UN Report Warns of ”Another Lost Decade” w/ Richard Kozul-Wright
Episode description
On this edition of Parallax Views, a recent United Nations Conference on Trade Development report warns of "another lost decade" that could repeat the same mistakes of the 07/08 financial crisis and its aftermath. Richar Kozul-Wright, one of the principal authors of the report and Director of the Globalisation and Development Strategies Division in UNCTAD, joins us to discuss the report. Titled "From Global Pandemic to Prosperity" the 2020 UNCTAD report warns of continued austerity and why it is dangerous as inequality rises globally. The report pushes back on neoliberal ideas about dealing with global crises and is primarily interested in the developing world, however, it has much to say to audiences in the developed world that are starting to more acutely feel the effects of a particular form of virulently predatory capitalism. Richard explains why "Build Back Better", the slogan of United States President-elect Joe Biden, must take not repeat the mistakes of the lost decade after the financial crisis. The pushing down of wages, government frugality, cutting of social safety nets, and more comes up in this fascinating conversation that details why it is time for society to reckon with the financial crisis of 07/08 if a better more robust recovery is to occur in the wake of the COVID-19 pandemic. In addition Richard and I also talk about Biden's Treasury Secretary pick Janet Yellen vs. Trump's Treasury Secretary Steven Mnuchin, changing opinions about neoliberalism, Modern Monetary Theory (MMT), the climate change crisis as a doomsday scenario, the Green New Deal, hyperglobalization, austerity, and more.