Episodes

EpisodeTitleFirst
Broadcast
Comments
01Episode 1 - The Documentary20111126

"Why free market Austrian economics have inspired a rap video and attracted new fans

Investigating global developments, issues and affairs.

In the first programme, Jamie Whyte looks at the free market Austrian School of FA Hayek.

The global recession has revived interest in this area of economics, even inspiring an educational rap video.

"Austrian" economists believe that the banking crisis was caused by too much regulation rather than too little.

The fact that interest rates are set by central banks rather than the market is at the heart of the problem, they argue.

Artificially low interest rates sent out the wrong signals to investors, causing them to borrow to spend on "malinvestments", such as overpriced housing.

Jamie Whyte is Head of Research and Publishing at Oliver Wyman, a management consulting firm.

He is a former lecturer in philosophy at Cambridge University and the author of Bad Thoughts: A Guide to Clear Thinking.

(Image: Interest rates graphic. Credit: PA)

"

01Episode 1 - The Documentary20111128

"Why free market Austrian economics have inspired a rap video and attracted new fans

Investigating global developments, issues and affairs.

In the first programme, Jamie Whyte looks at the free market Austrian School of FA Hayek.

The global recession has revived interest in this area of economics, even inspiring an educational rap video.

"Austrian" economists believe that the banking crisis was caused by too much regulation rather than too little.

The fact that interest rates are set by central banks rather than the market is at the heart of the problem, they argue.

Artificially low interest rates sent out the wrong signals to investors, causing them to borrow to spend on "malinvestments", such as overpriced housing.

Jamie Whyte is Head of Research and Publishing at Oliver Wyman, a management consulting firm.

He is a former lecturer in philosophy at Cambridge University and the author of Bad Thoughts: A Guide to Clear Thinking.

(Image: Interest rates graphic. Credit: PA)

"

02Episode 2 - The Documentary20111203

"Paul Mason asks whether the expansion of credit created a new form of worker exploitation.

Investigating global developments, issues and affairs.

The role of credit in the build up to the global financial crisis is well known - but what has our reliance on credit been doing to the wider economy and to human behaviour?

The expansion of consumer credit has been encouraged by social democratic as well as centre right governments.

But some on the left believe that the growth of the financial sector has given birth to a novel form of capitalism and with that a new kind of worker exploitation.

Paul Mason meets the economists of "financialisation" who believe that credit has become the defining relationship between workers and employers, citizens and public services.

Paul Mason is the author of Meltdown: The End of the Age of Greed.

(Image: Generic Visa Mastercard credit cards with identification numbers obscured. Credit: Getty)

"