Economics of Trust: What's Next for the UK?

The David McWilliams Podcast

David McWilliams

News & Politics

4.6 • 643 Ratings

🗓️ 22 August 2024

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, we dig into the UK’s recent social unrest with Andy Haldane, former Chief Economist at the Bank of England and now head of the Royal Society of Arts. We explore the deeper economic and social fractures that led to riots in marginalised communities and highlight the critical role of social capital—trust, community, and cohesion—as vital as roads and railways. Andy reveals how the breakdown of trust, fueled by social media and inequality, has left communities vulnerable. We challenge conventional economics, questioning whether governments are truly leveraging their financial power to fix these systemic issues. From Brexit to the erosion of trust in institutions, we discuss how countries like the UK and Ireland can rebuild through smarter public investment and stronger social connections.

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Transcript

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1:00.4	To understand the economy, you have to understand human nature.
1:08.6	This podcast is powered by ACAST.
1:14.1	How are you doing there?
1:15.3	It is time for the podcast, and we are going to focus today on the United Kingdom.
1:20.7	We haven't spoken about the UK for a while, and maybe the last time we did, it was against the background of the UK election, where there was a sense of the British people going back to normality, voting for a reasonably centrist, central left candidate, etc.
1:36.8	We're going to talk about all that in a couple of minutes with Andy Haldane, who you might remember was the Chief Economist of the Bank of
1:44.4	England and is now the chief bottle washer at the RSA, the Royal Society of Arts, a very
1:50.7	interesting and wonderful, wonderful lineage of previous bosses, chief executives, fellows of
	...

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