Stroud News
Former Stroud MP calls for morality to be placed at the heart of the economic system
1:50pm Wednesday 22nd February 2012
A LIVELY debate about the nature of the global financial system and its effects on contemporary British society took place at the Kingshill House in Dursley last Wednesday evening, February 15.
The discussion followed talks by former Stroud MP David Drew and economist Sarah Harris on the theme of ‘reclaiming economics for the progressive cause’.
It was the second in a series of ‘Talking Politics’ events organised by the Labour politician, who is keen to encourage more individuals to engage with the political, social and economic issues of the day.
Mr Drew began by talking about the seminal work ‘The End of History and the Last Man’, published by American political scientist Francis Fukuyama soon after the collapse of the Soviet Union.
In the book, Fukuyama argues that the triumph of liberal democracy and free market capitalism over communism will eventually result in all countries embracing democratic systems of government.
Fukuyama’s ideas helped to cement unfettered capitalism as the dominant economic model and could be implicated in the 2008 financial crash, Mr Drew said.
He also traced the roots of the financial crisis back to the economic liberalisation of Thatcher and Reagan, especially the deregulation of the financial markets in 1986, known as the ‘Big Bang’.
Mr Drew’s said that the existing economic order had sustained increasing social inequality and needed to be replaced by an alternative system underpinned by a stronger sense of morality.
His sentiments were shared by Mrs Harris, who talked about the need for a ‘value-laden’ economic infrastructure, which served the interests of humanity as a whole rather than just a small privileged elite.
The next Talking Politics event is entitled ‘The case for Europe (by a life-time Eurosceptic)’ and will be held at 7pm in St Joseph’s Hall, Stonehouse on Thursday, March 22. All are welcome to attend.