The Free Thinking Lecture: Linda Yueh on Globalisation
Arts & Ideas
BBC
4.2 • 599 Ratings
🗓️ 9 March 2018
⏱️ 60 minutes
🧾️ Download transcript
Summary
Leading economic expert, Linda Yueh, delivers her vision for restoring faith in the free market to an audience at Sage Gateshead. Chaired by Philip Dodd.
We live in a world where experts of all stripes are struggling to win over the confidence of the general population. Last year, the Bank of England said it was stepping up its efforts to minimise a ‘twin deficit’ of public understanding and trust in an area that has come under particular fire recently: economics. In a timely defence of her profession, and by drawing on ideas put forward by several titans of economic theory, Linda Yueh, the former Chief Business Correspondent for BBC News, opens the Free Thinking festival 2018 with a unique take on how we fix the globalised free market to benefit the one and the many.
Linda Yueh is Adjunct Professor of Economics at London Business School and Fellow in Economics at St Edmund Hall, Oxford University as well Visiting Senior Fellow at the London School of Economics IDEAS research centre. She is the author of The Great Economists: How Their Ideas Can Help Us Today.
Recorded with an audience at Sage Gateshead as part of BBC Radio 3's Free Thinking Festival.
Producer: Craig Templeton Smith
Transcript
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| 0:00.0 | Welcome back to the home of the oxymoron. Evil genius. He asked the newspaper to print his obituary early so he'd enjoy it. That's like hiding at your own funeral. Yeah, a big, great gig. I'm Russell Kane. Join me to weigh in on whether the biggest players in history are more evil or genius. Becoming that rich, I'd say that is some level of genius. It also helps that it's a long time ago, right? |
| 0:23.3 | It's like the podcast version of telling your kids the ice cream van plays music when it's out of ice cream. |
| 0:28.8 | Listen to Evil Genius on BBC Sounds. |
| 0:32.0 | Hello, I'm Philip Dodd, and welcome to the Arts and Ideas Discussion Program from BBC Radio 3, |
| 0:38.1 | which brings together leading artists, writers and thinkers. |
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| 0:54.4 | This is the BBC. |
| 0:59.9 | It's the economy stupid, barked President Clinton in the early 90s to explain what determined elections. |
| 1:10.2 | And since then, the economy has seemed to be the defining feature of our world, |
| 1:16.4 | sometimes even our horizon. |
| 1:19.4 | The Asian Tigers financial crisis of 1997, |
| 1:23.8 | the 28 global crash, the subsequent arguments over austerity, |
| 1:29.4 | and now trade wars set in motion by President Trump's tariff on foreign steel. |
| 1:36.3 | We seem to measure our world by economic events. |
| 1:41.2 | Yet if economics is central to our thinking about the world, it hardly enjoys a good reputation. |
| 1:49.5 | Economists failed to predict that 2008 crash. Brexit did not bring the house down, at least not yet, or maybe never, despite the claim of the expert economists. |
| 2:00.9 | Maybe that fine American economist John Galt Braith was right |
| 2:04.5 | when he said, |
| 2:05.7 | economics is extremely useful as a form of employment for economists. |
| 2:12.7 | Well, Linda Yu has decided to step up, |
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