What Lies Ahead?

The Emerging Economic and Political Order: What Lies Ahead?

Friday, April 8 2011

Moderator: Anatole Kaletsky - Associate Editor, The Times

Panelists:
Jean-Paul Fitoussi - Professor of Economics,  Institut d'Etudes Politiques de Paris
Harold James - Professor of History, Princeton University
Kenneth Rogoff - Professor of Economics, Harvard University
George Soros - Chairman, Soros Fund Management and the Open Society Foundations

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Jean-Paul Fitoussi argued that excessive inequality contributed to the financial crisis and that it undermined democracy. He suggested that economic policy-making take into consideration not only effects on output but also effects on democracy. 

Jean-Paul Fitoussi is Professor of Economics at the Institut d'Etudes Politiques de Paris. He spoke in the panel "The Emerging Economic and Political Order: What Lies Ahead?", moderated by Anatole Kaletsky, at the Bretton Woods Conference on April 8, 2011.

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Harold James suggested that China has played a stabilizing role for the world economy since the financial crisis, as Kindleberger found that Britain had done in the 19th Century. On the other hand, he drew upon the finding of early twentieth century British commentator E.H. Carr to the effect that liberal democracy has been associated with economic prosperity, to conclude that China has also played a destabilizing role.

Harold James is Professor of History at Princeton University. He spoke in the panel "The Emerging Economic and Political Order: What Lies Ahead?" at the Bretton Woods Conference on April 8, 2011.

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Kenneth Rogoff contended that advances in economics staved off a second Great Depression, worried about excessive debt in old age pensions and some European nations, and concluded that economics may not be a science but is a discipline and that rational expectations models bring discipline.

Kenneth Rogoff is Professor of Economics at Harvard University. He spoke in the panel "The Emerging Economic and Political Order: What Lies Ahead?" at the Bretton Woods Conference on April 8, 2011.

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George Soros contrasted the views of financial regulation of Alan Greenspan (markets have become so complex that regulation is likely to do harm) and Barney Frank (markets can cause so much harm that we cannot afford not to regulate). He found that European policies on sovereign debt to date are not workable and that they protect the banks but threaten a two speed Europe. He noted the emergence of two competing currency systems, one based on the Washington Consensus and the other China’s two tier system.

George Soros is Chairman of Soros Fund Management and the Open Society Foundations. He spoke in the panel "The Emerging Economic and Political Order: What Lies Ahead?" at the Bretton Woods Conference on April 8, 2011.

See video