Against the Consensus: Reflections on the Great Recession
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Speaker(s): Professor Justin Lin
Chair: Professor Danny Quah
Recorded on 24 June 2013 in Old Theatre, Old Building.
This event marks the publication of Professor Lin's new book Against the Consensus: Reflections on the Great Recession. In June 2008, Justin Lin was appointed chief economist of the World Bank, right before the eruption of the worst global financial and economic crisis since the Great Depression. Drawing on experience from his privileged position, Lin offers unique reflections on the cause of the crisis, why it was so serious and widespread, and its likely evolution. Arguing that conventional theories provide inadequate solutions, he proposes new initiatives for achieving global stability and avoiding the recurrence of similar crises in the future. He suggests that the crisis and the global imbalances both originated with the excess liquidity created by US financial deregulation and loose monetary policy, and recommends the creation of a global Marshall Plan and a new supranational global reserve currency.
Justin Lin is professor and honorary dean at the National School of Development at Peking University. He was the senior vice president and chief economist of the World Bank from 2008-2012. Prior to joining the Bank, Professor Lin served for 15 years as founding director and professor of the China Centre for Economic Research (CCER) at Peking University and is the author of 24 books including The Quest for Prosperity: How Developing Economies Can Take Off, New Structural Economics: A Framework for Rethinking Development and Policy, Demystifying the Chinese Economy, Benti and Changwu: Dialogues on Methodology in Economics, and Economic Development and Transition: Thought, Strategy, and Viability.
He is a member of the Standing Committee and vice chairman of the Economic Council, Chinese People’s Political Consultation Conference. He was vice chairman of the All-China Federation of Industry and Commerce. He served on several national and international committees, leading groups, and councils on development policy, technology, and environment including: Eminent Persons Council of the World Bank, International Food Policy Research Institute (IFPRI) Steering Committee, the UN Millennium Task Force on Hunger; the Eminent Persons Group of the Asian Development Bank; the National Committee on United States-China Relations; the Global Agenda Council on the International Monetary System; Reinventing Bretton Woods Committee; and the Hong Kong-U.S. Business Council. He received honorary doctoral degrees from Universite D’Auvergne, Fordham University, Nottingham University, City University of Hong Kong, London School of Economics, and Hong Kong University of Science and Technology, and is a Corresponding Fellow of the British Academy and a Fellow of the Academy of Sciences for Developing World.
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