Repairing the social and economic damage brought by the pandemic
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 25 November 2019
⏱️ 10 minutes
🧾️ Download transcript
Summary
Covid-19 has been a global shock. But will it be a transformative one? In this special edition of the FT News Briefing, the FT’s chief economics commentator, Martin Wolf, explains why the global free market era might soon be coming to an end for western democracies, and why he thinks politics, society and the economy should now revolve around the idea of citizenship.
Read Martin Wolf’s essay at FT.com/BigRead.
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | Good morning from the Financial Times. |
| 0:12.0 | Today is Monday, July 6th, and we're doing something a little bit different today on the FT news briefing. |
| 0:18.0 | Financial Times is kicking off a series called The New Social Contract. |
| 0:22.0 | It's a week of long form reported reads that will explore the resilience of our economy and society in light of coronavirus. |
| 0:29.0 | And how we need to rethink the place of finance, business, and the role of the state. |
| 0:35.2 | To understand where to start on these questions, I'll turn to none other than our chief economics |
| 0:40.1 | commentator Martin Wolf. |
| 0:42.4 | As part of the series, he's looked at the damage caused by the pandemic, |
| 0:46.0 | as well as the social and economic framework needed to repair it. |
| 0:50.0 | I'm Mark Filipino. If you look back over the past 75 years or so, Western societies have enjoyed several |
| 1:01.1 | eras of economic growth and stability. |
| 1:04.0 | These can be divided into the Social Democratic era that began after the Second World War and ended |
| 1:08.8 | in about 1970. |
| 1:10.8 | This was followed about a decade later by the Global Free Market or the Thatcher Reagan consensus. |
| 1:17.0 | But could the economic shock caused by the global pandemic forces out of this global free market era completely. |
| 1:24.0 | Martin Wolf, the F.T. Chief Economics commentator, |
| 1:27.0 | joins me now to discuss this idea and what comes next. |
| 1:30.0 | Hi, Martin. |
| 1:31.0 | Hi, Martin. |
| 1:32.0 | Hi, Martin, good to be with you. |
... |
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