In the teeth of the worst financial crisis in living memory, BBC business editor Robert Peston examines how the world got to this point and how the colossal imbalances in the global economy have left the UK in need of a radical economic overhaul.
In the first part of this BBC documentary, Robert Peston examines how thirty years ago, momentous decisions were taken which shaped the world we live in today. In China, Deng Xiaoping opened up the country to foreign capitalists; in Britain and America, the free market revolution was unleashed by Margaret Thatcher and Ronald Reagan. The Party’s Over – How the West Went Bust, BBC documentary film compares the lives of workers in a Chinese company with their co-workers in Britain.
Robert Peston interviews bankers, politicians and economists, and concludes that the boom we enjoyed before the crash was based on an illusion, and that the world’s economy is now so unbalanced that in the West we face a sobering wake-up call.
The Party’s Over – How the West Went Bust: In the second part of this BBC documentary film, Robert Peston asks how Britain can compete in the new world economic order. After years of living beyond our means the country surely needs to wean itself off the consumer society, but doing so threatens our retail dependent economy. In Germany the model of thrift and investment, far from the quick buck mentality of the City of London, has produced a powerful manufacturing and exporting economy that Britain, once so proud of its modern finance based approach, is desperate to imitate.
It is a long road to rebalancing the British model and with the Eurozone crisis still threatening further financial armageddon, Robert Peston asks whether we are in for decades, rather than years, of sluggish growth. Featuring interviews with senior economists, bankers and politicians, as well as the ordinary people in several countries, whose livelihoods depend on the outcome of this vast economic reordering of the world.
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