Podcast: Economist Laurie Macfarlane on why the Growth Commission hasn’t learned from the 2008 crash

Ben Wray

CommonSpace special week of coverage on alternatives to the bankruptocracy

AS part of a special week of coverage of the 2008 banking crisis, reporter David Jamieson speaks with economics editor at Open Democracy Laurie Macfarlane, who recently worked on the Scottish Government’s Scottish National Investment Bank implementation plan with Marriana Mazzucato, about the SNP Growth Commission and its failure to learn lessons from the crash.

Do the economics of the Growth Commission take account of the banking crash, the Eurozone crisis or the need for a Scottish economy to become more balanced?

Macfarlane discusses:

1:44 – How the UK economic model represented the epitomy of the unstable financialisation that finally collapsed in 2008.

6:58 – Why the Growth Commission recomends and even stricter fiscal policy than the UK.

15:23 – How the Growth Commission fails to adopt banking regulations that can stop the speculative practices that drove the crisis.

20:10 – Why economies without control over their own currencies cannot protect themselves in a crisis.


Picture: CommonSpace