Adair Turner on the Politics of Finance
Tom Sutcliffe discusses money with the American economist Charles Calomiris, who looks back at the history of financial disasters and argues that they're caused more by government failures, than individual bankers. The former head of the Financial Services Authority, Adair Turner, might agree on the need for structural changes, but famously said 'heads should roll' in the banking industry, and has damned much of the banks' trading activities as 'socially useless'. If there has been a moral vacuum at the heart of the banking industry, are there lessons to be learnt from Islamic banking? The financial advisor Harris Irfan believes it's a system that is more equitable and transparent. Seventy five years ago Steinbeck's great depression novel, Grapes of Wrath, was published and Maggie Gee explores its legacy and asks where the wrath is now?
Producer: Katy Hickman.
Charles Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School and a professor at Columbia’s School of International and Public Affairs.
Fragile by Design: The Political Origins of Banking Crises and Scarce Credit by Charles W. Calomiris and Stephen H. Haber is published by Princeton University Press.
Maggie Gee is a novelist and Professor of Creative Writing at Bath Spa University.
She is taking part in a debate, ‘Where’s the Wrath Now?’, at the LSE celebrating the 75th anniversary of John Steinbeck’s novel The Grapes of Wrath on Tuesday 25 February at 6.30pm.
|Interviewed Guest||Charles Calomiris|
|Interviewed Guest||Maggie Gee|
|Interviewed Guest||Harris Irfan|
|Interviewed Guest||Adair Turner|