Questions of capitalism and integrity
ONE of the diverse joys of the Book Festival is those times when it provides an opportunity to hear an expert in his or her field explain, in layman’s terms, something most of us should understand, but don’t.
This was the case on Sunday evening in Alan Little’s Big Interview, in which he invited BBC Economics editor Kamal Ahmed to address the question: has capitalism
Explaining the situation in the context of the past 70 years, Ahmed described the “postwar consensus” between the State, trade unions and private enterprise which held sway from the 1940s to the 1970s. As that consensus broke down during the 1970s, it cleared the way for the free-market led model favoured by Margaret Thatcher, which lasted until the banking crisis of 2008.
The model which will replace that is unclear. Ahmed said: “My mother’s generation believed the State would provide, my generation believed the market would provide. It’s unclear who will provide for my daughter. The challenge for mature capitalist democracies is to create a new narrative which people, particularly young people, will trust.”
While quantitive easing and increased controls should guard against a repeat of 2008, one consequence is that property values have increased, while wages have fallen in real terms. A major survey by the Financial Conduct Authority last year found thataroundfourmillionworking people in the UK would struggle to pay an unexpected £50billattheendofthemonth, fuelling the belief that capitalism is no longer delivering on its promises.
Little (also a BBC journalist) and Ahmed went on to discuss the changing role of the BBC, with Ahmed emphasising the importance of impartiality in an increasingly polarised world. The organisation is itself re-evaluating its approach to news, something to which Ahmed will contribute as he moves to the role of editorial director later this year.
Questions of the integrity and trust were foregrounded again in Hard Truths ,an event at which Jim Yardley, Europe editor of the New York Times,andnytphotographer Ivor Prickett, discussed the photographic exhibition of the same name, currently at the Assembly Rooms, with Jim Naughtie.
In a world where photographic images are everywhere, often from unverified sources, they emphasised the strict regulations they employ for the images they use.
Yardley, who took up his current post the day before Donald Trump was elected, described the challenges of working under a president who is at war with the media, using every opportunity on the campaign trail to vilify journalists, but added that, ironically, this has affirmed – perhaps more than anything else could – why good journalism really does matter. SUSAN MANSFIELD