Boom Bust Season 1 Episode 44 Ann Pettifor On Breaking the Despotic Power of Finance

In season 1 episode 44 of Boom Bust, titled "Ann Pettifor On Breaking the Despotic Power of Finance," host Brent Jabbour sits down with economist and author Ann Pettifor to discuss the state of finance and its impact on the global economy.

Pettifor argues that the financial sector has gained too much power over the past few decades and has been able to shape policies in its own interest, rather than the interest of society as a whole. She believes that it is time to break the "despotic power" of finance and to create a more democratic and accountable financial system.

The episode begins with a discussion of the origins of finance and how it has evolved over time. Pettifor explains that finance was originally meant to serve as a tool to facilitate economic activity and to support productive investment. However, over time, finance has become detached from the real economy and has instead become focused on generating profits for its own sake.

Pettifor argues that this shift has been driven by a number of factors, including the rise of neoliberalism and the decline of the social democratic consensus that prevailed in many countries in the decades after World War II. She also points to the deregulation of the financial sector and the growth of complex financial instruments as contributing factors to the rise of finance.

The conversation then turns to the current state of the global economy, with Pettifor arguing that the financial crisis of 2008 was a symptom of a deeper structural problem in the financial system. She believes that the root of the problem is the high levels of debt that have been accumulated by households, corporations, and governments.

Pettifor proposes a number of solutions to address these issues, including greater regulation of the financial sector, the use of public banking and digital currencies, and the creation of a new global reserve currency. She also advocates for a more democratic and participatory approach to economic decision-making, with a greater role for civil society and grassroots movements.

Overall, "Ann Pettifor On Breaking the Despotic Power of Finance" offers a thought-provoking and insightful discussion of the challenges facing the global economy and the need for a more accountable and democratic financial system. The episode is a must-watch for anyone interested in understanding the role of finance in shaping our world and the potential for change.