Keeping the Free Market Faith
Analysis
BBC
4.6 • 1K Ratings
🗓️ 9 October 2012
⏱️ 29 minutes
🧾️ Download transcript
Summary
The financial crisis has made many on the political right question their faith in free market capitalism. Jamie Whyte is unaffected by such doubts. The financial crisis, he argues, was caused by too much state interference and an unhealthy collusion between government and corporate power.
Interviewees include: Matthew Hancock MP, Minister for Skills and co-author of Masters of Nothing. Luigi Zingales, author of Capitalism for the People: Recapturing the Lost Genius of American Prosperity and a professor at Chicago Booth School of Business.
Producer: Helen Grady.
Transcript
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| 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, |
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| 0:35.4 | Sounds. |
| 0:36.4 | Thank you for downloading this programme. |
| 0:38.7 | In analysis this week, Jamie White asks why the Conservative Party is losing faith in free market economics, |
| 0:46.2 | in keeping the free market faith. |
| 0:49.2 | When I first came to the UK, I thought the Conservative Party was on my side. It was 1986 when I arrived |
| 0:56.2 | from New Zealand to study for a PhD. I was a passionate believer in free markets and Margaret |
| 1:01.5 | Thatcher was embarking on a program of deregulation, including the so-called |
| 1:05.5 | Big Bang in the financial sector. 26 years on, the Conservatives are saying things that make me doubt |
| 1:12.1 | they are still on my side. |
| 1:14.3 | Things like this. |
| 1:15.3 | There's been a kind of unholy alliance between a free market ideology which took over |
| 1:21.8 | government and a white ideology which |
| 1:25.0 | took over government and a wider process of social change in which fair dealing and trust |
| 1:30.0 | were jettisoned in favor of a kind of get rich, quick economic libertarianism. |
| 1:36.0 | We have to challenge assumptions of Laysay fair economics, the argument that leave people entirely alone without even a structure and things will go perfectly. |
| 1:47.0 | The classic left-wing account of capitalism and doctrines of the free market is that they're a brilliant conspiracy by the rich and powerful. |
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