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SUMMARY:St Catharine's Political Economy Seminar Series - Speaker: Terry B
 arker - Terry Barker ( Department of Land Economy)
DTSTART:20161012T170000Z
DTEND:20161012T183000Z
UID:TALK67894@talks.cam.ac.uk
CONTACT:Philippa Millerchip
DESCRIPTION:*Talk Title*: ‘Financialisation of the Global Economic Syste
 m Past\, Present and Future & its Relevance to Austerity Economics’\n\nT
 he next St Catharine's Political Economy Seminar in the series on the ‘E
 conomics of Austerity’\, will be held on Wednesday 12 October 2016 – T
 erry Barker will give a talk on "Financialisation of the Global Economic S
 ystem Past\, Present and Future & its Relevance to Austerity Economics". T
 he seminar will be held in the Ramsden Room at St Catharine's College from
  6.00-7.30 pm. All are welcome. The seminar series is supported by the Cam
 bridge Journal of Economics and the Economics and Policy Group at the Camb
 ridge Judge Business School.\n\n*Speaker*\nTerry Barker has an honorary ch
 air at School of Environmental Sciences\, Faculty of Science\, University 
 of East Anglia\; and and he is a Senior Department Fellow in the Departmen
 t of Land Economy\, University of Cambridge. He was the Director of 4CMR u
 ntil his retirement in 2011\, but remains Chairman of Cambridge Econometri
 cs and Founder of the Cambridge Trust for New Thinking in Economics\, whic
 h preceded the similarly named Soros Foundation. He has written on endogen
 ous money in the 21st Century and (with others) he has published in 2009 a
 n econometric analysis and projection of the outcome of the global economi
 c crisis that began with the Lehman bankruptcy in September 2008. At the t
 ime\, he called for the managed bankruptcy of all the banks in trouble\, a
  policy that was abandoned by the US authorities following the panic of 15
  September 2008\, when Lehman was forced into bankruptcy. His projections 
 of a long-term liquidity trap for the global economy\, followed by much lo
 wer world growth\, were remarkable prescient compared to the New Consensus
  “return to equilibrium” at the time.\n\n*Talk Overview*:\nFinancialis
 ation will be defined\, and the causes and effects will be divided into th
 ose ‘internal’ to financial services\, and those ‘external’ to the
  sector. The external ones in turn will be divided into those of the ‘su
 pply side’\, e.g. the provision of legal services for tax avoidance and 
 evasion\, and those on the ‘demand side’\, e.g. purchases of financial
  services across industries as Boards of Directors have become dominated b
 y financial executives. Financialisation at the global level is a modern p
 henomenon\, and began in the late1980s in London and New York. The later d
 iffusion across countries and over time will be assessed quantitatively\, 
 relying on structural analysis of world input-output tables over time. I s
 hall then make a qualitative analysis of why this has happened and what ar
 e the main effects\, especially in relation to austerity economics as prac
 tised by the UK Chancellor and the banking community since 2010. I shall c
 onclude on how the spread of financialisation will come to an end\, either
  in systemic collapse or in a regulatory revolution in the UK and USA.\n\n
 Please contact the seminar organisers Philip Arestis (pa267@cam.ac.uk) and
  Michael Kitson (mk24@cam.ac.uk) in the event of a query\n
LOCATION:The Ramsden Room\, St Catharine's College
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