SOAS Economics: Seminar series, public lectures and events

This is part of a webinar series co-organised by the SOAS Department of Economics and the SOAS Open Economics Forum. The aim of the series is to provide a critical perspective to the recent economic developments related to the COVID-19 crisis. Speakers: Lyn Ossome, Makerere University & Crystal Simeoni,Crystal Simeoni, Nawi: Afrifem Macroeconomics Collective Moderator: Sonia Phalatse, Institute for Economic Justice in South Africa & Taibat Aduragba Hussain, SOAS University of London Organiser: Yannis Dafermos, Sara Stevano, Marie Hyllested Meyle, Anna Vergnano and Glennie Moore

This is part of a webinar series co-organised by the SOAS Department of Economics and the SOAS Open Economics Forum. The aim of the series is to provide a critical perspective to the recent economic developments related to the COVID-19 crisis. Speaker: Victoria Stadheim, University of Winchester Moderator: Madhav Ramachandran, SOAS University of London

This is part of a webinar series co-organised by the SOAS Department of Economics and the SOAS Open Economics Forum. The aim of the series is to provide a critical perspective to the recent economic developments related to the COVID-19 crisis. Speaker: Jayati Ghosh, Jawaharlal Nehru University Moderator: Rucha Takle

Speakers: Lyn Ossome, Makerere University & Crystal Simeoni, Nawi: Afrifem Macroeconomics Collective Moderator: Sonia Phalatse, Institute for Economic Justice in South Africa

Speaker: Alfredo Saad-Filho, King’s College London Moderator: Sarah Cole, SOAS University of London

Speaker: Adam Hanieh, Sana’a Center Moderator: Amal Nasser, SOAS University of London

This is part of a webinar series co-organised by the SOAS Department of Economics and the SOAS Open Economics Forum. The aim of the series is to provide a critical perspective to the recent economic developments related to the COVID-19 crisis. Speaker: Keston Perry, UWE Bristol Moderator: Julian Boys, SOAS University of London Organiser: Yannis Dafermos, Sara Stevano, Marie Hyllested Meyle, Anna Vergnano and Glennie Moore Contact email: yannis.dafermos@soas.ac.uk

This is part of a webinar series co-organised by the SOAS Department of Economics and the SOAS Open Economics Forum. The aim of the series is to provide a critical perspective to the recent economic developments related to the COVID-19 crisis. Speaker: Carolina Alves, University of Cambridge & Farwa Sial, University of Manchester Moderator: Manvi Laddha, SOAS University of London Organiser: Yannis Dafermos, Sara Stevano, Marie Hyllested Meyle, Anna Vergnano and Glennie Moore Contact email: yannis.dafermos@soas.ac.uk

This is part of a webinar series co-organised by the SOAS Department of Economics and the SOAS Open Economics Forum. The aim of the series is to provide a critical perspective to the recent economic developments related to the COVID-19 crisis. Speaker: Ourania Dimakou, SOAS University of London Moderator: Oliver Tipton, SOAS University of London Organiser: Yannis Dafermos, Sara Stevano, Marie Hyllested Meyle, Anna Vergnano and Glennie Moore Contact email: yannis.dafermos@soas.ac.uk

This is part of a webinar series co-organised by the SOAS Department of Economics and the SOAS Open Economics Forum. The aim of the series is to provide a critical perspective to the recent economic developments related to the COVID-19 crisis. Speakers: Josh Ryan-Collins, UCL Institute for Innovation and Public Purpose & Rachel White, London Renters Union Moderator: Liam Mullany, previously of Rethinking Economics Greenwich Organiser: Yannis Dafermos, Sara Stevano, Marie Hyllested Meyle and Anna Vergnano Contact email: yannis.dafermos@soas.ac.uk

This is part of a webinar series co-organised by the SOAS Department of Economics and the SOAS Open Economics Forum. The aim of the series is to provide a critical perspective to the recent economic developments related to the COVID-19 crisis. Speaker: Nina Banks, Bucknell University Moderator: Justin Kwame Kanzah-Andoh, SOAS University of London Organiser: Yannis Dafermos, Sara Stevano, Marie Hyllested Meyle and Anna Vergnano Contact email: yannis.dafermos@soas.ac.uk

This is part of a webinar series co-organised by the SOAS Department of Economics and the SOAS Open Economics Forum. The aim of the series is to provide a critical perspective to the recent economic developments related to the COVID-19 crisis. Speaker: Haroon Akram-Lodhi, Trent University Moderator: Sara Ansari, SOAS University of London Organiser: Yannis Dafermos, Sara Stevano, Marie Hyllested Meyle and Anna Vergnano Contact email: yannis.dafermos@soas.ac.uk

This is part of a webinar series co-organised by the SOAS Department of Economics and the SOAS Open Economics Forum. The aim of the series is to provide a critical perspective to the recent economic developments related to the COVID-19 crisis. Speaker: Daniela Gabor, UWE Bristol Moderator: Marie Meyle, SOAS University of London Organiser: Yannis Dafermos, Sara Stevano, Marie Hyllested Meyle and Anna Vergnano Contact email: yannis.dafermos@soas.ac.uk

This is part of a webinar series co-organised by the SOAS Department of Economics and the SOAS Open Economics Forum. The aim of the series is to provide a critical perspective to the recent economic developments related to the COVID-19 crisis. Speaker: Christina Laskaridis, SOAS University of London Moderator: Azfar Hanif Azizi, SOAS University of London A copy of the presentation can be downloaded: https://www.soas.ac.uk/economics/events/file147464.pdf Organiser: Yannis Dafermos, Sara Stevano, Marie Hyllested Meyle and Anna Vergnano Contact email: yannis.dafermos@soas.ac.uk

This is part of a webinar series co-organised by the SOAS Department of Economics and the SOAS Open Economics Forum. The aim of the series is to provide a critical perspective to the recent economic developments related to the COVID-19 crisis. Speaker: Jo Michell, UWE Bristol Moderator: Raza Rehman, SOAS University of London Organiser: Yannis Dafermos, Sara Stevano, Marie Hyllested Meyle and Anna Vergnano Contact email: yannis.dafermos@soas.ac.uk

This is part of a webinar series co-organised by the SOAS Department of Economics and the SOAS Open Economics Forum. The aim of the series is to provide a critical perspective to the recent economic developments related to the COVID-19 crisis. Speaker: Costas Lapavitsas, SOAS University of London Moderator: Carla Coburger, Rebuilding Macroeconomics

This is part of a webinar series co-organised by the SOAS Department of Economics and the SOAS Open Economics Forum. The aim of the series is to provide a critical perspective to the recent economic developments related to the COVID-19 crisis. Speaker: Tobias Franz, SOAS University of London Moderator: Alice Malivoire, SOAS University of London

Machiko Nissanke (SOAS) Drawing in part on her chapter in the forthcoming Palgrave Handbook of Development Economics, Machiko presents a critical reflection on how to secure sovereign debt sustainability for economic development of LICs. Her seminar talk is set in the context of the rising debt distress in several SSA countries over the recent years as well as the evolution of the academic and policy debates on the ‘aid-debt-growth’ nexus. After critically evaluating the constructs of the IFIs’ Debt Sustainability Framework in use of LICs, she discusses alternative approaches to sovereign debt sustainability. These entail: a) a system of prudent resource and debt management, including sound selection of debt-financed projects with large developmental dividends and spill-overs in light of a country’s absorptive capacity, and close performance monitoring at micro and macro levels; b) choice and packaging of appropriate financial instruments; and c) a clearly agreed procedure, backed up with global facilities laid out at the onset in debt contracts, on how to deal with downside risks and debt distress conditions in order to facilitate an orderly debt restructuring and workout process. Against these conditions, she evaluates the prospects of the emerging debt problems in Africa, in particular in relation to the growing portion of sovereign debt owed to private creditors and non-traditional concessional loan providers, and the way forward with their sovereign debt restructuring mechanisms. Machiko Nissanke is Emeritus Professor of Economics at the SOAS Department of Economics. This talk was organised by the Centre for Global Finance (CGF) and was part of the CGF Seminar Series. The Centre for Global Finance (CGF) is established under the AXA Chair in Global Finance. The centre undertakes rigorous research that explores mega-trends in global finance and how they impact on development in the international financial system and the world economy. The research via the centre aims to significantly extend the existing body of knowledge on finance, stability and growth. This can help identify the drivers of growth in emerging economies, and the issues that lead to financial crashes. Find out more about the CGF: https://www.centreforglobalfinance.org/ Speakers: Machiko Nissanke (SOAS), Victor Murinde (AXA Professor in Global Finance, SOAS University of London) Released by: SOAS Economics Podcasts

Rebecca Riley (Centre of Excellence, NIESR) XVI IDP Lecture – Organised by SOAS Economics Research Cluster on Industrial Development and Policy. Many advanced economies have seen a slowdown in productivity growth since the middle of the 2000s. In the UK this slowdown has been particularly stark. A decade on from the global financial crisis UK productivity levels are little different to what they were at their peak in 2007. In this paper we use new data to provide a detailed account of the weakness of UK productivity, documenting patterns across industry sectors and across the sources of growth. Productivity weakness has been pervasive across many UK industries. But, as we move further away from the crisis, the slowdown in aggregate productivity growth is increasingly apparent in particular pockets of the economy. We also discuss the likely implications of measurement error for the interpretation of our findings. Rebecca Riley is director of the Economic Statistics Centre of Excellence (ESCoE) at the National Institute of Economic and Social Research. The lecture is followed by a roundtable discussion chaired by Antonio Andreoni (SOAS) with Lord David Sainsbury, Ciaran Driver (SOAS) and Mike Gregory (Cambridge). Event Date: 24 January 2018 Released by: SOAS Economics Podcast

The multiple crisis of 2007/8 aggravated the uneven development inside Europe and led to the rise of populist forces in different countries. Progressive industrial policy in the framework of a broader industrial strategy could serve as a tool to reduce the existing imbalances. However, considering climate change, we also need to rethink which kind and quantity of products we need and how their production can be organised consistent with the goal of the social-ecological transformation, e.g. by strengthening regional and local economies. In this context, I draw on theoretical debates in the global South regarding dependency relations and self-reliant development. Julia Eder is doing a PhD in Sociology at the University of Linz, Austria, and currently holds the Marietta Blau Scholarship from the Austrian Ministry of Education, Science and Research. Her research analyses different aspects of trade and industrial policy. She is particularly interested in the overcoming of dependency relations and progressive (multi-scale) development strategies to promote the social-ecological transformation. Prior to her scholarship, she worked as a Research Associate in the field of Development Sociology at the Johannes Kepler University Linz. She did her Magister Studies in Development Studies and in Romance Studies at the University of Vienna.

Rainer Kattel (UCL) will focus on how to (re-)define what entrepreneurial states are: namely, these are states that are capable of unleashing innovations and wealth resulting from those, and of maintaining socio-political stability at the same time. Innovation bureaucracies are constellations of public organisations that deliver such agile stability. Such balancing act makes public bureaucracies unique in how they work, succeed and fail. The talk looks at the historical evolution of innovation bureaucracy by focusing on public organisations dealing with knowledge and technology, economic development and growth; and briefly show how agility and stability are delivered through starkly different bureaucratic organisations. Hence, what matters for capacity and capabilities are not single organisations but organisational configurations and how they evolve. Venue: Paul Webley Wing (Senate House) Room: ALT Organiser: Antonio Andreoni Contact email: aa155@soas.ac.uk

Keynes: The Art of Choosing the Right Model - an event in memory of Mark Hayes Introduction and Chair: Jan Toporowski (SOAS) Speaker: Dr Matteo Iannizzotto (Associate Professor in Macroeconomics, Durham University Business School) Discussant: Victoria Chick (UCL) From a research perspective, this new intellectual biography of Keynes showcases several new approaches to theoretical and policy questions. The Keynesian Cross is re-interpreted in terms of expectations and integrated with the Z-D approach; the flexible prices and supply side of Keynes’s principle of effective demand are restored to students. The Great Confusion of Loanable Funds is resolved. The book shows how government has no credit limit but does have a budget constraint. The main unfinished business from Keynes’s own thought is the reform of the international monetary system, and the book sets out a reform plan for the Euro.

Panel: Prof. Sevket Pamuk (Bogazici University); Prof. Socrates Petmezas (University of Crete); and Prof. Costas Lapavitsas (SOAS) A special event to review the state of the art in the field of Ottoman economic development on the occasion of the publication of “Capitalism in the Ottoman Balkans: Industrialisation and Modernity in Macedonia”, Costas Lapavitsas and Pinar Cakiroglu, I.B.Tauris, 2019. The event is organised jointly by the Department of Economics and the Turkish section of the School of Languages, Cultures and Linguistics at SOAS and will be followed by a wine reception, 19:00-20:00. Chaired by: Yorgos Dedes (SOAS)

Julia Steinberger (University of Leeds) and Elena Hofferberth (University of Leeds) In this talk, we first cover the (physical) science basis and the case for a climate emergency. Depending on the economic interpretation of the causal dynamics connecting fossil fuels and the economy, entirely different proposals for tackling climate breakdown are put forward. We will discuss green growth reformist proposals and contrast them with radical degrowth ones. We summarise the empirical evidence on either side of this debate. We explore the implications of current Green New Deal and Just Transition proposals. We end by encouraging a debate on the topic of which economic science is needed for our planetary future. Speakers: Julia Steinberger (University of Leeds) and Elena Hofferberth (University of Leeds), Elisa Van Waeyenberge (SOAS) Published by: SOAS Economics Podcast

Complexity is a powerful multi-disciplinary idea that combines insights from both the natural and social sciences, especially economics and economic geography, to study the dynamics of complex systems of heterogeneous agents, the multiple interactions between them, and the aggregate behaviours that emerge from those interactions. Arguably, the most prominent empirical approach to complexity is that of the Atlas of Economic Complexity, developed by Ricardo Hausmann and Cesar Hidalgo (H&H) at Harvard’s Growth Lab. The Atlas itself is a remarkable – and strikingly beautiful - online resource, which uses network theory methods to provide a snapshot of a country’s productive structure, as well as a measure of the complexity and diversity of its production and those of individual products. This ‘Product Space’ approach is rooted in the idea that ‘countries become what they produce’. It is a view of economic development as the accumulation of productive capabilities of increasing sophistication. As countries develop, they produce more and more products and those products attain higher and higher levels of complexity, embodying more and more productive knowledge. This in turn provides more capabilities to produce yet more products and so creates a virtuous circle. Countries in which more detailed policy analysis has been carried out within the last two years include Sri Lanka, Uganda, Rwanda, Panama, Algeria, Mexico and Peru. This paper contextualises H&H’s work within the recent resurgence of interest, in both academic and policy circles, in industrial policy. Comparing and contrasting the Product Space approach with other contemporary approaches to industrial policy, from authors including Justin Lin, Dani Rodrik, Joseph Stiglitz, Ha-Joon Chang and Mushtaq Khan, this paper sets out the strengths and weaknesses of conceptualising industrial development in terms of increasing economic complexity and diversity. In the technical section, the paper critiques the mathematical methods by which complexity is defined and rewrites the concept in terms of Markov chains on weighted graphs. This alternative formulation permits the application of Markov chain concepts, such as convergence to the stationary state, similarity and spectral clustering, in order to reinterpret complexity and other spectral data. These techniques are then related to economic aspects of complexity, such as production, technological change and capabilities. It is argued that the changing nature of production poses particular challenges to the ‘Product Space’ approach as well as other modes of industrial policy, and on this basis an ‘industrial ecosystems’ approach is outlined.

Signe Krogstrup (Danmarks Nationalbank), Heron Belfon (Jubilee Caribbean), Irene Monasterolo (Vienna University of Economics and Business), Paolo Mauro (IMF), Ulrich Volz (SOAS Centre for Sustainable Finance). The SOAS Centre for Sustainable Finance and the Bretton Woods Project host a discussion at the International Monetary Fund (IMF) as part of the World Bank Group and IMF Annual Meetings’ Civil Society Policy Forum. This session will explore the IMF’s work on climate since it was identified by the Fund as an ‘emerging issue’ in 2015, including looking at what steps the Fund has taken thus far in the areas of research and policy. The panel will also discuss the Fund’s role with respect to the looming climate crisis, focusing on the already-existing impact of climate change on climate vulnerable countries’ debt profiles, as well as the threat to global macroeconomic stability presented by undisclosed climate risks. Panellists included Signe Krogstrup, the Assistant Governor and Head of Economics and Monetary Policy at Danmarks Nationalbank, the Danish central bank; Heron Belfon, the Director of Jubilee Caribbean; Irene Monasterolo, Assistant Professor of Climate Economics and Finance at Vienna University of Economics and Business; and Paolo Mauro, the Deputy Director of the IMF’s Fiscal Affairs Department. The discussion was chaired by Ulrich Volz, the Founding Director of the SOAS Centre for Sustainable Finance. Speakers: Signe Krogstrup (Danmarks Nationalbank), Heron Belfon (Jubilee Caribbean), Irene Monasterolo (Vienna University of Economics and Business), Paolo Mauro (IMF), Ulrich Volz (SOAS Centre for Sustainable Finance). Organiser: Centre for Sustainable Finance, Brettonwoods Project Released by: SOAS Economics Podcast

Donghyun Park (Asian Development Bank) According to Asian Development Outlook 2019 Update (ADOU), Asian Development Bank's flagship report launched on 25 September, developing Asia’s growth will continue to moderate, from 5.9% in 2018 to 5.4% in 2019 and 5.5% in 2020. Inflation will pick up slightly due to food price inflation. Downside risks continue to outweigh upside risks. While the on-going PRC-US trade conflict poses by far the biggest downside risk to the region, the buildup of debt, which rose by two thirds in the last decade, may also threaten stability and growth. A special analytical section of ADOU empirically analyzes the effect of public and private debt build-up on financial vulnerability, proxied by a measure of exchange rate pressure. Speaker Biography: Dr. Donghyun Park is currently Principal Economist at the Economic Research and Regional Cooperation Department (ERCD) of the Asian Development Bank (ADB), which he joined in April 2007. Prior to joining ADB, he was a tenured Associate Professor of Economics at Nanyang Technological University in Singapore. Dr. Park has a Ph.D. in economics from UCLA, and his main research fields are international finance, international trade, and development economics. His research, which has been published extensively in journals and books, revolves around policy-oriented topics relevant for Asia’s long-term development, including middle-income trap, service sector development, and financial sector development. Dr. Park plays a leading role in the production of Asian Development Outlook, ADB’s biannual flagship publication on macroeconomic issues, and leads the team that produces Asia Bond Monitor, ADB’s quarterly flagship report on emerging Asian bond markets. Speakers: Donghyun Park (Asian Development Bank) and Satoshi Miyamura (SOAS) Released by: SOAS Economics Podcasts

Machiko Nissanke (SOAS), Raphael Kaplinsky (University of Sussex), Stephany Griffith-Jones (Initiative for Policy Dialogue, Columbia University), Antonio Andreoni (SOAS) Book launch of The Palgrave Handbook of Development Economics: Critical Reflections on Globalisation and Development. Edited by Machiko Nissanke and Jose-Antonio O’Campo. SOAS Economics has been leading teaching and research in Political Economy, Development Economics and Heterodox Economics and has participated in core policy debates, including those on sustainable development. SOAS Economics continues to foster the next generation of Economists and Political Economists across the globe while its research continues to drive academic thinking and policy debates in the UK and internationally. Our aim, individually as researchers, and as an academic department, continues to be the teaching and research of Economics and Political Economy for a Fairer World. This has never been more urgent, given the challenges we face on global, national and local levels, from the rise of nationalist politics and entrenching economic inequalities to the intensifying environmental challenges. This annual event will be an opportunity to showcase the Department’s contributions to these urgent questions and invite discussion on the direction of future SOAS Economics research. Our guests include alumni, current SOAS Economics researchers and friends and collaborators sharing our research interests. Through this event, we hope to initiate lively discussions and debates on the most pressing economic questions facing our society and the globe. We invite current, prospective and former students and researchers to be part of this conversation. This podcast has been edited. Panel III (book launch): Book launch of The Palgrave Handbook of Development Economics: Critical Reflections on Globalisation and Development. Edited by Machiko Nissanke and Jose-Antonio O’Campo. Speakers: Machiko Nissanke (SOAS); Raphael Kaplinsky (University of Sussex); Stephany Griffith-Jones (Initiative for Policy Dialogue, Columbia University); Antonio Andreoni (SOAS)

Elisa Van Waeyenberge (SOAS), Deborah Johnston (SOAS), Peter Andreas Nielsen (Common Fund for Commodities and SOAS Alumna, and Hannah Bargawi (SOAS) SOAS Economics has been leading teaching and research in Political Economy, Development Economics and Heterodox Economics and has participated in core policy debates, including those on sustainable development. SOAS Economics continues to foster the next generation of Economists and Political Economists across the globe while its research continues to drive academic thinking and policy debates in the UK and internationally. Our aim, individually as researchers, and as an academic department, continues to be the teaching and research of Economics and Political Economy for a Fairer World. This has never been more urgent, given the challenges we face on global, national and local levels, from the rise of nationalist politics and entrenching economic inequalities to the intensifying environmental challenges. This annual event will be an opportunity to showcase the Department’s contributions to these urgent questions and invite discussion on the direction of future SOAS Economics research. Our guests include alumni, current SOAS Economics researchers and friends and collaborators sharing our research interests. Through this event, we hope to initiate lively discussions and debates on the most pressing economic questions facing our society and the globe. We invite current, prospective and former students and researchers to be part of this conversation. This podcast has been edited. Panel VI : 65 YEARS OF TEACHING ECONOMICS AT SOAS – LOOKING BACK AND MOVING FORWARDS/ TOWARDS A FAIRER WORLD Chair: Elisa Van Waeyenberge (SOAS) Panel: Deborah Johnston (SOAS), Peter Andreas Nielsen (Common Fund for Commodities and SOAS Alumna, and Hannah Bargawi (SOAS)

Mariana Mortágua (MP in Portguese Parliament and SOAS Alumna), Richard Kozul-Wright (UNCTAD), Costas Lapavitsas (SOAS), Ourania Dimakou (SOAS). SOAS Economics has been leading teaching and research in Political Economy, Development Economics and Heterodox Economics and has participated in core policy debates, including those on sustainable development. SOAS Economics continues to foster the next generation of Economists and Political Economists across the globe while its research continues to drive academic thinking and policy debates in the UK and internationally. Our aim, individually as researchers, and as an academic department, continues to be the teaching and research of Economics and Political Economy for a Fairer World. This has never been more urgent, given the challenges we face on global, national and local levels, from the rise of nationalist politics and entrenching economic inequalities to the intensifying environmental challenges. This annual event will be an opportunity to showcase the Department’s contributions to these urgent questions and invite discussion on the direction of future SOAS Economics research. Our guests include alumni, current SOAS Economics researchers and friends and collaborators sharing our research interests. Through this event, we hope to initiate lively discussions and debates on the most pressing economic questions facing our society and the globe. We invite current, prospective and former students and researchers to be part of this conversation. This podcast has been edited. Panel V : THE ROLE OF FINANCE AND MACROECONOMIC POLICY-MAKING FOR A FAIRER WORLD Chair: Ourania Dimakou (SOAS) Panel: Mariana Mortágua (MP in Portguese Parliament and SOAS Alumna), Richard Kozul-Wright (UNCTAD), Costas Lapavitsas (SOAS), Ourania Dimakou (SOAS).

William Lazonick (University of Massachusetts) PhD economists almost invariably teach students that the most unproductive firm is the foundation of the most efficient economy. It’s called “perfect competition”, but it’s perfect nonsense. As Joseph Schumpeter put it in Capitalism, Socialism and Democracy (1942): “Perfect competition is not only impossible but inferior, and has no title to being set up as a model of ideal efficiency.” Professor Lazonick explains why economists teach this absurd theory of the firm and its debilitating implications for understanding how the economy functions and performs. He then argues that everyone (and not just economists) needs a theory of innovative enterprise. Speaker biography: William Lazonick is President of the Academic-Industry Research Network and University of Massachusetts Professor of Economics Emeritus. Previously, Lazonick was Assistant and Associate Professor of Economics at Harvard University, Professor of Economics at Barnard College of Columbia University, and Distinguished Research Professor at INSEAD in France. He has professorial affiliations with SOAS University of London and Institut Mines-Télécom in Paris. He earned a B.Com. (Commerce and Finance) at the University of Toronto, M.Sc. (Economics) at London School of Economics, and Ph.D. (Economics) at Harvard University. Uppsala University and University of Ljubljana have awarded him honorary doctorates. Lazonick’s research focuses on the social conditions of innovation, socioeconomic mobility, employment opportunity, income distribution, and economic development in advanced and emerging economies. His forthcoming book, with Jang-Sup Shin, is Predatory Value Extraction: How the Looting of the US Business Corporation Became the US Norm and How Sustainable Prosperity Can Be Restored (Oxford University Press). Organised by the Industrial Development and Policy Research Cluster. Chaired by Antonio Andreoni. Speakers: William Lazonick (University of Massachusetts), Antonio Andreoni (SOAS) Released by: SOAS Economics Podcasts

Antonio Andreoni (SOAS), Ha-Joon Chang (Cambridge and SOAS), Hazel Gray (Edinburgh and SOAS Alumna) and Nobuya Haraguchi (UNIDO and SOAS Alumnus) SOAS Economics has been leading teaching and research in Political Economy, Development Economics and Heterodox Economics and has participated in core policy debates, including those on sustainable development. SOAS Economics continues to foster the next generation of Economists and Political Economists across the globe while its research continues to drive academic thinking and policy debates in the UK and internationally. Our aim, individually as researchers, and as an academic department, continues to be the teaching and research of Economics and Political Economy for a Fairer World. This has never been more urgent, given the challenges we face on global, national and local levels, from the rise of nationalist politics and entrenching economic inequalities to the intensifying environmental challenges. This annual event will be an opportunity to showcase the Department’s contributions to these urgent questions and invite discussion on the direction of future SOAS Economics research. Our guests include alumni, current SOAS Economics researchers and friends and collaborators sharing our research interests. Through this event, we hope to initiate lively discussions and debates on the most pressing economic questions facing our society and the globe. We invite current, prospective and former students and researchers to be part of this conversation. This podcast has been edited. Panel IV BREAKING THE MOULD: STATE, INDUSTRIAL POLICY AND PRODUCTION TRANSFORMATION IN A DIGITAL ECONOMY Speakers: Antonio Andreoni (SOAS), Ha-Joon Chang (Cambridge and SOAS), Hazel Gray (Edinburgh and SOAS Alumna) and Nobuya Haraguchi (UNIDO and SOAS Alumnus)

Chris Cramer (SOAS), Stephanie Blankenburg (UNCTAD); Mushtaq Khan (SOAS); Julia Steinberger (University of Leeds) SOAS Economics has been leading teaching and research in Political Economy, Development Economics and Heterodox Economics and has participated in core policy debates, including those on sustainable development. SOAS Economics continues to foster the next generation of Economists and Political Economists across the globe while its research continues to drive academic thinking and policy debates in the UK and internationally. Our aim, individually as researchers, and as an academic department, continues to be the teaching and research of Economics and Political Economy for a Fairer World. This has never been more urgent, given the challenges we face on global, national and local levels, from the rise of nationalist politics and entrenching economic inequalities to the intensifying environmental challenges. This annual event will be an opportunity to showcase the Department’s contributions to these urgent questions and invite discussion on the direction of future SOAS Economics research. Our guests include alumni, current SOAS Economics researchers and friends and collaborators sharing our research interests. Through this event, we hope to initiate lively discussions and debates on the most pressing economic questions facing our society and the globe. We invite current, prospective and former students and researchers to be part of this conversation. Panel II: The Future and Challenges to Global Political Economy Moderator: Chris Cramer (SOAS) Panel: Stephanie Blankenburg (UNCTAD); Mushtaq Khan (SOAS); Julia Steinberger (University of Leeds) Speakers: Chris Cramer (SOAS), Stephanie Blankenburg (UNCTAD); Mushtaq Khan (SOAS); Julia Steinberger (University of Leeds)

Hannah Bargawi (SOAS), John Sender (SOAS); Sara Reis (Women’s Budget Group); Haroon Akram-Lodhi (Trent University, Canada and SOAS Alumnus) SOAS Economics has been leading teaching and research in Political Economy, Development Economics and Heterodox Economics and has participated in core policy debates, including those on sustainable development. SOAS Economics continues to foster the next generation of Economists and Political Economists across the globe while its research continues to drive academic thinking and policy debates in the UK and internationally. Our aim, individually as researchers, and as an academic department, continues to be the teaching and research of Economics and Political Economy for a Fairer World. This has never been more urgent, given the challenges we face on global, national and local levels, from the rise of nationalist politics and entrenching economic inequalities to the intensifying environmental challenges. This annual event will be an opportunity to showcase the Department’s contributions to these urgent questions and invite discussion on the direction of future SOAS Economics research. Our guests include alumni, current SOAS Economics researchers and friends and collaborators sharing our research interests. Through this event, we hope to initiate lively discussions and debates on the most pressing economic questions facing our society and the globe. We invite current, prospective and former students and researchers to be part of this conversation. INTRODUCTION AND WELCOME, Hannah Bargawi (SOAS) Panel I: INTERSECTING INEQUALITIES Chair: Hannah Bargawi (SOAS) Panel: John Sender (SOAS); Sara Reis (Women’s Budget Group); Haroon Akram-Lodhi (Trent University, Canada and SOAS Alumnus) Speakers: Hannah Bargawi (SOAS), John Sender (SOAS); Sara Reis (Women’s Budget Group); Haroon Akram-Lodhi (Trent University, Canada and SOAS Alumnus)

Abby Innes (LSE), Antonio Andreoni (SOAS), Komon Doulis (BEIS), Tom Ferguson (INET), Geoffrey Owen (LSE), Janet Williamson (Trade Union Council) Chair: Abby Innes, London School of Economics Presenter: Antonio Andreoni, SOAS University of London Panel Discussion: Komon Doulis, Department for Business, Energy and Industrial Strategy (BEIS), UK Government, Tom Ferguson, Institute for New Economic Thinking, Geoffrey Owen, London School of Economics, Janet Williamson, Trade Union Council Innovation by Britain’s firms will be a key determinant of national success in an increasingly competitive global environment for high-value industries. As Britain considers how to develop an industrial strategy ‘fit for the future’, however, the decline in long-term productivity in the UK continues to puzzle managers, academics and policy-makers. Recent research has highlighted the need to examine sectoral dynamics and include questions of industrial policy in a relevant historical context. Such work has helped to focus on the specific British industries and firms where issues of competitiveness, productivity and innovation need to be studied in detail. Conceptually, however, it remains necessary to enhance our understanding of the interplay between the development of innovative capabilities and the specific governance conditions that are required to generate sustained productivity growth at firm and industrial-ecosystem level. Developing such capabilities in innovative enterprises requires the commitment of financial resources to collective and cumulative learning processes within both the firm and its ecosystem. This commitment relies on the abilities and the incentives of those executives who exercise strategic control over the corporate allocation of financial resources and returns. We thus need to consider whether strategic decision-making within UK firms over the past two decades has been influenced by destructive financialization practices. The GoFinPro project has added to existing research into issues of productivity and innovation in UK industry by conducting historical firm-level research in order to build comparative studies of firms and sectors to examine the potential influence of financialisation practices on the development of UK firms within their sectoral and national specificities. The key manufacturing sectors of pharmaceuticals and aerospace were chosen to investigate indicators that link changes in corporate governance and financial behaviour to innovative capabilities and productivity performance. The GoFinPro Conference to be held at SOAS will bring together academics, policy makers and industry experts to discuss the findings of the study. The comparison of financialisation metrics of top UK firms with those of US and other European countries will consider how such practices have influenced productivity and competitiveness and what policy measures have facilitated or encouraged their adoption. The sectoral studies highlight the specific dynamics that explain why some UK firms have become more prone to value extraction that is not justified by value creation. The implications of the findings for future UK policy on corporate governance will be subject to debate. The GoFinPro project has been funded by the Gatsby Foundation and has been carried out at SOAS University of London in collaboration with Institut Mines Telecom Business School in France. Speakers: Abby Innes (LSE), Antonio Andreoni (SOAS), Komon Doulis (BEIS), Tom Ferguson (INET), Geoffrey Owen (LSE), Janet Williamson (Trade Union Council) Released by: SOAS Economics Podcasts

Antonio Andreoni (SOAS), William Lazonick (SOAS), Mike Best (University of Massachusetts Lowell), Colin Haslam (Queen Mary University of London), Damon Silvers (American Federation of Labor and Congress of Industrial Organisations), Deborah Johnston (SOAS) Chair: Antonio Andreoni, SOAS University of London Presenter: William Lazonick, SOAS University of London Panel Discussion: Mike Best, University of Massachusetts Lowell, Colin Haslam, Queen Mary University of London; Damon Silvers, American Federation of Labor and Congress of Industrial Organisations Innovation by Britain’s firms will be a key determinant of national success in an increasingly competitive global environment for high-value industries. As Britain considers how to develop an industrial strategy ‘fit for the future’, however, the decline in long-term productivity in the UK continues to puzzle managers, academics and policy-makers. Recent research has highlighted the need to examine sectoral dynamics and include questions of industrial policy in a relevant historical context. Such work has helped to focus on the specific British industries and firms where issues of competitiveness, productivity and innovation need to be studied in detail. Conceptually, however, it remains necessary to enhance our understanding of the interplay between the development of innovative capabilities and the specific governance conditions that are required to generate sustained productivity growth at firm and industrial-ecosystem level. Developing such capabilities in innovative enterprises requires the commitment of financial resources to collective and cumulative learning processes within both the firm and its ecosystem. This commitment relies on the abilities and the incentives of those executives who exercise strategic control over the corporate allocation of financial resources and returns. We thus need to consider whether strategic decision-making within UK firms over the past two decades has been influenced by destructive financialization practices. The GoFinPro project has added to existing research into issues of productivity and innovation in UK industry by conducting historical firm-level research in order to build comparative studies of firms and sectors to examine the potential influence of financialisation practices on the development of UK firms within their sectoral and national specificities. The key manufacturing sectors of pharmaceuticals and aerospace were chosen to investigate indicators that link changes in corporate governance and financial behaviour to innovative capabilities and productivity performance. The GoFinPro Conference to be held at SOAS will bring together academics, policy makers and industry experts to discuss the findings of the study. The comparison of financialisation metrics of top UK firms with those of US and other European countries will consider how such practices have influenced productivity and competitiveness and what policy measures have facilitated or encouraged their adoption. The sectoral studies highlight the specific dynamics that explain why some UK firms have become more prone to value extraction that is not justified by value creation. The implications of the findings for future UK policy on corporate governance will be subject to debate. The GoFinPro project has been funded by the Gatsby Foundation and has been carried out at SOAS University of London in collaboration with Institut Mines Telecom Business School in France. Speakers: Deborah Johnston (SOAS) Antonio Andreoni (SOAS), William Lazonick (SOAS), Mike Best (University of Massachusetts Lowell), Colin Haslam (Queen Mary University of London), Damon Silvers (American Federation of Labor and Congress of Industrial Organisations) Released by: SOAS Economics Podcasts

Jonathan Essex (Green Councillor in Surrey), John Foster (Lancaster University), Helena Paul (ECoNexus), Rupert Read (University of East Anglia), Prashant Vaze (Climate Bonds Initiative) and Ulrich Volz (SOAS) We are used to hearing that the climate crisis is serious, but still tractable if we start acting on it soon. The reality is different. Things are going to get much worse, for a long time, whatever we now do – which hardly anyone wants to admit.This book from the Green House collective offers climate honesty. The time for focusing primarily on mitigation is over. We now need to adapt to the dark reality of climate breakdown. But this means a deep reframing of our entire way of life. The book explores how transformative adaptation might enable us to confront escalating climate chaos while not giving up hope.Facing up to Climate Reality is a book for those brave enough to abandon the illusion of continuing normality, and embark on a harder, truer journey. “This important new collection brings the trademark radicalism of Green House to the climate crisis. The authors set out an array of bold and hopeful ideas, consider how facing up to climate disasters can kindle new green shoots of community, and explore the psychology of climate communication. The book both pursues climate honesty rigorously and offers hope for the future.”— Caroline Lucas MP Speakers are contributers to the book: John Foster is a freelance writer and philosophy teacher, and an associate lecturer in the department of Politics, Philosophy and Religion at Lancaster University, UK. Rupert Read is a Reader in the School of Politics, Philosophy, Language and Communication Studies at University of East Anglia. Jonathan Essex is a chartered engineer and environmentalist. He combines working in international development with serving as a Green Councillor in Surrey. Helena Paul has been working working on a range of environmental issues since 1988 including indigenous peoples’ land rights, tropical forests and geo-engineering. She runs the NGO ECoNexus. Prashant Vaze writes fiction and non-fiction on climate issues. He was a senior civil servant and now works at the not-for-profit Climate Bonds Initiative. Ulrich Volz is Head of Department of Economics and Founding Director of the SOAS Centre for Sustainable Finance at SOAS University of London. Speakers: Pr Jonathan Essex (Green Councillor in Surrey), John Foster (Lancaster University), Helena Paul (ECoNexus), Rupert Read (University of East Anglia), Prashant Vaze (Climate Bonds Initiative) and Ulrich Volz (SOAS) Released by: SOAS Economics Podcasts

Prof Kenji Aramaki (Tokyo Woman's Christian University & University of Tokyo) This talk, which is based on Professor Aramaki's new book of the same title, examines the struggles of the Japanese economy over the last 30 years, analyzing in detail the formation of the huge economic bubble in the 1980s, its collapse at the beginning of the 1990s, and subsequent two decade long economic stagnation and chronic deflation, with the aim of identifying the mechanism of such processes and drawing lessons for future economic policy management. It also assesses the comprehensive policy efforts called “Abenomics” under the current Abe administration. As the Abe administration has entered its third term and has two and a half more years to complete its goal of reviving the Japanese economy, it is timely to revisit the long stagnation of the Japanese economy and assess how far PM Abe's mission has been achieved. Speaker Biography: Kenji Aramaki is Professor of International Finance at the Department of Economics of Tokyo Woman's Christian University and Professor Emeritus at University of Tokyo. Professor Aramaki has has worked as a Japanese government official for nearly 30 years and taught at the University of Tokyo for more than 10 years. He worked as economist at the IMF in the 1980s and was a visiting professor at SOAS from 2014 to 2015. His main research interest includes international financial crises and the Japanese economy. Speaker: Prof Kenji Aramaki (Tokyo Woman's Christian University & University of Tokyo), Machiko Nissanke (SOAS) Released by: SOAS Economics Podcasts

Hassan Akram (Wake Forest University) XXII IDP Industrial Development and Policy Lecture Following its transition to democracy in the 1990s, Chile was an early and enthusiastic adopter of the strategy of global economic integration via bilateral and later multilateral Free Trade Agreements (FTAs) as well as through Bilateral Investment Treaties (BITs). Chile signed is first FTA with Bolivia in 1993 and quickly negotiated agreements with all its major trading partners including the EU (2003), the USA (2004) and China (2006). To date Chile has 26 active FTAs and 37 active BITs, the second highest number in Latin America. The ratification of these treaties by Congress, following their negotiation by the General Directorate of International Economic Relations (DIRECON), was largely a formality, each one passing with very large, near unanimous, majorities demonstrating Chile’s commitment to neoliberal globalisation. When Donald Trump pulled the USA out of the Transpacific Partnership (TPP) the Chilean government was instrumental in the resurrection of this multilateral trade pact, which was re-baptised, without the USA, as the Comprehensive and Progressive Trans-Pacific Partnership (CP-TPP). Given Chile’s bipartisan commitment to trade integration through multilateral treaties the government assumed that the ratification of the CP-TPP would be a fait accompli but a very vocal civil society movement engaged in very high mobilisation against it. Although the treaty passed in the Chamber of Deputies there was the highest level of parliamentary rejection of a TLC in Chilean history. We will seek to analyse and understand why multilateral trade integration has become politically controversial in Chile, contrasting the ‘pragmatic’ case against this particular agreement with the broader politicised rejection of the neoliberal project tout court. Speaker Biography: Hassan Akram is the Director of Wake Forest University’s Chile Centre and also teaches Public Policy at the Diego Portales University where the centre is based. He used to work for the Ministry of Planning and Development in Venezuela when Hugo Chávez was president, and before that at the NGO War on Want when Gordon Brown was Prime Minister. He has a PhD in Social and Political Science from the University of Cambridge, as well as a masters in Development Studies and another in Sociology from the same institution. Speaker: Hassan Akram (Wake Forest University), Antonio Andreoni (SOAS) Released by: SOAS Economics Podcasts

Ilene Grabel (University of Denver, USA) XXI IDP Industrial Development and Policy Lecture. When Things Don’t Fall Apart: Global Financial Governance and Developmental Finance in an Age of Productive Incoherence by Ilene Grabel (The MIT Press, 2017). Winner of the 2018 British International Studies Association International Political Economy Group Book Prize and the 2019 International Studies Association International Political Economy Section Best Book Award. In When things Don’t Fall Apart, Ilene Grabel makes a simple but controversial claim, based on the work of the eminent social scientist Albert O. Hirschman. Grabel argues that as concerns global financial governance and development finance we are now in a period that she calls productive incoherence. Unlike the Keynesian period of the middle 20th century and the neoliberal period that followed, the current conjuncture lacks an overarching theoretical framework to guide financial governance. In its absence, Grabel maps the proliferation of institutional innovation at the national, regional, and transregional levels. These experiments are grounded in a spirit of Hirschmanian pragmatism rather than Keynesian or neoclassical dogmatism. They are ad hoc, often limited in scope, and even inconsistent with each other. They are in that sense incoherent. The book’s novel normative claim is that this incoherence is productive. It is allowing for new institutional and policy innovations that are contributing to a pluripolar financial governance architecture that is more robust and offers greater opportunities for problem solving and experimentation than the coherent architecture it is displacing. Grabel substantiates these claims with empirically-rich case studies that explore the effects of recent crises on established and new networks of financial governance (such as the G-20); transformations within the IMF; institutional innovations in liquidity support and project finance from the national to the transregional levels; and the “rebranding” of capital controls. Grabel acknowledges, however, that the incoherent transformations underway also pose grave risks. She considers these risks in the concluding chapter of the book. Speaker Biography: Ilene Grabel is Professor of International Finance and co-director of the graduate program in Global Finance, Trade, and Economic Integration at the Josef Korbel School of International Studies at the University of Denver (USA). She is presently serving as a standing member of the Intergovernmental Expert Group on Financing for Development at the United Nations Conference on Trade and Development (UNCTAD). Grabel has worked as a consultant to the International Poverty Centre for Inclusive Growth of the United Nations Development Programme (UNDP), UNCTAD/G-24, United Nations University/World Institute for Development Economics Research, and UNDP’s Human Development Report Office. Grabel has also been a consultant to Action Aid, to the coalition “New Rules for Global Finance,” was an Expert Advisor to the Third World Network project on capital controls and free trade agreements; is a member of the Task Force on Regulating Global Capital Flows for Long-Run Development (of the Pardee Center for the Study of the Longer-range Future, Boston University), has been a member since 2013 of the Scientific Advisory Board of the Group of the Progressive Alliance of the European Parliament, and since 1987 has been a staff economist with the Center for Popular Economics. She served as a co-editor of the Review of International Political Economy from 2013-2017. (Find the full biography here: https://www.soas.ac.uk/economics/events/08may2019-when-things-dont-fall-apart-global-financial-governance-and-developmental-finance-in-an-ag.html) Speaker: Ilene Grabel (University of Denver, USA), Antonio Andreoni (SOAS) Released by: SOAS Economics Podcasts

Jonathan Arentoft (SOAS), Henry Leveson-Gower (Promoting Economic Pluralism), Ben Glover (Demos) and Sophie Van Huellen (SOAS) Mainstream Economics dominates all sectors of our society from academia to the job industry. The event seeks to understand the institutional and structural arrangements that allow orthodox Economics to protract its dominance in modern societies. We will be looking particularly at three channels through which this is possible. The first one is academia and it's relationship with the government in terms of various funding mechanisms. Secondly how educational institutions interact with the job market, for example how the demands of prospect employers discourage professors from designing a pluralist curriculum (and whether this is a myth.). Lastly, our speakers assess the symbolic value of the Nobel Prize, which almost exclusively awards research that fits into the Mainstream Economic Theory. To end on a positive note, our panel will consider strategies for change given this broad analysis. Speaker biographies: Jonathan Arentoft is a student of international relations and economics at SOAS, and is a society member of the Open Economics Forum, which is part of an international network of student groups which promote the pluralisation and democratisation of economics. Henry-Leveson Gower has been a practicing economist and policy analyst for almost 25 years. Henry is an internationally recognised expert in water policy and regulation but he also has knowledge of a wide range of environmental policy areas including sustainable consumption and production, climate change adaptation, industrial pollution and waste. He is also the founder and CEO of Promoting Economic Pluralism, which is seeking to create space for different frames, narratives and perspectives on the economy to gain legitimacy within academia, policy and public dialogues. Ben Glover is researcher at the think-tank Demos. Prior to joining Demos, he worked as a parliamentary researcher for a Labour MP. Before that, he was a policy adviser on the civil service fast stream, working in several government departments in Whitehall on policy areas including digital taxation, prison reform and rail travel. Here, he and with two co-workers set-up Exploring Economics, which has been pushing for more pluralism and diversity of approaches within the Government Economic Service. Sophie van Huellen is a Lecturer in Economics at SOAS University of London. She teaches undergraduate and post graduate modules in international finance and advanced econometrics. Her research interests are in quantitative methods beyond econometrics including machine learning and big data. She is further interested in financial markets, financialisation, (agricultural) commodity markets, and global value chains. At SOAS, she is an active memeber of the Food, Nutrition and Health in Development Research Cluster and the Research Cluster on Industrial Development and Policy. Organiser: The event was organised by OEF the (Open Economics Forum) and SOAS Department of Economics Speaker: Hannah Bargawi (SOAS), Jonathan Arentoft (SOAS), Henry Leveson-Gower (Promoting Economic Pluralism), Ben Glover (Demos) and Sophie Van Huellen (SOAS) Released by: SOAS Economics Podcasts This podcast has been edited and section have been shortened.

Penrose Lecture 2 Rita McGrath (Columbia Business School) Rita Gunther McGrath is a world-renowned thought leader and an expert on leading innovation and growth during times of uncertainty. Rita is a professor at Columbia Business School and the author of five books, including the best-selling The End of Competitive Advantage and the upcoming Seeing Around Corners: How to Spot Inflection Points in Business Before They Happen. She has received the #1 achievement award for strategy from the prestigious Thinkers50 and has been consistently named one of the world’s top ten management thinkers in its bi-annual ranking. Follow Rita on Twitter @rgmcgrath. For more information, visit RitaMcGrath.com. In partnership with the Financial Times. Please note that there are two lectures in this series: Register for Lecture 1 - "Financialisation and the innovative capability of firms: Penrose’s lessons loom large" (24th April) Register for Lecture 2 - "From firms to markets: How digitization is changing our theories of firm level growth" (26th April) Organiser: The Penrose Lectures Committee, SOAS University of London Speakers: Rita McGrath (Columbia Business School) Released by: SOAS Economics Podcasts

Penrose Lecture 1 Rita McGrath (Columbia Business School) Rita Gunther McGrath is a world-renowned thought leader and an expert on leading innovation and growth during times of uncertainty. Rita is a professor at Columbia Business School and the author of five books, including the best-selling The End of Competitive Advantage and the upcoming Seeing Around Corners: How to Spot Inflection Points in Business Before They Happen. She has received the #1 achievement award for strategy from the prestigious Thinkers50 and has been consistently named one of the world’s top ten management thinkers in its bi-annual ranking. Follow Rita on Twitter @rgmcgrath. For more information, visit RitaMcGrath.com. In partnership with the Financial Times. Please note that there are two lectures in this series: Register for Lecture 1 - "Financialisation and the innovative capability of firms: Penrose’s lessons loom large" (24th April) Register for Lecture 2 - "From firms to markets: How digitization is changing our theories of firm level growth" (26th April) Organiser: The Penrose Lectures Committee, SOAS University of London Speakers: Rita McGrath (Columbia Business School) Released by: SOAS Economics Podcasts

Anne Booth (SOAS) In the literature on women and development, there has been a tendency to view the countries of Southeast Asia as less patriarchal than other parts of Asia. It has also been argued that patterns of female literacy and female employment in the Moslem-majority countries in Southeast Asia are different from those in Moslem-majority countries in the Middle East and North Africa. This paper reviews both the historical and contemporary evidence on the role of women in Southeast Asia paying particular attention to four indicators. The first is the extent to which women have been able to obtain employment outside the home. The second is their ability to gain access to at least sufficient education to give them literacy and numeracy. The third concerns their control over when and who they marry, and their fertility within marriage. The fourth concerns the extent to which Southeast Asian societies have been characterized by strong son-preference. The paper discusses whether Southeast Asia is different and the possible reasons for these differences. Professor Anne Booth is Emeritus Professor of Economics at the SOAS Department of Economics. Organised by the Female Employment and Dynamics of Inequality (FEDI) Network Speakers: Anne Booth (SOAS), Massoud Karshenas (SOAS) Released by: SOAS Economics Podcasts

Ben Fine (SOAS) This podcast is a recording of the Third SOAS Economics Alumni Lecture on " Post-Truth: An Alumni Economist’s Perspective". Ben Fine can draw upon fifty years as an academic economist, whether as student, researcher or policy advisor. Unintimidated by the increasing technical wizardry of mainstream economics, he will use his experience and experiences to expose the truths, half-truths and untruths of the dismal science to question whether the discipline might appropriately be seen as a precocious if shifting purveyor of what has come to be known as post-truth. Speaker biography: Ben Fine is Emeritus Professor of Economics at SOAS University of London. He has (co)authored or edited over thirty books and published over 250 articles covering a wide range of economic theory, economic and social policy, development economics, political economy and the history of economic thought, with a strong intellectual commitment to interdisciplinarity. Different books were awarded the Gunnar Myrdal and Deutscher Memorial Prizes. Ben served as a founding member of the Social Science Research Committee of the UK’s Food Standards Agency and chaired the Working Group on Reform of Slaughterhouse Controls. He was an expert witness at the Sizewell B Nuclear Power Inquiry, and served as one of four international expert advisors on President Mandela’s 1995/96 South African Labour Market Commission. He was Research Editor at the Industry and Employment Branch of the Greater London Council, and has advised UNDP, UNRISD, UNDESA, UNCTAD, Oxfam and other progressive organisations including trade unions and civil society organisations. He is Chair of the International Initiative for Promoting Political Economy. Speakers: Ben Fine (SOAS) Released by: SOAS Economics Podcasts

Ece Kocabicak (LSE) What is the significance of property ownership for varieties of patriarchy, and what are the implications for the existing theories of patriarchy? Using the case study of Turkey, I differentiate two forms of domestic patriarchy: premodern and modern. In the premodern form male dominance in landownership leads to patriarchal exploitation of women’s labour in agriculture, whereas in the modern form women’s exclusion from paid employment maintains patriarchal exploitation of labour within the home. In differentiating the reasons and consequences of the premodern form from those of the modern form, I use the methods of the legal and comparative analysis over time. The period considered is from the early-twentieth century to the contemporary period. I argue that women are legally dispossessed of agrarian land which, in turn, establishes premodern domestic patriarchy by maintaining patriarchal exploitation of women’s labour in agriculture. The premodern form increases the gender gaps in education, paid employment, and access to basic financial assets thereby limiting women’s engagement in the public sphere. This, in turn, prevents the transition from domestic to public patriarchy. Premodern domestic patriarchy further shapes trajectories of capitalist development by (i) sustaining a pattern of small landownership, (ii) constraining labour supply, (iii) subsidizing urban wages, and (iv) obstructing the production and export of advanced manufactured goods. Speaker biography: Dr Ece Kocabıçak is currently working as an LSE Fellow in the Department of Gender Studies at London School of Economics and Political Science (2017-current). Her teaching and research engage with the contemporary debates in international development, comparative political economy, political sociology, and social inequalities. Her research expertise is on trajectories of capitalist development; varieties of gender regimes; state-formation; the relationship between gender, class, race-ethnicity, and sexuality based inequalities; and the significance of political collective subjects for social change. She further focuses on the processes and factors that sustain gender-based exclusionary strategies in property ownership, labour market, education, and political decision making in the Middle East, North Africa and South Asia. Ece is a member of the Female Employment and Dynamics of Inequality (FEDI) Network (led from SOAS) on the dynamics of gender inequality in the Middle East, North Africa and South Asia. Organised by the Gender Dynamics of Inequality Research Network. Speakers: Ece Kocabicak (LSE), Massoud Karshenas (SOAS) Released by: SOAS Economics Podcasts

Machiko Nissanke (SOAS) Drawing in part on her chapter in the forthcoming Palgrave Handbook of Development Economics, Machiko presents a critical reflection on how to secure sovereign debt sustainability for economic development of LICs. Her seminar talk is set in the context of the rising debt distress in several SSA countries over the recent years as well as the evolution of the academic and policy debates on the ‘aid-debt-growth’ nexus. After critically evaluating the constructs of the IFIs’ Debt Sustainability Framework in use of LICs, she discusses alternative approaches to sovereign debt sustainability. These entail: a) a system of prudent resource and debt management, including sound selection of debt-financed projects with large developmental dividends and spill-overs in light of a country’s absorptive capacity, and close performance monitoring at micro and macro levels; b) choice and packaging of appropriate financial instruments; and c) a clearly agreed procedure, backed up with global facilities laid out at the onset in debt contracts, on how to deal with downside risks and debt distress conditions in order to facilitate an orderly debt restructuring and workout process. Against these conditions, she evaluates the prospects of the emerging debt problems in Africa, in particular in relation to the growing portion of sovereign debt owed to private creditors and non-traditional concessional loan providers, and the way forward with their sovereign debt restructuring mechanisms. Machiko Nissanke is Emeritus Professor of Economics at the SOAS Department of Economics. This talk was organised by the Centre for Global Finance (CGF) and was part of the CGF Seminar Series. The Centre for Global Finance (CGF) is established under the AXA Chair in Global Finance. The centre undertakes rigorous research that explores mega-trends in global finance and how they impact on development in the international financial system and the world economy. The research via the centre aims to significantly extend the existing body of knowledge on finance, stability and growth. This can help identify the drivers of growth in emerging economies, and the issues that lead to financial crashes. Find out more about the CGF: https://www.centreforglobalfinance.org/ Speakers: Machiko Nissanke (SOAS), Victor Murinde (AXA Professor in Global Finance, SOAS University of London) Released by: SOAS Economics Podcasts

Costas Lapavitsas (SOAS) A crucial feature of financialisation is the extraordinary increase of financial profits in relation to non-financial and total profits. The reasons for this increase are not well understood. To tackle this issue this paper adopts a Marxist approach to financialisation as a distinct historical period in the development of mature capitalism. On this basis it builds a macroeconomic model with a non-financial and a financial sector which is also stock-flow consistent along the lines of Godley. The model shows that the ratio of financial to non-financial profits depends positively on the net interest margin and the non-interest income of banks, but negatively on the general rate of profit, the non-interest expenses of banks, and the ratio of the capital stock to interest-earning assets. The model is subsequently tested for the US economy showing that financial profits have varied mainly with respect to the net interest margin, while non-interest income has also played a significant role. The crisis of 2007-9 represents a turning point in this respect, ushering in a period of weaker financial profits. Costas Lapavitsas is Professor in Economics at the SOAS Department of Economics. Speakers: Costas Lapavitsas (SOAS), Gregor Semieniuk (SOAS) Released by: SOAS Economics Podcasts

Mario Pianta (Scuola Normale Superiore, Firenze) The objectives of developing high-knowledge economic activities, expanding industry, reaching environmental sustainability and achieving greater convergence are clearly stated in the Europe 2020 strategy and in the more recent policy documents of the European Union (EU). Such objectives, however, lack a coherent strategy, an appropriate institutional setting and adequate resources for affecting the evolution of Europe’s economies. These challenges can be addressed with the tools that were typical of industrial policy, but with a deeply revised approach. This article examines the main actions in the field of industrial policy currently carried out at the European level. The present and potential space for such initiatives is examined in the light of the growing debate on the need for a return to a greater role for public policies in favouring sustainable growth, supporting private investments and reducing the economic divergence across EU Member States after the outbreak of the 2008 financial crisis. In view of the debate on the new EU budget 2021-2017, a proposal for a new type of industrial policy with the goal of supporting well-defined technological and production activities and assuring greater democracy in economic decision making is outlined. Speakers: Mario Pianta (Scuola Normale Superiore, Firenze), Antonio Andreoni (SOAS) Released by: SOAS Economics Podcasts

Janet Hunter (LSE) The devastating impact of the earthquake, fire and tsunami that struck the Kantō plain on 1st September, 1923 has been widely acknowledged. Physical destruction, death, injury and social dislocation together left an enduring legacy on the capital area for the remaining years of the interwar period. The impact of the disaster on the rest of Japan, however, has often been overlooked. While regions beyond the Kantō area were spared physical destruction and death, they were nevertheless impacted by the disaster in a whole range of ways. From Hokkaidō down to Kyūshū, residents of provincial towns and villages found their lives affected by what had happened to their fellow citizens in Kantō, all the while knowing that they themselves were vulnerable to a similar fate. The focus in this presentation will be on the economic impact of the disaster. I will show that that while Japanese across the archipelago responded to the crisis with sympathy and altruism, their response was also shaped by fact that the disaster had occurred at the core of what was a relatively highly integrated market economy. The economic impact diffused outward from the devastated area through what disaster theorists have called ‘ripple effects’. Japanese reports drawn up in the months following the earthquake show that in some cases local businesses incurred losses from the disaster. They might, for example, have lost export stocks stored in warehouses in Yokohama or could no longer get their products to market because of infrastructural damage. Some were faced by a sudden drop in demand for the product on which they depended. Conversely, for others the disaster led to an increase in profits, perhaps because what they produced was needed for the reconstruction of buildings, or because they had skills that were in short supply. Whatever the case local actors responded proactively to the sudden shift in market conditions, changing their behaviour accordingly; these market-based responses were often targeted on the immediate short term, but there were also responses that were focussed on trying to use the disaster as a springboard for longer term opportunities. I will argue that despite the pursuit in many regions of a ‘disaster as opportunity’ scenario, only in a few cases did the disaster bring about any fundamental and lasting change in established patterns of economic activity. In particular, it did little to undermine the increasing dominance of the Kantō region in the national economy and appears to have had little impact on existing patterns of market integration. Speaker Biography: Janet Hunter specialises in the economic development of modern Japan. She has written widely on the evolution of the female labour force, the development of Anglo-Japanese economic relations and the development of communications networks. She is currently part of a research project on comparative ideas of business ethics in Asia, and is writing a monograph on the economic effects of the Great Kanto Earthquake of 1923. Her most recent publications include ‘Obtaining Wealth Through Fair Means’: Putting Shibusawa Eiichi’s Views on Business Morality in Context, in P.Fridenson & T.Kikkawa (eds.), Ethical Capitalism: Shibusawa Eiichi and Business Leadership in Global Perspective (University of Toronto Press, 2017) and ‘Price Shocks in Regional Markets: Japan’s Great Kanto Earthquake of 1923’ (with K.Ogasawara), Economic History Review (advance online version, 2018). Speakers: Janet Hunter (LSE), Ulrich Volz (SOAS) Released by: SOAS Economics Podcasts

Elisa Van Waeyenberge (SOAS), María José Romero (SOAS/Eurodad) Presentation slides: https://www.soas.ac.uk/economics/events/file138173.pdf Currently there is keen political interest in public-private partnerships (PPPs) as a way to leverage private finance. PPPs are increasingly being promoted to achieve the Sustainable Development Goals, which include economic infrastructure, but also key services such as health and education. Donor governments and financial institutions, such as the World Bank Group have promoted changes in national regulatory frameworks to allow for PPPs, as well as provided advice and finance for PPP projects in both the Global North and South. This session will discuss the general context that gives raise to PPPs as a financing mechanism, and present the Report ‘History RePPPeated – How public-private partnerships are failing’ which discusses ten PPP projects that have been implemented across four continents. The Report illustrates the most common problems encountered by PPPs, challenging the capacity of PPPs to deliver results in the public interest. Speaker biographies: Elisa is a Senior Lecturer in Development Economics at SOAS University of London. Her research interests include alternative macroeconomic policies in developing countries, the role of International Financial Institutions across policy and scholarly realms, as well as the financing of infrastructure and public service provision. She has authored several articles on these topics as well as edited books with colleagues, including The Political Economy of Development: The World Bank, Neoliberalism and Development Research, together with Kate Bayliss and Ben Fine. María José has a degree and master degree in political science from the University of the Republic of Uruguay. She has worked for the European Network on Development (Eurodad) since 2012 as a Policy and Advocacy Manager on private finance and development finance institutions. Before that, she worked on development finance related issues for civil society organisations in Peru and in Uruguay. She has published several articles and civil society reports on PPPs, as well as co-edited ‘History rePPPeated’. In 2018 she started a PhD in Development Economics at SOAS with a research project on PPPs in health and education. Speakers: Elisa Van Waeyenberge (SOAS), María José Romero (SOAS/Eurodad) Released by: SOAS Economics Podcasts