Transcript: George Soros on the Institute of New Economic Thinking
Chrystia Freeland, US managing editor, interviews George Soros about the new Institute of New Economic Thinking (INET).
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The CEU lectures
George Soros unveils his latest thinking on economics and politics during a lecture series hosted by the Central European University (CEU) from Oct 26-30, 2009. These lectures are the culmination of a lifetime of practical and philosophical reflection. Mr Soros discusses his general theory of reflexivity and its application to financial markets, providing insights into the recent financial crisis. The third and fourth lectures examine the concept of open society, which has guided Mr Soros’s global philanthropy, as well as the potential for conflict between capitalism and open society. The closing lecture focuses on the way ahead, closely examining the increasingly important economic and political role that China will play in the future.
Lecture five: 30 October 2009
George Soros concludes his week-long lecture series at the Central European University in Budapest discussing the way forward. He discusses why a new international economic system needs to be created following the collapse of the financial system and what shape it should take
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Part 1, 2, 3, transcript & Q&A
Part 1
The financial crisis in the context of others that preceded it, and the possibility of a ‘double-dip’ in the next year
Part 2
As the new world economic order is rebuilt, there is a danger that the United States will not emerge as a leader
Part 3
‘International capitalism’ versus ‘state capitalism’, and why a new international economic system needs to be created following the collapse of the financial system
Transcript
Read the full transcript of the ‘Way Forward’ videos
Q&A on the Way Forward
Howard Davies, LSE director, moderates a brief discussion
Lecture four: 29 October 2009
Part 1
George Soros explores the conflict between capitalism and open society, market values and social values. Focusing on the principal-agent problem, he will use contemporary economic and political examples to challenge market fundamentalism while presenting ideas for protecting the public good more effectively. Soros looks at the ”agency problem” and its impact on both markets and politics.
Part 2
The agency problem inherent in the American political system
Part 3
Capitalism poses a major threat to its survival. Market and political participants should operate in separate spheres
Transcript
Read the full transcript of the ‘Capitalism versus Open Society’ videos
Lecture Three: 28 October 2009
Part 1
George Soros discusses the concept of open society, which guides his philanthropy and is central to his political and social thinking. He describes the historical and philosophical roots of open society. In the first part he discusses turning from hedge funds to philanthropy
Part 2
The enlightenment and the role of post-modern fallacies on societal thinking and politics
Part 3
American democracy and whether it can be regarded as a superior form of societal organisation
Transcript
Read the full transcript of the ‘Open Society’ videos
Lecture two: 27 October 2009
Part 1
George Soros discusses why his interpretation of financial markets is very different from the efficient markets hypothesis. In this first part of the lecture he presents financial markets as the perfect testing ground for his theory of reflexivity.
Part 2
Price distortions in the market, the boom-bust cycle and Soros’s theory of bubbles and super-bubbles
Part 3
Solutions to bubbles and financial crises, and the creation of the Institute for New Economic Thinking
Transcript
Read the full transcript of the ‘Financial Markets’ videos
Lecture one: 26 October 2009
Part 1
The events and experiences behind his early development of a conceptual framework for explaining the relationship between thinking and reality that was to evolve into a concept of reflexivity - a new way of looking at financial markets
Part 2
The concept of fallibility, the uncertainties associated with reflexivity, reflexive feedback loops and the relationship between thinking and reality
Part 3
Karl Popper’s theory of scientific method as a tool to explain the far-reaching implications of human uncertainty for the social sciences
Transcript
Read the full transcript of the ‘General Theory of Reflexivity’ videos
George Soros interviews
Financial reform
Chrystia Freeland, US managing editor, speaks to George Soros, the fund manager, about financial reform
2008 crisis
Fund manager on the recovery and his investment performance
Global economy
Fund manager on currencies and US-China relations
Transcript: Full George Soros interview
Transcript: George Soros interview
Interview with fund manager
News & comment
Soros to invest $50m in economic think-tank
Fund manager pledges $50m to back a new institute with the mission of rethinking the field of economics, which he describes as ‘a dogma whose time has passed’
Do not ignore the need for financial reform
It is not the right time to enact permanent reforms. The financial system is far from equilibrium. The short-term needs are the opposite of what is needed in the long term, writes George Soros
Soros calls Wall St profits ‘gifts’ from state
The big profits made by some of Wall Street’s leading banks are ’hidden gifts‘ from the state, and taxpayer resentment of such companies is ‘justified’, George Soros said in an interview with the Financial Times
