We need an alternative to globalisation - a new internationalism: for the many, not the few.
29 November 2021 | 19:00
BOZAR - Centre for Fine Arts Brussels
The transfer of power over the economy to markets, and in particular financial markets, has deliberately weakened democracies and led to dangerous ecological and economic imbalances, and recurring financial crises. Global financial deregulations has wrenched power over the domestic economy away from democratic governments and transferred this power to markets that now manage public goods vital to the stability of society, the economy and the ecosystem. These include the creation of credit, the rate of interest on credit, investment, exchange rates and cross-border capital flows. The restoration of public authority over the system is vital, if democratic society is to manage the transition to a steady-state economy based on the ecosystem’s finite limits. In other words, to stabilise the ecosystem at national, global levels, society must first transform the international financial system. The speech will draw on the work of Keynes, on historical evidence and on recent European Union developments to suggest such a transformation is entirely possible.
Ann Pettifor was one of few to predict the Great Financial Crisis in The Coming First World Debt Crisis (Palgrave 2006). In 2008 she jointly co-authored the original The Green New Deal (New Economics Foundation). In 2017 she published The Production of Money (Verso) on the nature of money, debt and banking. In 2019 her book The Case for The Green New Deal (Verso) was published.
She is director of Policy Research in Macroeconomics (PRIME) – a network of mainly Keynesian economists. In 2018 Germany’s Heinrich Boll Foundation awarded Pettifor the Hannah Ahrendt Prize. She is a fellow of the New Economics Foundation, and a trustee of the PREP Foundation for pluralist economics.
In 2000 the University of Newcastle awarded her an honorary doctorate for leading an international movement for cancellation of $150bn of debt owed by 35 poor countries, Jubilee 2000. In 2004-5 Pettifor worked with Nigerian Finance Minister, Ngozi Okonjo-Iweala to clear debts of $30 billion owed to official creditors.