Free Thinking

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Free Thinking: Coins, going cashless and the magic money tree

Coins, going cashless and the magic money tree

BBC Radio 4 - Free Thinking, Coins, going cashless and the magic money tree

In February 1971, the UK went decimal. Anne McElvoy and guests look at money old and new.

Anne McElvoy, Kenneth Rogoff, Patricia Fara, Ann Pettifor and Tom Hockenhull discuss old coins to currencies like Bitcoin and economic decision making in the time of Covid.

From minting coins to digital currencies, Anne McElvoy is joined by Harvard economist Kenneth Rogoff, British Museum coin curator Tom Hockenhull, historian of science Patricia Fara and political economist Ann Pettifor to explore the physical and virtual life of money as we approach the fiftieth anniversary of Decimal Day in the UK.  The discussion ranges from the symbolism of images we find stamped on individual coins to the cashless society, and whether or not there is a magic money tree.  February 15th 1971 was the date when the old British system of pounds, shilling and pence changed, following earlier unsuccessful attempts and the founding of a Decimal Association in 1841. But what is our relationship with money at the moment in a world of bitcoin, and paying by credit cards not loose change? 

Patricia Fara's books include Life after Gravity: Isaac Newton's London Career; Pandora's Breeches - Women, Science and Power; Science: A Four Thousand Year History
Tom Hockenhull is Curator of Modern Money in the Coins and Medals department at the British Museum which was built upon the various collections of Hans Sloane - amongst them were 20,000 coins.  His books include Making Change: The decimalisation of Britain's currency and Symbols of Power : Ten Coins That Changed the World.
Kenneth Rogoff is a Professor of Public Policy and Professor of Economics at Harvard University. From 2001-2003, he was Chief Economist and Director of Research at the International Monetary Fund. His books include The Curse of Cash; This Time Is Different: Eight Centuries of Financial Folly co-authored with Carmen Reinhart
Ann Pettifor is the author of books including The Green New Deal, and The Production of Money. https://www.annpettifor.com/

Producer: Eliane Glaser.

You might be interested in the episode of Radio 3's Words and Music broadcasting on Sunday February 21st at 5.30pm, which features a series of readings and music exploring the idea of money. 
In the Free Thinking archives:  "new money" and the wealth gap depicted in Edith Wharton's 1920 novel The Age of Innocence https://www.bbc.co.uk/programmes/m000c4ln 
Does Growth Matter?  Anne McElvoy talks with demographer Danny Dorling and economists Richard Davies and Petr Barton 
https://www.bbc.co.uk/programmes/m000gbtl
Economics: Anne McElvoy talks to Juliet Michaelson, Liam Byrne, John Redwood and Luke Johnson  https://www.bbc.co.uk/programmes/p03qbv3q 
Linda Yueh gives the Free Thinking Festival Lecture on Globalisation and restoring faith in the free market https://www.bbc.co.uk/programmes/p062m7mj

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