John McDonnell's Labour Conference Speech

The video discusses JK Galbraith's perspective on economic crashes, emphasizing memory as a key protection. It identifies greed, deregulation, and the power of financial elites as causes of the 1929 crash. The societal impact, including austerity and economic failure, is highlighted, with a focus on current economic inequality, poverty, and low wages. The video concludes with a call to shift power and control back to the people, citing Brexit as an antiestablishment vote.

According to JK Galbraith, what is the best protection against future economic crashes?

• Creating new financial institutions

• Increasing government intervention

• Implementing stricter regulations

• Relying on collective memory

What was a significant factor in causing the economic crisis, as mentioned in the first section?

• High taxation

• Deregulation of financial markets

• Increased government spending

• Technological advancements

What is highlighted as a major social issue resulting from economic crises in the second section?

• Rising unemployment rates

• Homelessness and child poverty

• Increased foreign investments

• Higher education costs

What does the second section suggest about wages in relation to the standard of living?

• Wages have increased significantly since 2010

• Wages are sufficient for a decent standard of living

• Wages are below the levels needed for a decent life

• Wages are unaffected by economic policies

What societal reaction is discussed in the third section as a response to economic insecurity?

• A rise in anti-establishment movements like Brexit

• Increased support for globalization

• A shift towards technological innovation

• Greater trust in financial institutions