The first cut on this record has been cross-format focused for Airplay success.

The men beat on their drums. Thank you. I'm sorry. I'm going to Hello and welcome to Politics Theory Other.

My name is Alex Doherty and today I'm joined by Grace Blakely.

We're going to be talking about the financialisation of the UK economy,

the declining consent for the Thatcherite settlement of the 1980s, and also the prospects for rebalancing the

economy away from finance towards productive investment. You can listen to the podcast on

SoundCloud, iTunes and ACAST, and you can also follow on Facebook and Twitter. The handle

is at Poll Theory Other.

And if you like the show, please do consider rating or reviewing it on iTunes. The podcast now

also has its own Patreon page. So if you enjoy the show, please do consider donating.

You can find the page at patreon.com forward slash poll theory other.

Grace Blakely is a researcher at the Institute of Public Policy Research and she's currently working on the IPPR's commission on economic justice. She

recently authored a report entitled on Borrowed Time, Finance and the UK's current account

deficit. You can follow her on Twitter. Her handle is at Grace Blakely.

So Grace, you recently authored a report for the Institute for Public Policy Research, which

looked at the consequences of the financialisation of the UK economy and the dominance of the

city. And you propose a rebalancing of the UK away from finance towards so-called productive investment.

Before we go into the details of the report, could you just say something about the history of the financialisation of the UK and world economy,

why the post-war Bretton Woods regime broke down, and also why successive British governments from the late 70s onwards allowed British industry to

languish in favour of finance? Sure. So there are a couple of different positions on, I suppose,

the history of financialisation in the UK. But as you said, you're right to locate the beginning

of it with the breakdown of the Bretton Woods settlement and the movement away from the gold standard.

...