After The Crash [The Compass] [World Service]

Episodes

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01After The Crash: Authority And Trust2018092620180930 (WS)

In 2008 the world financial system had a heart attack. Gripped by panic, banks stopped lending, cash ran out and the world came to the edge of a financial precipice. As millions of people lost their jobs and as the shock that started in Wall Street reverberated around the world, the crisis led to a collapse of the Greek, Spanish, Icelandic and other economies.

Professor Ian Goldin looks at the origins of the crash and he examines how it affected our trust in authorities and experts. He travels to New York to talk to some of the world’s leading academics including Joseph Stiglitz, Jeffrey Sachs and Adam Tooze and he hears from a former Lehman Brothers employee about the final days of the troubled business whose collapse led to the financial crisis.

Presenter: Ian Goldin
Producer: Ben Carter

(Photo: Two employees of Christie's auction house manoeuvre the Lehman Brothers corporate logo in London
Credit: Oli Scarff/Getty Images)

How did the 2008 financial crisis affect our trust in authorities and experts?

With ideas too big for a single episode, The Compass presents mini-series about society

02After The Crash: Austerity And Consequences2018100320181007 (WS)

Did Governments’ handling of the 2008 financial crisis – when some chose to implement austerity and some didn’t - make things better or worse? Ian Goldin, professor of Globalisation and Development at Oxford University, visits Illinois in the US to find out how people were affected by the collapse in the housing market. He also talks to Christine Lagarde – the head of the International Monetary Fund – about how austerity measures were implemented in Europe. And Ngozi Okonjo-Iweala, the former Minister of Finance in Nigeria, talks about how the crisis was felt in Africa.

Presenter: Ian Goldin
Producer: Ben Carter

(Photo: Child with banner, Credit: Getty Images)

Did Governments' handling of the 2008 financial crisis make things better or worse?

With ideas too big for a single episode, The Compass presents mini-series about society

03After The Crash: Power Shift2018101020181014 (WS)

In 2008 when the financial systems of the world’s richest countries crashed, others did not. Asian nations, especially China, bounced back quickly from the crisis, and were able to capitalise on their financial power to build up their reputation as global players.

Professor Ian Goldin looks at how this has led to a shift in power from West to East, the ripples of which can be seen in everything from the founding of the G20, to Chinese foreign investment in Africa, to a rise in confidence in developing countries. With this massive change in world power still underway, should we be worried or excited?

Professor Goldin hears from guests including Amnesty International secretary general Kumi Naidoo, head of the IMF Christine Lagarde, professor of public policy at the National University of Singapore Kishore Mahbubani, and former World Bank managing director and finance minister of Nigeria Ngozi Okonjo-Iweala.

How the 2008 financial crisis led to a shift in power from West to East

With ideas too big for a single episode, The Compass presents mini-series about society

04After The Crash: Rethinking Economics2018101720181021 (WS)

As the world dealt with the fallout of the 2008 financial crash the hunt began for someone to blame. One group of people was suddenly thrust into the spotlight - economists. If they could not see such a catastrophe coming, had the world’s economists been asleep on the job, inept, or just blind to the crucial warning signs?

As an economist himself, professor Ian Goldin thinks economists deserve a share of the blame. He looks at the ways the financial crash led to a crisis in his own profession, and to huge changes in the way economics is thought about and taught. Why should we care? Remember these are the people who steer the financial systems on which we all depend. If they give bad advice, it can wreck your economy. Ian argues that economics needs to get away from some of its old ideas about treating human behaviour as a rational, rather macho science, and open itself up to ideas from across the whole world. But in the end, should we all try harder to be economically literate and better able to spot dangers on the horizon?

Guests include the head of the IMF Christine Lagarde, Bank of England chief economist Andy Haldane, former World Bank managing director and finance minister of Nigeria Ngozi Okonjo-Iweala, author of Who Cooked Adam Smith’s Dinner? Katrine Marçal, and Nobel-prize winning economist Joseph Stiglitz.

(Photo: Business man with his head in his hands. Credit: Getty Images)

How should economists rethink their ideas to better spot financial dangers in the future?

With ideas too big for a single episode, The Compass presents mini-series about society

05After The Crash: The Future2018102420181028 (WS)

Ten years ago the world financial system had a heart attack. Gripped by panic, banks stopped lending, cash ran out and the world came to the edge of a financial precipice.

Professor Ian Goldin questions whether lessons have really been learned from what happened a decade ago and asks whether we are now better prepared to identify and prevent the next one? He talks about the threat that climate change might pose with Lord Nick Stern, asks Peter Piot – the man who discovered Ebola – how problematic a pandemic might be and questions whether financial innovation is really a good thing with Anat Admati, co-author of The Bankers’ New Clothes.

Presenter: Ian Goldin
Producer: Ben Carter

(Photo: Bitcoin. Credit: Omar Marques/Getty Images)

Ian Goldin examines how the 2008 financial crisis has changed the world

With ideas too big for a single episode, The Compass presents mini-series about society