Ann Pettifor: Debtonation

I have been criticised by among others, Professor Simon Wren-Lewis, for the earlier blog criticising the economics profession. To bolster my case, am sharing here ex-governor of the Bank of England, Mervyn King’s, views on the profession. While his is an “on-the-one-hand-but-on-the-other” approach, nevertheless it is clear on the culpability of the profession. The quotation is from page 3 of his recent book, ‘The End of Alchemy‘ published by Little, Brown in 2016. “Since the crisis,...

If, as a result of Brexit, the economy crashes it will not vindicate the economists, it will simply illustrate once more their failure. We, at Policy Research in Macroeconomics (PRIME) call for an urgent, independent, public inquiry into the economics profession, its role in precipitating both the financial crisis of 2007-9, and the subsequent very slow ‘recovery’. Finally the role of the profession in the run up to the British European referendum campaign.  As this morning illustrates,...

The case for Britain to Remain within the EU is to my mind, largely a political case. The political forces pressing for a rupture with the Union are not on the whole progressive, although there are many sincere Leave campaigners on the Left of the spectrum. ‘Brexiters’ are mostly insular, nationalistic and sometimes racist, especially in relation to immigrants and refugees. With few exceptions the Brexit leaders are market fundamentalists, anxious to blame foreigners for the state of...

I fluffed my lines on a recent BBC Newsnight  segment on Uber.  As the discussion was wrapping up, I warned that the uberisation of the economy – the ambition to corral the entire cash flow of whole sectors of the global economy into the pockets of a few – is utopian. I said all this in response to Ms Julie Meyer’s assertion that, and I quote (11.23 minutes into the show): The world is being driven by networks…and they’re platforms…That’s the future, we can’t stop that from happening....

Mohammed Ali – ‘The Greatest’ – died today, at the age of 74. With his loss, the world is deprived of the terrific energy of a principled, devout and committed man. A boxer, a philosopher and a poet. But for those of us who worked hard to achieve the cancellation of about $100 billion of debt for thirty five of the poorest countries, Ali occupies a special place in our hearts. This great man, celebrated around the world, took time out to join us in London in 1999, and to give his backing to...

Ann Pettifor Twitter: @AnnPettifor -- Ann Pettifor is a director of the think-tank Policy Research in Macroeconomics (PRIME). In September 2015 she was appointed as a member of Jeremy Corbyn’s Labour Economic Advisory Committee, along with Mariana Mazzucato, Joseph Stiglitz, Thomas Piketty, Anastasia Nesvetailova and Danny Blanchflower. Her background is in sovereign debt – particularly those of low-income countries. More recently she has analysed, and written extensively on both the...

Back in 1975 I did not just oppose membership of the EU, I actively campaigned against it. In the 1990s I strongly opposed Britain’s membership of the Exchange Rate Mechanism (ERM). My opposition to the Labour leadership’s support for ERM helped ensure that I did not get chosen as Parliamentary candidate at the time. I won a modest 6 votes at a General Committee Meeting that in 1991 selected the next MP for Dulwich and West Norwood! (While I was to be vindicated by Britain’s eviction from the...

Ameera sits down with Ann Pettifor – director of PRIME – to talk about the potential for a Brexit and monetary policy. Check us out on Facebook -- and feel free to ask us questions: http://www.facebook.com/BoomBustRT https://www.facebook.com/harrison.writedowns https://www.facebook.com/biancafacch Follow us @ https://twitter.com/AmeeraDavid http://twitter.com/edwardnh https://twitter.com/BiancaFacchinei

April 8th, 2016 On Thursday 7th April Ann Pettifor took part in one of John McDonnell’s road shows with Professor Simon Wren Lewis. The events are aimed at broadening the debate around economics in Britain. Ann discussed The case for the Green New Deal, and her powerpoint presentation is attached below. Framing the Economic Narrative