Andrés Velasco is the Dean of the School of Public Policy at the London School of Economics and Political Science, and Chile's former Minister of Finance. He and his colleagues at LSE recently released The London Consensus, a collection of economics essays arguing for the a range of reforms to neoclassical, capitalist economics. Much needs to change, they argue—but it can be done within the existing institutions, and without affecting growth. 

Andrés joins me to explain their position and reasoning, and we enjoy numerous disagreements about the need for growth, the definition of development, the determining factors of inequality, the limits of redistribution and resource exploitation. While we agree that much must change, for Andrés the solution lies not in overhauling the fundamentals, but regulating the excesses.

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