Saturday, June 21, 2008

The Political Shufflings of the Dominant British Economists

Can I be a bitch about this please? It is ridiculous that an insular and incestuous academic organisation such as the London School of Economics is now the most supreme modern exponent of the "Old Boys Network" that used to run Britain.

We can now comfort ourselves that the planet's tolerance of Human Economic Growth will be stabilized and moderated by a cerebral man born after World War 2, into the Liberal and Idealistic Baby-boomer generation, who can mull over grave thoughts affably in the ghetto-mentality confines of the Royal Opera House, the E.N.O, and Lords Cricket Ground.

Who said we want the Economists from the LSE to pilot our future? I didn't, and I haven't even heard anybody else asking the question! As individuals, we get to vote for one lousy MP, and that is the full extent of our democratic power. Why does everybody think democracy is so wonderful? The traditional institutions of the Church, the Press, and the Judiciary which were supposed to act as checks on the State do not seem to have any comprehension of what is going on here. This is a lovely example of how Democracy is just as prone to despotism, ignorance and negligence as other political systems. Or is the fact that we get to watch Big Brother on Television the ultimate proof that democracy is superior to blatant oligarchy?

I would like someone to expose and subject the London School of Economics to a ruthless analysis of its intellectual and political machinations. As a member of the public, I am not paid to do this, so where are the intelligent journalists that were all directed into Media Studies five years ago?

Charles Bean, the new deputy governor, is a respected economist with eight years experience at the Bank of England. Known as affable and cerebral, the fan of cricket and opera was a successful academic before being lured to Threadneedle Street. Born in 1953, he studied at Cambridge and the Massachusetts Institute of Technology before working at the Treasury, and then becoming professor of economics at the London School of Economics in 1990. - Graeme Wearden

Paul Tucker, the Bank of England's executive director for markets, is the frontrunner to be the first head of the central bank's new financial stability committee from next spring, when Sir John Gieve leaves. Tucker, 50, has long been considered a rising star. He has extensive financial markets experience, at the Bank and in the commercial banking world, and is well respected in the City and internationally. He has also been on the Bank's rate-setting committee since 2002 so has extensive experience of monetary policy. Some suggest he could replace Mervyn King as governor in five years' time. - Ashley Seager


Martin Garthwaite said...

As a graduate of LSE I'm flattered that you think the school has such an influence on public life! I think once of the main differences between LSE and other universities is the mobility of the academics between business and academy.

loveandtheplanet said...

Don't you think heading up the Bank of England is having an influence on Planetary Biological Life? In that case, you were perfect for the LSE, and no wonder they took you in. Welcome to the Planetary School of Economics, where you may discard the blinkered tunnel-vision that was nurtured while you were at the LSE. When you're so deep in the woods that you can't see the trees, let someone else tell you the trees should not be chopped down just so that you can see where you are. No. Get out of the Woods, and leave them for non-human-economic growth.