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Last broadcast on Sun, 11 Dec 2011, 09:05 on BBC World Service (see all broadcasts).
Synopsis
We take an in depth look at the unprecedented financial crisis the world is now facing in our New Global Economy.
Three highly distinguished professors of economics put forward their plans – for at least partial – recovery.
Far East expert Danny Quah suggests that China can play a vital role to help stabilise and revive the world economy.
The Middle East specialist Timur Kuran calls for the modernising of the economies of many Islamic countries, which he believes have been held back because of religious law.
And the eminent economic historian and member of the British House of Lords, Robert Skidelsky advocates kick starting stagnant economies by sprinkling them with "helicopter money" – spending vouchers given to people with an expiry date to make them spend money they would not otherwise spend.
Illustration by Emily Kasriel; redrawing the map of the global economy
Danny Quah
Professor of Economics at the London School of Economics, and visiting Professor at the National University of Singapore. He argues the rise of China is having a positive impact on the world economy. This is not just because its economy is still growing, but also because it has lifted more than six hundred million Chinese out of poverty and all these people are new consumers who will help stimulate the world’s markets.
Timur Kuran
Professor of Economics and Islamic Studies at Duke University in North Carolina in the United States. He believes that adherence to Islamic law has resulted in many economies of the Middle East being under-developed. For instance, he says the Islamic inheritance law which rules that capital should be divided equally between siblings, has prevented the creation of large corporations and the accumulation of capital.
Robert Skidelsky
Lord Robert Skidelsky is Emeritus Professor of Political Economy at Warwick University in England, and an award winning biographer of one of the most influential economists of the 20th Century, John Maynard Keynes. Contrary to much current thinking, he doesn’t believe that austerity packages work, and suggests finding ways to encourage spending to revive weak economies.
SIXTY SECOND IDEA TO CHANGE THE WORLD
Timur Kuran suggests offering virtual guided tours of the world’s most spectacular natural sites, major museums, leading monuments, and most impressive art and artifact collections. The videos would be narrated by leading experts and translated into as many languages as possible. In this way, seeing the world would cease being the preserve of the rich.
ON NEXT WEEK'S PROGRAMME
With the number of cars in the world now standing at over a billion we look at the future of the car with Dan Sperling, Director of the Institute of Transportation Studies at the University of California, Davis; Rohan Saparamadu, Sri-Lankan born car designer now leading the team at the most successful small car manufacturer in India; and John Urry, Director of the Centre for Mobilities Research at Lancaster University.
Chapters
Broadcasts
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Sat 10 Dec 201123:05
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Sun 11 Dec 201102:05
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Sun 11 Dec 201109:05
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