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Clear and clever delivery unravels a complex story

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Tuesday, September 18, 2012
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Western Morning News

Let's hear it for Stephanie Flanders. Scarily intelligent but with a really clear delivery that helps unravel the most complex of economic issues.

And the viewer will need all the help they can get with this three-part series on the most influential economists of the past century – Marx, Hayek and Keynes.

She began her journey with John Maynard Keynes whose personal take on the global economy has influenced generations of politicians including Kennedy, Bush and Obama in the United States and Lloyd George, Attlee and latterly Gordon Brown in the UK.

Alongside the global story was the tale of Keynes the man – an economist who was central to the Bohemian Bloomsbury Set and who lived as a homosexual until meeting and marrying a Russian ballerina.

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It was a heady juxtaposition of a free spirit with the strict and mathematical world of economics.

But this contrast between private thought and public opinion helped to underline one of the difficulties of Keynesian theories.

Yes you can find ways of moving economies out of recession and into boom years, but at the end of the day it's the human element that has the chance to pull the rug from under us.

Keynes believed "we're all in it together." He saw how integrated the global economy had become; how Germany had descended into chaos after the First World War with a worthless currency and hyper-inflation.

Each economy had to support its neighbours, or we would repeat the conditions that took Europe to war.

Sadly, as he also anticipated, human nature means we're not all in it together. Countries such as Germany stand firm, while the Greeks rail against the restrictions imposed on them.

It had a horrendous sense of history repeating itself.

Fascinating stuff and, in the hands of Stephanie Flanders, very interesting to the layman.

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