‘Ann Pettifor: We need an alternative to globalisation’

The transfer of power over the economy to markets, and in particular financial markets, has deliberately weakened democracies and led to dangerous ecological and economic imbalances, and recurring financial crises. Global financial deregulations has wrenched power over the domestic economy away from democratic governments and transferred this power to markets that now manage public goods vital to the stability of society, the economy and the ecosystem. These include the creation of credit, the rate of interest on credit, investment, exchange rates and cross-border capital flows. The restoration of public authority over the system is vital, if democratic society is to manage the transition to a steady-state economy based on the ecosystem’s finite limits. In other words, to stabilise the ecosystem at national, global levels, society must first transform the international financial system. This lecture by Ann Pettifor will draw on the work of John Maynard Keynes, on historical evidence and on recent European Union developments to suggest such a transformation is entirely possible.  

Ann Pettifor is a British economist who is best known for her prediction of the Great Financial Crisis in The Coming First World Debt Crisis. In 2019 her book, The Case for The Green New Deal was published, demanding drastic change. 

Respondents: Tom Bauler (ULB) and Jens van ‘t Klooster (KU Leuven)

Moderator: Mehreen Khan (FT)

This event is part of the Evens Lecture Series an initiative by the Evens Foundation established to strengthen its commitment as an active contributor to the quality of the public debate on pressing issues of our times.