Summary
Evan Davis interviews economic historian Deirdre McCloskey in front of an audience at the London School of Economics, where she argues that poverty matters more than inequality. She describes how at the beginning of the 19th century most people who had ever lived had survived on $3 a day. Today, on average, people in Western Europe and North America live on over $100 a day. Although Professor McCloskey is an economic historian, she says we can't explain this 'Great Enrichment' using economics alone. She also argues that capitalism is an inherently ethical system, and that it would be a mistake to prioritise equality over innovation. Prof McCloskey talks about the role of ideas and attitudes in creating modern prosperity and discusses what her study of history tells us about where our priorities should lie today.
Producer: Luke Mulhall.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Just before this BBC podcast gets underway, here's something you may not know. |
| 0:04.7 | My name's Linda Davies and I Commission Podcasts for BBC Sounds. |
| 0:08.5 | As you'd expect, at the BBC we make podcasts of the very highest quality featuring the most knowledgeable experts and genuinely engaging voices. |
| 0:18.0 | What you may not know is that the BBC makes podcasts about all kinds of things like pop stars, |
| 0:24.6 | poltergeist, cricket, and conspiracy theories and that's just a few examples. |
| 0:29.7 | If you'd like to discover something a little bit unexpected, find your next podcast over at BBC Sounds. |
| 0:37.0 | Thank you for downloading Analysis from the BBC. |
| 0:40.0 | For over 40 years, Analysis has been examining the ideas and forces which shape public policy in Britain and abroad. |
| 0:47.0 | I'm Evan Davis, and this week I talk to the Economic Historian Deidro McClosky about equality, innovation and the origin of the world. historic Hello and welcome to the old theatre at the London School of Economics and Political Science. |
| 1:08.0 | Now given all we've been through in recent years you may be worried about the world, about global inequality, the excesses of the rich, the numbers |
| 1:15.4 | of poor, by dysfunctional capitalism. Well we're here to get some perspective on those issues, |
| 1:22.0 | some history and some implications of that history. |
| 1:25.4 | With me and the audience here is Deidry McClosky, distinguished professor of economics, of history, |
| 1:31.8 | of English and communication at the University of Illinois |
| 1:34.2 | at Chicago and for five years she was a visiting professor of philosophy at |
| 1:38.6 | Erasmus University in Rotterdam. It would be quicker to list the subject you're not a professor of dear Green. |
| 1:45.4 | Now Professor McClosky has thought hard about the cause of the biggest episode and mystery |
| 1:50.7 | in our nation's life. The Industrial Revolution, perhaps better called the Great |
| 1:56.1 | enrichment. It is the subject of her books, Bourgeois Virtues, Ethics in an Age of |
| 2:01.6 | Commerce, and B dignity why economics can't explain the |
| 2:06.8 | modern world. |
| 2:07.8 | Paraphrasing Douglas Adams, Professor McClosky tries to answer the question, |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from BBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of BBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.