Goldman Sachs banker: “We have to accept that inequality is a way of achieving greater opportunity and prosperity for all”

Economic Sociology and Political Economy


Defending huge bonuses in banking industry on a panel on ethics, Lord Brian Griffiths (Vice-chairman of Goldman Sachs bank and a former adviser to Margaret Thatcher) proudly said:

“We have to accept that inequality is a way of achieving greater opportunity and prosperity for all.” 

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Un comentario en “Goldman Sachs banker: “We have to accept that inequality is a way of achieving greater opportunity and prosperity for all”

  1. To understand the economic policies of Margaret Thatcher it is necessary to understand the historical evolution of the British economy from 1945 to 1979,
    economy is directly related to politics and Britain international leadership in this period of European and global history. The strongest influence of the economic theories of Keynesianism, were supported by Labour and Conservatives governments in alternancia in power for three decades, until the dramatic political changes of Thatcherism ruling and transforming the British economy , contrasting with the postulate of the Keynesianism. What happen then? Here is the question?
    In my view at the end of the 1970’s the global economy changes dramatically because of the Cold War and the emergency of the US leadership in Europe,
    Asia, etc. The des-colonisation process on the other hand, created an enormous market in India, Africa and Asia. It was the best period of ideological, technological
    and economic influences around the world of the Soviet Union, specially in the former colonies in India, China, Africa and Latin America.

    The British economy was captivated by its own tools, and incapacity to compete successful in the international market as a leading industrial nation as it was from 1900 to 1945. Misunderstanding and political corruptions in the trade union movement, created serious problem to the British economy and industries, specially in the coal, steel, ports, transport, automobiles, etc., etc. Another factor to be added to the decision of Margaret Thatcher to change the country’s economic witch was that Britain was loosing its own industrial capacity in Europe, in contrast with the emergency of new post war competitor i.e. Germany, Italy and Japan in Asia. Finally is is important to mention (3) the third factor which was the giant post war debt to US which was year by year multiply by billions dollars to be paid to the American Treasure, high interest charged making quasi impossible to created fiscal policies to finance high public expenditures, and investments in the national health and education, employments and the Welfare State, created with the idea to protect the millions people unemployed at the end of the WWII conflict and later
    years. There are other many arguments, sociological, historical and even cultural to understand how Thatcherism gained democratic majority in each elections.
    A unique historical electoral phenomena in Europe and possible in the Western World (1979-1990). One of the largest democratic elected governments who transformed the British economy. In my view, each case of the Europe transformation should be considered accordingly its own historical experiences.

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