Resources >> Audio Video Archive >> Adventures in New Economics 7: Tony Greenham – Citizens vs Markets: Have the markets won?

Adventures in New Economics 7: Tony Greenham – Citizens vs Markets: Have the markets won?

Tony Greenham, Head of Finance and Business at new economics foundation (nef), gives a talk on “Citizens vs Markets: Have the markets won?” the seventh in a series of 12 talks about new economics given during Autumn 2013 at Schumacher College.

Five years ago the collapse of Lehman Brothers triggered a financial crisis in the USA and Europe that rocked the global economic system. Suddenly the ‘Masters of the Universe’ running the world’s megabanks lost their aura of invincibility. Since then we have had enquiries and commissions, reams of new legislation and even the occasional apology from contrite bankers and regulators.

In 2011 the Occupy Wall Street movement inspired occupations in 962 cities in 85 countries. In the UK the Move Your Money campaign and UK Uncut have popularised the calling of big corporates to account.

But in the aftermath of the crisis, severe austerity has been imposed on European citizens to pay for it. Inequality is on the rise. The Greek economy has shrunk by a quarter, the real incomes of the poor and middle classes are falling, the cost of basic commodities is on the rise, and collective provision of public services is under attack everywhere.

James Carville, adviser to President Clinton once remarked that if there was reincarnation “I would like to come back as the bond market. You can intimidate everybody.” Has there been real reform to the economic system since 2008, or have the markets won? And if the markets have won, what happens next?

This talk, given on October 30th 2013 at Schumacher College, was the seventh of 12 talks during the autumn of 2013 on Adventures in New Economics – a wide-ranging speaker series covering the key topics in new economic thinking today, presented by Transition Town Totnes, Totnes REconomy Project, and Schumacher College.