The past century has seen the emergence of a new economic and social consensus. Our societies were once ruled by faith values, but in their place now stands the market. With the economic worldview chairing the board, and finance acting as the CEO, neoliberal society has delegated ethical decision making to the commercial logic of the market.

How did this happen? Is it a good thing? What can we learn from once-dominant faith perspectives that might once again place ethical codes above the commercial imperative? This event will bring together commentators and experts from different faith traditions to understand how values can be integrated into finance, and what this might look like in a pluralistic society.

In the latest instalment of our Radical Old Idea series, which took place on Wednesday January 25 at 1300, economist and author John Kay explored the differences and what they mean for finance in an interview with series host Kaisie Rayner.

As he explains in his recent book Radical Uncertainty, authored with former Bank of England governor Mervyn King, risk refers to situations which are not precisely known but can be modelled with some accuracy, like the roll of a dice. Radical uncertainty, by contrast, is those events which were “outside the model”, such as a global pandemic, or a war.

As the world economy seeks to recover from two major such events, we ask why finance struggles to deal with them, and whether it can improve.

Dr Katherine Trebeck of the Edinburgh Futures Institute and co-founder of the Wellbeing Economy Alliance – WEAll, joined us on Wednesday 2nd November to discuss the economics of arrival.

In an interview with series host Kaisie Rayner FRSA of GEFI and A future worth living in, Dr Trebeck will shared her ideas behind her book the Economics of Arrival.

Co-authored with Jeremy Williams, the book questions the need for constant economic growth, and seeks to reimagine what economies might look like. This event seeks to make a radical idea real by asking how finance might need to adapt to deliver an economy with a destination in sight.

Find out more: https://lnkd.in/eKYu2uny

What would Adam Smith have thought about climate, COP and natural capital? David Pitt-Watson, Visiting Fellow at Cambridge Judge Business School is interviewed by our researcher Sam Wheldon-Bayes as part of our Radical Old Idea Series, in the beautiful Panmure House, home of Adam Smith. In the interview, David discusses what Adam Smith would have thought about climate, COP and natural capital, applying these lessons to some of the big questions facing modern policymakers. The discussion draws on the Wealth of Nations in the 21st Century essay series, which he contributed to. As David argues, some of Smith’s modern devotees dramatically misunderstand his beliefs. In the face of a collective challenge such as climate change, it is unlikely Smith would have proposed a free-market, low-regulation approach, but rather advocated effective regulation.

‘The Radical Old Idea: The Future of Growth’, took place on 14 July at 14:00 with renowned ecological economist Prof. Tim Jackson. The ‘Prosperity Without Growth’ author looked at the presumption that our economies should grow year on year.

When the early pioneers of climate science first questioned this in the 1970s, Kenneth Boulding famously stated that “anyone who believes in indefinite growth in anything physical, on a physically finite planet, is either mad or an economist.”

In the interview with Kaisie Rayner, Climate Change Lead at Royal London, Prof. Jackson previewed his latest book ‘Post-Growth: Life after Capitalism’, looking at the case against infinite growth, and asking how we imagine a future without growth.

From banking to pensions, it is taken for granted that companies and economies will continue to expand indefinitely, providing a greater pool of resources for tomorrow than today. This session will asked whether it is possible to wean ourselves off growth, and what this might mean both for those industries which currently depend on it, and their stakeholders, and how to maintain hope during times of crisis. Watch now on EFx.

Tim’s latest book Post Growth can be purchased at https://politybooks.com/bookdetail/?isbn=9781509542512

We were delighted to launch the Radical Old Idea series on 23 June with a virtual presentation from Professor Alex Edmans of London Business School who explained the business case for responsibility in normal times as well as those of crisis, and how companies can ensure that responsibility is consistent with long-term shareholder value. Alex drew on rigorous academic research, real-world examples, and his new book, Grow the Pie: How Great Companies Deliver Both Purpose and Profit. Watch the highlights now, or read the event summary.