The Financial Times has asked whether the global economy can survive another shock. I think it’s the question of our time. Debt, war and climate change are pushing us to breaking point and yet our governments still pretend that markets will save us.
In this video, I explain why that’s a dangerous illusion, how neoliberal policy has made us fragile, and why only courageous governments, ready to act in the public interest, can prevent systemic collapse.
00:00 Can the global economy survive another shock?
00:40 Fragility of today’s world economy
01:10 Debt, war, and climate pressures
01:50 The myth of market resilience
02:15 From 2008 to COVID to Gaza
02:45 The illusion of control and central banks
03:15 The debt and inequality trap
03:45 The next global shock scenarios
04:15 Geopolitical flashpoints and risks
04:45 Climate breakdown and economic collapse
05:10 The myth of perfect equilibrium
05:40 Economies as chaotic human systems
06:10 The risk of political and social collapse
06:45 Repression versus reform
07:15 Can humanity survive another crisis?
07:45 The role of courageous leadership
08:10 Building resilience before the next crash
08:45 The need for public investment and trust
09:10 Creating strong public banks and safety nets
09:40 Rejecting neoliberalism’s failures
10:10 The call for a courageous state
10:50 Preparing for shocks with real reform
11:20 Final thoughts — act now or face collapse
TRANSCRIPT
A transcript for this video is available at: https://www.taxresearch.org.uk
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ABOUT RICHARD MURPHY
Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
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INTRODUCTION: https://www.youtube.com/watch?v=HdHsRPy3060
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Credit to : Richard J Murphy