IEA Food for Thought with Prof. Philip Booth (RSVP with the IEA)
The Government Debt Crisis – not just an economic issue
12:30-13:00: Sandwich lunch
13:00-14:00: Presentation and Discussion
About the Discussion
Philip Booth will describe how government debt is creating a looming economic and social crisis. This is especially so when we also consider demographic developments in western and in Asian countries. Although it is sometimes suggested that we have had higher levels of debt before (for example after wartime), there were huge costs from reducing debt in those circumstances and the evidence suggests that managing government debt in future generations will be even more difficult. This is not just an economic problem. Historical experience suggests that high levels of government debt can lead to the breakdown of civil order, violence and even war as well as dissatisfaction with the process of government itself: perhaps we are already beginning to see those things happening today. Indeed, there are examples, including one close to home, where government debt has led to countries losing their sovereignty entirely.
About the Speaker
Philip Booth is Academic Advisor and Senior Research Fellow at the Centre for Enterprise, Markets and Ethics. He is also professor of Catholic Social Thought and Public Policy at St. Mary’s University, Twickenhamand Director of Policy and Research at the Catholic Bishops’ Conference of England and Wales.
Previously, Philip was academic and research director at the Institute of Economic Affairs from 2002 to 2016. He has worked for the Bank of England and as associate dean of Bayes (formerly Cass) Business School. He held the positions of Director of Research and Public Engagement; Dean of the Faculty of Education, Humanities and Social Sciences; and Director of Catholic Mission at St. Mary’s.
Philip has written widely on investment, finance, social insurance, and pensions, as well as on the relationship between Catholic social teaching and economics. He curates the website Catholic Social Thought.