Banks ("the greatest ponzi scheme ever") versus the economy - Steve Keen with Paul Mason

"If we keep the parasitic banking sector alive, the economy dies," warns radical economist Steve Keen.

For BBC Radio 4's Analysis programme, Paul Mason interviews Professor Steve Keen about his diagnosis and proposed treatment for our current economic problems.

A follower of the late Hyman Minsky, Professor Keen has an unconventional proposal for dealing with the financial crisis: a "Modern Debt Jubilee" that reduces private debt without disadvantaging savers, but which drastically reduces the income and power of the financial sector.

Professor Keen has also argued that though it professes to praise capitalism, mainstream "Neoclassical" economics poses a greater danger to capitalism than any number of left-wing revolutionaries. "Its naive, money-less, equilibrium theory of capitalism provided the unwitting cover for the greatest Ponzi Schemes in human history," claims Professor Keen.  He argues that it's in the interests not just of "Occupy LSX" to overthrow this theory, but the business sector as well.

Steve Keen is Professor of Economics and Finance at the University of Western Sydney. He is the author of the best-selling book Debunking Economics and blogs at Steve Keen's Debtwatch. 

Paul Mason is the Economics Editor of BBC 2's Newsnight programme. His books include Meltdown: The End of the Age of Greed; and Why It's Kicking Off Everywhere: The New Global Revolutions. He blogs at Paul Mason.

This event will be broadcast on BBC Radio 4 at 8.30pm on Monday 4 June 2012, as part of the Summer 2012 series of Radio 4's Analysis programme. For over 40 years, Analysis has been examining ideas which shape public policy in Britain and abroad. 

LSE and BBC Radio 4 public conversation

Date: Tuesday 3 April 2012
Time: 6.30-8pm
Venue: Old Theatre, Old Building
Speaker: Professor Steve Keen
Chair: Paul Mason

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