May 23, 2019
Do you have to think like those who are seeing their social media accounts wiped or banned, to see that social media censorship is a grave concern in a free society?
On this week's podcast, the IEA's Head of Education Dr Steve Davies talks to our Digital Manager Darren Grimes about free speech online and the push for censorship.
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May 17, 2019
On this week's podcast IEA Associate Director Kate Andrews interviews 'self-proclaimed freedom fighter' and 'state-proclaimed Chief Secretary to the Treasury' Liz Truss MP.
The pair discuss the likelihood of a free-market Brexit, the near 50-year high tax burden, spending cuts, devolution, whether or not strawberries and cream should be banned from tube advertisements, and young people's flirtation with liberal ideas.
Don't miss the rapid-fire questions at the end!
May 8, 2019
The Labour Party’s Peter Mandelson once remarked that Labour was “intensely relaxed about people getting filthy rich”. But in 2019 a politician is more likely to be heard saying we must all be deeply concerned about the apparent excesses of pay at the top of organisations – both public and private sector.
But do they have a point? Many argue that the current requirement for large businesses to spell out the basis of their pay structure may be acceptable, and find maintaining a watchful eye on pay in the public sector to be eminently sensible. But are those calling for the state to have the power to fix pay ratios or even introduce pay caps at risk of ignoring the numerous downsides which come from government intervention?
Well! Fortunately, a new IEA publication debates these very issues, with Top Dogs & Fat Cats: The Debate on High Pay launched this week. It looks at all aspects of the high pay debate and features chapters debating the rights and wrongs of CEO pay, the links between corporate governance and executive pay, and the gender pay gap in executive roles.
It features contributions from leading academics and economists and was brought together by IEA Editorial Research Fellow Professor Len Shackleton. Joining Darren Grimes to discuss the topic is Len himself and Luke Hildyard, Executive Director of the High Pay Centre, a UK think tank carrying out research and analysis on issues relating to top incomes, corporate governance, and business performance.
May 2, 2019
"The market has failed, we need more government intervention" - that's the mantra politicians, the media and intellectuals have been reiterating constantly ever since the outbreak of the 2008 financial crisis.
By taking the reader on a journey across continents and through recent history, author Rainer Zitelmann disproves this call for greater government intervention and demonstrates that capitalism matters more than ever. The author provides compelling evidence from across the world that capitalism has been the solution to a number of massive problems. He compares developments in West and East Germany, North and South Korea, capitalist Chile v. Socialist Venezuela, and analyses the extraordinary economic rise of China. For many people, "capitalism" is a dirty word. This book provides a timely reminder of capitalism's power is enabling growth and prosperity and is alleviating poverty.
Dr Kristian Niemietz joined Dr Rainer Zitelmann to discuss the 'Power of Capitalism'.
April 25, 2019
Remaining in a customs union with the EU would make it impossible for the UK to establish an independent trade policy, and render reclaiming policy areas such as agriculture and state aid an impossibility, an IEA briefing argues.
With customs union membership still on the table as a way to break the Brexit deadlock, a new IEA briefing outlines how any short-term benefits of customs union membership - such as securing supply chains - would be significantly outweighed in the long-run by the loss of trade opportunities and higher prices for UK consumers.
Author of the report Shanker Singham, Director of the IEA's trade unit, highlights how a customs union would come with significant risk to UK consumers, who would lack representation in new EU trade agreements; UK consumers could also face price rises that protect EU manufacturers, and find their interests ranked secondary to those of EU producers. It would also reduce the UK’s influence with historic partners across the developing world.
On top of these drawbacks, membership of a customs union does not achieve ‘frictionless’ trade – one of the supposed benefits championed by those in support of staying in a customs union.
Darren Grimes, Digital Manager at the IEA was joined to discuss by Shanker Singham and the top Brexit wonk who’s never off the telly, Henry Newman, Director of Open Europe.
April 18, 2019
Universal Credit has been dubbed one of the most radical changes to the British welfare system since the Beveridge Report, which proposed widespread reforms to the social welfare system, to tackle what he identified as five "Giant Evils" in society: squalor, ignorance, want, idleness, and disease.
Since Beveridge, the welfare system has continued to morph; since World War II, we’ve added child benefits, housing benefit, tax credits… I could go on, the list kept growing. Many have argued that this has created a new series of problems – mainly that many people have been deterred from taking jobs, fearing that they would, in fact, end worse off than they were on benefits. A system designed to help people out of poverty has arguably become a poverty trap.
But given that the Trussell Trust is concerned about links between Universal Credit, financial hardship, and food bank use, is it time to scrap Universal Credit? Or does the programme have the right ideas, suffering from poor implementation?
Joining the IEA's Digital Manager Darren Grimes to discuss is the IEA’s economics fellow Julian Jessop and Patrick Spencer from the Centre for Social Justice - the think tank which can claim to be the brains behind the thinking behind Universal Credit!
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April 11, 2019
The Government took a swipe at global internet giants on Monday, suggesting rules that would require companies to proactively remove content the government views as illegal or “harmful,” and giving the government the right to block or even shut down offending sites.
As part of the Online Harms White Paper, a joint proposal from the Department for Digital, Culture, Media and Sport and Home Office, a new independent regulator will be introduced to ensure companies meet their responsibilities.
The proposals, contained in the 102-page white paper, are aimed at combating the spread of disinformation, hate speech, online extremism, and child exploitation. If enacted as described, they would constitute some of the most stringent and far-reaching restrictions on internet speech by a major western democracy. Critics say the proposals fail to balance curbing harmful speech with free expression.
No matter how well-meaning, opponents of the white paper argue that the proposals to regulate the web could give the state the power to clamp down on the freedom of the press and free speech. Beggin the question: at a time when Britain is criticising violations of freedom of expression in states like Iran, China and Russia, should we really be undermining such freedoms at home?
It also means that the same rules that govern behemoths such as Google and Facebook – both of which have expert in-house legal teams and billions of pounds at their disposal – will apply to any website, however small or harmless, that allows users to post comments. Such regulations aimed at nudging the behaviour of tech giants may actually entrench their position as market leaders, by stifling innovation and competition.
Joining the IEA’s Digital Manager Darren Grimes to discuss is the IEA’s Victoria Hewson and the Adam Smith Institute’s Matthew Lesh.
April 4, 2019
The free weekly magazine for women, Stylist magazine, says “…women ask for the legislation. Women talk to their employers. Women do everything they can and, despite it all, the gender pay gap is getting bigger.”
In today’s podcast, IEA Digital Manager Darren Grimes is joined by Kate Andrews, Associate Director at the IEA. In a new IEA briefing, out today, Kate argues that mandated gender pay gap reporting (due on April 4 for companies with 250+ employees) produces misleading and inaccurate statistics.
Kate argues that the harvested data from the reporting measures illustrates how crude figures create a misleading picture, especially for companies that have hired large numbers of female staff into lower paid roles. She also argues that the reporting measures contribute to the narrative that women ‘are paid less than men’ - despite this statement remaining categorically untrue for many women in their respective organisation.
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March 29, 2019
Most agree that green energy has a huge role to play in the future – indeed, even now. But the debate around renewables and their ability to help tackle climate change rages on. In the US, President Trump faced mass backlash when he pulled out of the Paris climate agreement – yet recent figures suggest that reductions in carbon emission in the US have been greater than in any other developed country.
Here in the UK, the government has brought in a plethora of regulation to tackle the issue of climate change – but often these regulations are responsible for causing more bureaucratic problems than they are for solving environmental problems. Of course, customers bear the brunt of bad policy - electricity charges for households in England and Wales to have risen by 50 per cent in real terms since 2001, when the market moved from being relatively liberal to being significantly more restrictive.
Is it time for a rethink of the developed world’s approach to renewables? What is the best way to tackle climate change in 2019? Do we need a rollback of regulation, or should we be considering something like a carbon tax?
Joining the IEA's Digital Manager Darren Grimes, to help give some perspective, is our guest of the day Matt Ridley. Matt is best known for his writings on science, the environment, and economics and has written several fantastically successful science books, he recently gave the IEA’s Hayek Lecture on the crucial role of innovation in modern society, which you can watch here.
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March 21, 2019
75 years ago this month, Fredrick Hayek, the Austrian Economist recruited by the LSE, published his manifesto for a free and liberal society: “The Road to Serfdom.”
The book – or some might say the siren alert to the perils of socialism – was written in the evenings between 1940 and 1943, while he was acting as a war-time Cambridge fire warden.
Hayek and his publishers anticipated modest sales. Indeed, war-time paper rationing allowed it to be printed only in small runs. But the publication soon turned into a popular phenomenon
On today’s podcast, the IEA’s Associate Director Kate Andrews discusses why the Road to Serfdom became a huge success, and remains relevant to this day, with the IEA’s Research Fellow Professor Philip Booth and the Director of the Adam Smith Institute, Dr Eamonn Butler.
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