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The Compass: After the Crash: After the Crash: Power Shift

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cropped After the Crash ep 3.jpg

10/10/2018 GMT

After the Crash: Power Shift

After the Crash

BBC World Service - The Compass, After the Crash, After the Crash: Power Shift

How the 2008 financial crisis led to a shift in power from West to East

Professor Ian Goldin examines how the 2008 financial crisis led to a shift in power from West to East.

In 2008 when the financial systems of the world’s richest countries crashed, others did not. Asian nations, especially China, bounced back quickly from the crisis, and were able to capitalise on their financial power to build up their reputation as global players. 
 
Professor Ian Goldin looks at how this has led to a shift in power from West to East, the ripples of which can be seen in everything from the founding of the G20, to Chinese foreign investment in Africa, to a rise in confidence in developing countries. With this massive change in world power still underway, should we be worried or excited?
 
Professor Goldin hears from guests including Amnesty International secretary general Kumi Naidoo, head of the IMF Christine Lagarde, professor of public policy at the National University of Singapore Kishore Mahbubani, and former World Bank managing director and finance minister of Nigeria Ngozi Okonjo-Iweala.

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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