There was an interesting book launch last night at the Long Room in TCD. Phillipe Legrain is on a tour of various places, doing local and localized launches of his new book.
He, and Senator Sean Barrett who gave the launch, delivered very strong, impassioned speeches. In his book Legrain lays a large quantum of the blame for the mess on the failure of interlocking European institutions. He backs squarely the Irish need for sovereign debt relief ; he calls for debt-equity swaps for distressed homeowners and SMEs; he castigates the failure of the economics elite to see the crisis, and challenges the policy making apparatus of both local and European governance. He calls for hardball negotiations, and lays out a path for same.
Legrain is no fire breathing radical. He is however from personal and professional background and inclination deeply European. His book has been lauded with positive reviews. He challenges us.
Given this, and given the importance of the topic on which he speaks, it was frankly astounding to see how widely the launch was ignored. With the exception of Sean Barrett, there was (as far as I could see) not a single faculty member from a single economics department; with three exceptions the same for business school faculties. The Central Bank? The Department of Finance? Taoiseach? Foreign Affairs? Most of the media? Any elected official of state? Nobody that I could see. We could create a list as long as the page of elite institutions (IBEC? IIEA?, ACCI? …..) who were NOT represented at this talk, or if so were very well disguised. It was to my mind a clear example of how we have a collective elite who have firmly pulled on the green jersey and decided to press on regardless. Maybe they are right, maybe wrong, but one thing we have learned is that groupthink is bad. We need outsiders to challenge, but we need also to be prepared to be challenged. Seems we aren’t.