BBC Documentary: How the West Went Bust

This is by far the best documentary I’ve seen which explains the reasons for the ongoing financial crisis that started in October 2008. BBC business editor Robert Peston examines how […]

This is by far the best documentary I’ve seen which explains the reasons for the ongoing financial crisis that started in October 2008.

BBC business editor Robert Peston examines how the world got to this point and how the colossal imbalances in the global economy have left Western nations in need of a radical economic overhaul.

In this first of two programs Peston examines how, thirty years ago, momentous decisions were taken which shaped the world we live in today. In China, Deng Xiaoping opened up the country to foreign capitalists; in Britain and America, the free market revolution was unleashed by Margaret Thatcher and Ronald Reagan. The Party’s Over compares the lives of workers in a Chinese company with their co-workers in Britain.

Robert Peston interviews bankers, politicians and economists, and concludes that the boom we enjoyed before the crash was based on an illusion, and that the world’s economy is now so unbalanced that in the West we face a sobering wake-up call.

In the second program Peston asks how Britain can compete in the new world economic order. After years of living beyond its means, Britain needs to wean itself off the consumer society.

With the Eurozone crisis still threatening further financial armageddon, Peston asks whether we are in for decades, rather than years, of sluggish growth. Featuring interviews with senior economists, bankers and politicians, as well as the ordinary people in several countries, whose livelihoods depend on the outcome of this vast economic reordering of the world.

 

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