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Invisible Handcuffs: Unchaining Economics

Invisible Handcuffs: Unchaining Economics

Di: Katy Shields
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Invisible Handcuffs is podcast series and documentary-in-the-making, hosted by Katy Shields, about how we can free ourselves from the economic ideology driving our crises. Each week we speak with economists, experts and activists who are working to reclaim economics across education, academia, policy and in their communities. Alongside our weekly episodes we'll also be posting ad-hoc interviews, out takes and reflections from the documentary we are making, planned for release within the next year. To learn more and subscribe go to www.invisiblehandcuffs.com Scienza Scienze sociali
Episodi
  • Episode 06: How Eurocentrism in economics locks women and the Global South in crisis with Bhumika Muchhala

    Episode 06: How Eurocentrism in economics locks women and the Global South in crisis with Bhumika Muchhala
    Jul 28 2026
    Our latest episode of Invisible Handcuffs I was delighted to be joined by Bhumika Muchhala, Political Economist and Senior Advisor at Third World Network as well as Part-Time Faculty at The New School. Our discussion centres on the problem of Eurocentrism in economics, and its impact on a region where neoliberal economics is arguably doing most damage: the Global South. Eurocentrism refers to the global dominance of western ideas and ideologies in economics and by default — in our international trade and financial institutions. In our discussion Bhumika argues that while the violence and looting of political colonisation in the Global South (home to 80-88% of the world’s population, spanning central and southern America, Africa, central and south-east Asia) may be over — it has been replaced by 'economic colonisation'. We talked about one institution in particular — the IMF — with Bhumika explaining this is a ‘kitchen table’ issue in the Global South, even though it is countries in the Global North — especially the US and Europe — that hold most sway, with the lion’s share of voting rights and powers to appoint its leadership. This Euroecentric dominance shows up in IMF loans conditions couched in terms like ‘market liberalisation’ and ‘fiscal discipline’ — whose lineage can be traced back to neoliberal economists like Milton Friedman and the Chicago School. These conditions force austerity on countries already struggling to provide basic services, while demanding ‘investibility’ like cuts to labour protections, corporate taxes and environmental red tape. In short, they underpin extraction and ongoing ‘unequal exchange’ — the transfer of cheap resources and labour from South to North thanks to permanently weakened currencies and a need to sell resources for foreign currency to pay back their loans. As Bhumika explains, this is then compounded by western credit rating agencies who downgrade countries as soon as public spending rises, even if the cause stems from elsewhere (like Covid-related healthcare spending). This drives up the cost of debt and puts countries at risk of default, forcing them back to the IMF. And thus, the vicious debt-austerity cycle repeats. The numbers on debt stress in the Global South today that we discuss are truly shocking with debt repayments in many countries now vastly outstripping spending on health, education, public infrastructure or welfare — let alone climate. And yet that’s even not the worst part. Because according to Bhumika, also a decolonial feminist scholar, the real ‘shock absorbers’ of IMF- and market-imposed austerity are women, with Bhumika also explaining the 'triple jeopardy' of diminished access to essential services, loss of livelihoods, and increased unpaid work and time poverty. We end by talking about the need not just for economic justice but epimestic justice. This means enabling a plurality of though schools both in economic thinking and in knowledge creation more broadly. Bhumika ends by giving her view on some possible issues around which we might be able to unite, across Global North and South. This episode marks the first in a set that will delve more deeply into the ways in which the neoliberal status quo in economics is upheld and reinforced. You can stay tuned for more episodes by subscribing at www.invisiblehandcuffs.com.
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    1 ora e 16 min
  • Episode 05: From Flat-Earth Economics to Social-Ecological Economics with Clive Spash

    Episode 05: From Flat-Earth Economics to Social-Ecological Economics with Clive Spash
    Jul 2 2026
    How can philosophy of science help us in the fight to reclaim economics? That is the topic of discussion in our latest episode of Invisible Handcuffs, where I was delighted to be joined by leading a social-ecological economist Clive Spash. This discussion brought a whole new language to problems with economics that I have long sensed, but been unable to put into words. We delve deep into philosophy of science which Clive argues is crucial not just for deconstructing mainstream economics - which Clive says is literally walking us into disaster - but also, if we wish to build a new economics that can offer viable alternatives to the extractive and exploitative economies we have today. We also take time to discuss Clive’s route into ecological economics via environmental activism, and then later, to social-ecological economics which integrates social justice, incorporating aspects such as ethics, decolonialism and care. We also discuss links with other heterodox economics disciplines with Clive explaining how he hopes social-ecological economics could become a unifying social science that informs new approaches seeking to meet genuine needs within the earth’s finite limits. – Note, this episode comes after a short and partly unplanned break due to heatwaves and other unforeseen personal circumstances. For the summer we’re going to be switching to a biweekly schedule and will also be posting ad-hoc context related to our upcoming documentary. To be sure to receive the latest content to your inbox you can sign up at www.invisiblehandcuffs.com. This also helps the algorithm ensure others find out work.
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    1 ora e 13 min
  • Episode 04: Building real world economics with Steve Keen

    Episode 04: Building real world economics with Steve Keen
    Jun 11 2026
    This week we discuss the need to overthrow the current economic paradigm, and what a new one could look like, with Professor Steve Keen. Steve is a prolific writer, teacher, blogger and vlogger, known as one of few economists to have predicted the global financial crash and a thorn in the side of mainstream or neoclassical economics for over 50 years. A former professor of economics at Kingston university in the UK, today you’re most likely to find him on YouTube or one of his weekly online seminars talking about the crisis of capitalism and the various flaws in mainstream thinking that have led us here, as well as the new real world-tethered economics he is trying to build. I first came across his work when researching why the world had ignored the Limits to Growth. Steve had uncovered deep flaws in climate economics, the strand of mainstream economics used by to inform climate policies for governments around the world for decades, including to set spending priorities and carbon pricing. The godfather of climate economics, William Nordhaus, was also one of the core critics of the Limits to Growth. But while that study had warned of a potential collapse in civilisation this century, a trajectory we appear to be on track for, Nordhaus’ own model, developed two decades later model found quite the opposite. And yet it would be his model that would set the template for others, with Steve and I agreeing that this is a core reason for the decades and indeed ongoing delay in tackling the crisis. We talk about why economists in particular prefer the story that capitalism and technology will always save us even as they continue to exclude energy, without which no technology is possible, from their models. Let alone a habitable climate. We also link this to economists' misunderstanding of money creation which leads to chronic underinvestment in public goods, while private money creation (ie credit) stokes bubbles, inflates asset prices and will likely cause the next crisis. A health warning - this interview gets a bit technical in places, with Steve discussing some of the maths behind both mainstream models as well as the alternatives he is building. He even uses a software he’s developed, to explain his approach to real world economics. You can watch the video of this podcast on YouTube @invisible-handcuffs. I also include links to Steve’s Patreon site, his online course and other resources he mentions in the show notes. If this episode leaves you with more questions than answers do leave a comment on which ever platform you are viewing or listening to this episode. You can also subscribe and sign up for updates at invisiblehandcuffs.com. Many thanks to Steve for joining us for this insightful and wide-ranging episode.
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    1 ora e 20 min
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