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Banks versus the economy

LSE and BBC Radio 4 public conversation

Date: Tuesday 3 April 2012 
Time: 6.30-8pm 
Venue: Old Theatre, Old Building
Speaker: Professor Steve Keen
Chair: Paul Mason

"If we keep the parasitic banking sector alive, the economy dies," warns radical economist Steve Keen.

For BBC Radio 4's Analysis programme, Paul Mason interviews Professor Steve Keen about his diagnosis and proposed treatment for our current economic problems.

A follower of the late Hyman Minsky, Professor Keen has an unconventional proposal for dealing with the financial crisis: a "Modern Debt Jubilee" that reduces private debt without disadvantaging savers, but which drastically reduces the income and power of the financial sector.

Professor Keen has also argued that though it professes to praise capitalism, mainstream "Neoclassical" economics poses a greater danger to capitalism than any number of left-wing revolutionaries. "Its naive, money-less, equilibrium theory of capitalism provided the unwitting cover for the greatest Ponzi Schemes in human history," claims Professor Keen.  He argues that it's in the interests not just of "Occupy LSX" to overthrow this theory, but the business sector as well.

Steve Keen is Professor of Economics and Finance at the University of Western Sydney. He is the author of the best-selling book Debunking Economics and blogs at Steve Keen's Debtwatch

Paul Mason is the Economics Editor of BBC 2's Newsnight programme. His books include Meltdown: The End of the Age of Greed; and Why It's Kicking Off Everywhere: The New Global Revolutions. He blogs at Paul Mason.

This event will be broadcast on BBC Radio 4 at 8.30pm on Monday 4 June 2012, as part of the Summer 2012 series of Radio 4's Analysis programme. 

For over 40 years, Analysis has been examining ideas which shape public policy in Britain and abroad. 

Suggested hashtag for this event for Twitter users: #lseBvE


A transcript of Professor Steve Keen's discussion with Paul Mason is available to download. Download 'Banks versus the economy' (PDF).


A podcast of this event is available to download at the BBC Radio 4 Analysis website.

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