a vice president in the economic research department with responsibility for Central and Eastern Europe. Before joining the Lowy Institute, Mark was senior economist at the Australian Export Finance and Insurance Corporation from 1999 to 2003, where he worked on country risk issues, with a particular emphasis on East Asia.Thirlwell became an Australian citizen in November 2001.
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@wilsontsui03 also no one ever forced banks to give bad loans. and it was actually under the first bush that regulations that where used to prevent such practices decreased. by the way Clinton economic policies where actually pro small gov't and free market. so kinda ironic that you blame him for it.
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@wilsontsui03 no its because people were dumb enough to take mortgages they shouldn't have. Its easy to blame the gov't, but in realty its the peoples fault.
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@neotoy it's like they practice financial witchcraft or something. They believe in something out of nothing
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The classic last-ditch defense of capitalism: it's natural so you had better accept it. Once someone, whether they're arguing for capitalism or for anything else, is reduced to that kind of essentialism you know their argument is pretty much dead.
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Those who argue that Lehman should have been let to fail never said it would not be painful. They argued that not doing so would be more painful in the long run. They argue that the reason our current crisis is so big now is because we have avoided much smaller recessions in the past. Any system that tries to artificially ignore the fact that the real economy has contracted through artificial means, is doomed to this kind of problem. Governments cannot avoid attempting to do so.
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You can't say that Marx was wrong when he argued that there was an inherent contradiction within capitalism when every few decades there has been somekind of recession.
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lol capitalism in itself is the problem. It will always crash... anyone can be a skeptic as to why when it does... But the reality is that capitalism is why we go through this up and down merry-go-round every so often. Lol plus we arent even backed by gold. So we make money out of thin air... its utter crap
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