04:19

Grateful for a book on financialisation. But there is a shorter and simpler message we need to spread: the true wealth of a nation cannot ever rest upon a financial sector, finance is the servant of production, not it's master, and when we see the reverse dependency we have inherent instability and impending collapse.

Great interview. I particularly liked the way the interviewer didn't feel the need to talk down Grace Blakeley and let us hear her views rather than his. Refreshing.

I love Grace Blakely.

What a wonderful woman Grace is! 😲

I am fully in love with Grace Blakely

She's definitely going in the right direction in terms of analysis, similar to Mark Blyth's. I'd love to hear her views on growth models in a closed system, as regards consumer capitalism, given the fact that world farming production figures make depressing reading when you take into account the effect of climate change on future farming yields & available viable land and any kind of population growth in the long term.

Great work lads. Must get Grace's book - great clarity on such a convoluted subject.

super engaging and informative. i'm going to have to listen to this twice. all of your content is outstanding.

Superb interview.

thanks for covering this

Grace is my hero <3

Breath of fresh air

Anyone know where I can find the "Left Values Survey" Grace is referring to at

Professor Vernon Bogdanor, whilst holding a questionable interpretation of history at the best of times, makes a good point about referring to the 'post-war consensus' as the 'post-war settlement' - since it was a hodge-podge political, social, and economic arrangement that, whilst tacitly agreed upon out of necessity, faced conflict and critique from all facets of the political spectrum from day one.

mark blyth covers a lot of this territory in global trumpism vid. it/he are well worth watching.

Great discussion, love you guys.

Grace is right on about 52 minutes in. Interviewer implies that no “system” can be stable which is perniciously unverifiable. Can a system be more stable than is current “financial global capital” yeah. It can. Question is, what would that alternative be (distillation of power, workplace democracy and freedom and “open source” access to important institutional information and universal basic rights, services and securities

I certainly agree with the dangerous fact of financialisation, and that a change must come, or we’ll crash into a change forced upon us. But there’s a fundamental problem with the proposed solution. If we focus on “power” for a class or group, we’ll repeat the very mistake made every time ideology is the basis of a “revolution”. Either the “winning” class ends up in some sort of dictatorship, or the “losing” class gains enough power to fight back, leading to a civil war. Unlike Marx’s 1880 or Keynes’ 1930, we have globalized unprecedented access to information. We have more knowledge and education than ever before. A solution should be found to create leadership, as opposed to power. A system that enables empirically “wiser” people to govern, as opposed to “politicians”, who will inevitably fail, due to human nature. Nationalism can not be the counterweight to globalization, the latter is a fact due to more reasons than financialisation alone. We need some sort of regulated capitalism, and a tax financed state for welfare and safety. We should never - again - mix the two neo-liberally OR fully empower the state alone leading to communism. History shows it won’t work. Rather, policy and leadership must be based on knowledge and to isolate same leadership from the possibility of serving itself. Breach of leadership contract leads to immediate change and possible punishment. The “whole” people should be able to hold its leadership fully responsible, with immediate effect, like any government has always done with its people. Raw power leads to dissatisfaction for some. Empirical leadership can be understood and respected by most. A sort of dynamic-pragmatic progressive capitalist democracy. 💛

USA's finance and economic journalist - Rana Foroohar has published books on the scurge of financialisation but Grace does it much better.