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The Compass: After the Crash: After the Crash: Austerity and Consequences

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Austerity and Consequences

03/10/2018 GMT

After the Crash: Austerity and Consequences

After the Crash

BBC World Service - The Compass, After the Crash, After the Crash: Austerity and Consequences

Did Governments’ handling of the 2008 financial crisis make things better or worse?

Did Governments’ handling of the 2008 financial crisis make things better or worse? Ian Goldin explores in the second episode of this five part series.

Did Governments’ handling of the 2008 financial crisis – when some chose to implement austerity and some didn’t - make things better or worse? Ian Goldin, professor of Globalisation and Development at Oxford University, visits Illinois in the US to find out how people were affected by the collapse in the housing market. He also talks to Christine Lagarde – the head of the International Monetary Fund – about how austerity measures were implemented in Europe. And Ngozi Okonjo-Iweala, the former Minister of Finance in Nigeria, talks about how the crisis was felt in Africa. 

Presenter: Ian Goldin
Producer: Ben Carter

(Photo: Child with banner, Credit: Getty Images)

The Compass: After the Crash

Ian Goldin examines how the 2008 financial crisis has changed the world.

Ten years ago the world financial system had a heart attack. Gripped by panic, banks stopped lending, cash ran out and the world came to the edge of a financial precipice.

The impact was immediate. As millions of people lost their jobs and as the shock that started in Wall Street reverberated around the world, the crisis led to a collapse of the Greek, Spanish, Icelandic and other economies. 

Professor Ian Goldin has spent his career working in all five continents on finance and development. After serving as an economic advisor to President Mandela and CEO of the Development Bank of Southern Africa, he moved to Washington to be the head of policy and vice president at the World Bank in the run up to the crisis. In 2006, he was appointed as the founding Director of the Oxford Martin School and Professor of Globalisation and Development at Oxford University.

In this five part series he examines how the 2008 financial crisis has changed the world.

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