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SUMMARY:Capitalism\, Debt and Inequality - Dr Anthony Hotson (Centre for F
 inancial History and Darwin College)
DTSTART:20180522T121000Z
DTEND:20180522T130000Z
UID:TALK104386@talks.cam.ac.uk
CONTACT:Dr Arthur Dudney
DESCRIPTION:The global economy has recovered from the credit crunch of 200
 8\, but the medicine prescribed by central bankers has left us with excess
 ive debts and growing inequality. Proponents of tighter regulation remain 
 fearful that initial intentions will be watered down\, leaving the door op
 en to speculative excesses and further market turmoil.  Ten years on from 
 the last crisis\, our prospects do not look particularly promising. \nIn m
 y short talk\, I shall describe two principles of sound banking practice\,
  developed in the late nineteenth century\, that helped to stabilise Londo
 n’s money and credit markets. These principles informed a range of marke
 t practices that limited aggressive forms of funding and discouraged specu
 lative lending. A tendency to downplay the importance of these regulatory 
 practices encouraged a degree of complacency about their removal in the 19
 70s and 1980s. I shall argue that these principles need to be reapplied if
  the vulnerability of credit markets is to be addressed. 
LOCATION:The Richard King Room\, Darwin College
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