Exchanges: The Global Economy

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French Economist Thomas Piketty20140621

French Economist Thomas Piketty2014062120140622 (WS)

The internationally acclaimed French economist Thomas Piketty talks to BBC correspondent Simon Jack in front of a live audience at the Université Paris-Dauphine. His best-selling book, Capital in the 21st Century, rocked the economic world with its arguments about the widening gap between the global rich and poor. We hear more about Piketty’s theories and what they say about our developing perceptions of wealth, tax, and modern capitalism.

Photo: Thomas Piketty. Credit: Getty Images)

01Exchanges - The Global Economy20130713

01Exchanges - The Global Economy2013071320140101 (WS)

Professor Joseph Stiglitz joins the BBC’s Justin Rowlatt, a phalanx of French economists and the Parisian public, as they debate the cost of inequality at Paris Dauphine University.

Professor Stiglitz is a Nobel Prize winning economist, a former advisor of Bill Clinton and former chief economist of the World Bank. His counsel is sought by much of the developing world’s leadership and by national governments across the globe. He has a stark warning to make: inequality is so rampant that all over the world it is depressing economies and dividing societies. Even when they conspicuously live the high life, the rich are incapable of consuming all they earn - the money is piling up and it is a drag on growth. The rest of us – with declining wages and less influence on politicians – are borrowing more to keep living standards the same.

Stiglitz wants to curb financial sectors, restore full employment, get governments to drive growth and raise taxes. Is he right? Can a ‘state-led’ capitalism lead to high growth and stable economies? Is equality really the way to restore health to advanced economies around the world?

(Photo: Joseph Stiglitz and Justin Rowlatt - Copyright Université Paris-Dauphine)

01Exchanges - The Global Economy20130713