I went to Oxford age 18, from a comprehensive in 1994, and it was the biggest eye-opener of my life when it came to class, power and money. It's a great experience in terms of giving you confidence to stand by your opinions, and I made a few very good friends. But I honestly never realised before going there how the rich elite look down on the rest of us. People would introduce themselves by their schools and would immediately become friends, and do a kind of bemused sneer at the few of us not from that clique. For a couple of years I thought to myself that if I had kids I would definitely send them to public school, so they could be on the 'inside'... but then I realised how corrupt and poisonous the whole system is, and I evolved to thinking that we just need to ban all public/private schools in the UK. It's at the root of so many societal problems. I think Oxford gives you a great academic, critical thinking discipline. But they are in their own academic bubble... for postgrad I am doing my masters with the Center for Alternative Technology in Wales (I am more biology/food focused), which is both academic and politically radical, and a much more enjoyable experience!

@cleonawallace376

Жыл бұрын

@@yyy-875 Very true... two of my closest friends from University are from wealthy/public school backgrounds. Ironically one of them now lives in Stoke Newington, not far from where my Dad grew up in post-war Dalston, when it was totally working class. And yes, I don't think they mostly even realise how separate they are from normal people, as they have always lived in a bubble of wealth and priviledge. I think what was interesting for me was that coming from literally generations of working class Londoners (back as far as I could go to the early 1800s), my parents felt like moving out to the Barnet, where the air was fresh and there were green spaces, they felt like they had really made it and were now middle class in Thatcher's Britain. But going to Oxford made me see how much of a joke that distinction between working and middle class really is...whatever about your accent, and if you have a few A levels... you will never be accepted within their inner circle unless you give your whole self over to clawing for money and selling your soul and sense of compassion. And who wants that??

@tomthumb2361

Жыл бұрын

SOOO TRUE!! I had the identical experience at Cantab in 1975. Especially the bit about being more interested in background than person. There was also a lack of focus on important questions. They tended to stick either to faddish topics that happened to be in vogue or just show an obsession with their clique and its doings. Actually, it's obvious why the problems of the country have not been tackled - the people in charge just don't have the ability or inclination to focus on them and solve them. For the most part, a complete lack of practical intelligence. Unfortunately this attitude was exported into the regional universities, particularly after the war, so they are almost as bad.

@jascough

Жыл бұрын

I attended quite some time ago and this description still resonates. Having been a postgraduate there it still amuses me that if some of the more pompous students realised how they'd actually gained entry they'd be mortified - e.g. maths at a well known college, the tutors throwing dice because all the applicants were equally well qualified. Personally, I'd have been much happier having done a D.Phil elsewhere and, rather tellingly, count more friends from Cantab and from elsewhere rather than Oxford. The number of horror stories from my time at Oxford surrounding postgrads is legion - e.g. a student at John's who only managed to complete her D.Phil because she luckily knew a lab in Edinburgh that took pity on her (she was being intentionally starved of resources and, if memory serves, there may have been more than a personal interaction with the supervisor. The president of my ex college wrote in the local rag that during his time as a VC at Edinburgh he'd been involved in gaining funding on a bio project in which Edinburgh was the leader - came down to competition between Oxford and Edinburgh. Oxford got the money. He challenged the decision, being a meritocratic sort, and was told it came down to the name, which he theoretically should understand being an Oxford man originally. An ex-undergraduate at Merton openly admitted to me that if it came down to a decision between a student from Merton in employment then that student would get the job, closely followed by Oxford, then everybody else. He was from a working class background but had taken to "fitting in". Sexual indiscretion, lack of support, structural isolation promoted by the collegiate arrangement of the university (frequently touted as a strength) and rampant indifference are probably better metrics if they could be quantified easily. There are countless other examples and, if I had children, would never send them there. There are good people but you have to dig.

@cleonawallace376

Жыл бұрын

@@jascough i think your point about the structural isolation of the college system is important... Public school kids are guided in their choice of college by people who know the system and the tutors. The difference in level of support for undergraduates between different colleges is ridiculous, and 18 year old comprehensive school kids don't understand, not have anyone to guide them, to get the best out of the system.

@rogerstanton8192

Жыл бұрын

150% agree. I live in Australia and had all the private schools as customers in my city so saw it all from the inside. You just meet a better class of scum at private schools .!!!

It's amazing how once you understand inequality, almost everything else makes sense and falls into place. For example, I read news articles from NBC about how economists are surprised that people are still quitting their jobs and demanding higher wages, and even with wages being higher some people aren't working - Well of course! What difference is $13/hr to $15/hr when the price of a home has doubled in 3 years. People would rather opt out of the game than play a game they feel is a lose lose for them regardless. I just makes so much sense.

@garyseconomics

2 жыл бұрын

Thanks Isaac. Since I started thinking about the economy in terms of wealth inequality, which happened around late 2010/early 2011, a lot of economic mysteries have been easier to understand, and it has been easier to understand the future path of the economy. Unfortunately, generally, those future predictions have been very bleak. Indeed, it makes sense for people (who can afford to) to opt out of working when wages are so low. Unfortunately, this often only makes inequality greater. All goes to show that it's vitally important that we do something about it!

25 years ago I had a mate who was working class who attended St John's he pretended he wasn't from Liverpool and took up rowing. Faked it all the way through and finally when he did his finals was approached by an investment bank to go work in Sao Paolo. Whereas some of the other lads who were working class found it a little harder.

Thanks Gary. It is harder than ever for working class kids to go to university, but the more that do the better the chance of changing things for the better. In my day we had grants for fees and Iiving expenses. No debt. 43 years of Thatcherism, New Labour and since 2010 Thatcherism on steroids had stuffed up the chances of so many with the resulting damage to society overall.

@annenunney9907

Жыл бұрын

Spot on

@Libertariun

Жыл бұрын

Forget the politics. Competence is everything, so become competent at what you choose, and grab the means of production. Britain belongs to the working class as much as to every other class. Gary did it. Don’t buy the lie that’s it’s only him that can. Maybe we don’t make that much, but you can become competent and that will drive you on. And you can’t help others until you first do that.

@wendywolfman

Жыл бұрын

Closing the grammar schools was the worse thing to happen to the working class. 75% who went to grammar were working class.

@8G00SE8

Жыл бұрын

@@Libertariun Spot on, being useful is key, there are numerous working class people doing jobs in the oil and gas industry, merchant marine...etc that make more than investment bankers because they have physical skills and experience.

@ashleygraham8781

Жыл бұрын

It is not 'harder than ever' for working class people to get to University. Don't fucking lie.

Cambridge and Oxford have got their history by sand banking the creation of other universities in UK. Other universities have made massive gains in educational development and are on par or greater than Oxbridge....globally. I went to a "Top 10" Business school University in The UK in 1997 and I proposed to my 2 marketing lecturers that I would like to do an essay on "the growth of commerce on the internet..and that retail shopping will shift more to internet shopping"...the 2 lecturers scoffed at the idea of retail shopping increasing on the internet. In my heart I was saddened by this arrogance, and sighed. I did the essay though. This was in 1997. I should've moved to Silicon Valley.

@garyseconomics

2 жыл бұрын

Sorry to hear that your professors weren't interested. It chimes very much with my own experience of (most) "elite" professors, so, unfortunately, I'm not surprised!

@deputyvanhalen6386

2 жыл бұрын

@@garyseconomics I was born in discrimination., molded by it. I didn't see equality until I was already a young man and by then it was nothing to me but blinding. I worked in London as a broker but left for family reason to the Midlands. Getting a job without a client book is near impossible in ordinary circumstances...in the Midlands. Tally ho.

@LonDanDoc

2 жыл бұрын

100% agree. The uni ranking system is so flawed. On the other hand when your poor/working class kid and a uni offers you 5-9k a year to come to them when the local ex polytechnic offers you nothing and you know you'll be able to write the unis name on your CV..... You know

@michaelanthony8073

Жыл бұрын

Îi

@g.p616

Жыл бұрын

What does "sand banking " mean?

I come from a working-class family lived in a council house blue-collar worker. My son was the first person in mine and my wife’s family to go to university. He did maths at Bath first job Morgan Stanley ,commerce bank now BMP he said he is always the only one that hasn’t got wealthy parents and a posh voice

Great you mentioned Ha Joon-Chang and Tomas Piketty - these are people I read. I teach education and international development at UCL and I ask people I work with to engage with these authors - I will try to find the other economists you mention. Keep up the struggle G. As you know it really matters. I came from a working class background too

Those on the ground, with lived experiences, the intelligence and knowledge, need to stop seeking the approval from those who are ignorant and or entitled. People like you Gary have more leverage and power to make change.

Went to RG Group, a top 10 law school in the UK, the amount of privilege and the scarcity of working-class people is astonishing sometimes, especially when it comes to like having a single parent at home and going to a good uni on paper but when it comes to job searching everything that became a dream for me, just came down crushing to reality and now I am a teacher assistant. Though I only just graduated so I might understand that the time isn't right and later might get a better offer but come on. In addition, so many rich kids that I've met and this shows more when you join foreign languages societies like Russian, Chinese and other societies. You can meet so many international students who are just plain filthy rich and know that hanging with them will just make your money go woosh.

@melawieeinapfel8594

11 ай бұрын

Same experience. Swiss Master of Law getting nowwhere in life having those working class genes in me (can‘t sit for long coz of inner tention, always have to be moving my body, built to serve, be it as waitress, as nurse, as police woman or construction worker, in order to serve and make the rich even more rich

Gary I bet you were a breath of fresh air in that stuffy old institution.

Great video and great content in general. Well done Gary, this content is sorely needed!

Thanks for the insight once again, Gary. Happy New Year and hope all goes well for you in 2022.

@garyseconomics

2 жыл бұрын

Thanks for your support Naihum. I'm away on holiday at the moment, so we are using pre-recorded videos just right now. Looking forward to getting back and making some really informative videos in the new year!

Best flowers grow under the rain. Cheers Gary, your videos are great.

You touched on it a little in this video but would love to hear your recommendations for books / resources for further reading on the subjects you talk about.

@garyseconomics

2 жыл бұрын

Ok, this is a good question. So the first thing to plug is my website www.wealtheconomics.org. I wrote this in 2014/2015 but it explains my theory neatly and concisely and in plain english and is still very relevant. In terms of other writers, the problem we have is that 1) Very few economists write seriously about inequality 2) Of those that do, few write in a way that is accessible and engaging to ordinary people who haven't studied economics at uni. One guy who I like a lot and mention in the video is Ha Joon Chang. A nice guy and a smart economist, he has severy books that are very accessible, though usually not with a specific focus on inequality. The two big inequality writers are Piketty (who is now quite famous) and Gabriel Zucman. Piketty wrote a huge (literally) book in i think 2012 called "Capital". It sold very widely but is VERY big and not easy to read all of. If you are serious you can buy it, but, in my opinion, only the first few chapters are interesting to people without econ degrees. Zucman's writing is also not always the most accessible to non-economists but I think his book "Triumph of Injustice" is good and I would recommend it. Unfortunately, I cannot think of any other economists who's writing I have enjoyed. Owen Jones recently interviewed me for a book on economics, so maybe that will be worth reading when it comes out. If you find any writers that you find interesting, do let me know. Oh and also I've written several articles that you can find by googling my name. The best ones are for opendemocracy (a website), but my Express articles are also quite good.

@alphahat1

2 жыл бұрын

@@garyseconomics Legend! Appreciate the detailed reply

@TheJs12347777

Жыл бұрын

Danny Dorling can we afford the super rich

@dorsia6938

Жыл бұрын

@@garyseconomics Hi mate, I know this is an old comment but what's your thoughts on Thomas Sowell?

I wish you had included more people students/ professors working class people and shown how huge the class divide is. One of The most expensive cities to live in. Those colleges are so rich they own the city, take a tour of some of their gold filled vaults and then see for yourself how many houseless people there are everywhere. Love to you Gary. I appreciate your voice so much. Solidarity with those who were not born rich, wealth inequality must be addressed ASAP.

Thanks for the insight Gary!

What do you think of Mark Blyth? Like you he had humble beginnings. I like his book Angrynomics which is easy to read and aimed at those who don't have a background in economics.

6:49 hey Gary my dude! the best thing you can do ser is keep talking, keep educating us, keep speaking truth to power! I grew up working class in australia, now I'm living and working in Berlin - over the past ten years I've been teaching myself about the economic situations in australia, america, the UK, scandinavian countries, european countries, eastern european countries, china, japan... it's the same everywhere, just that it gets a lot worse is some places, like india/china - too much value has been funnelled to the top, too many wealthy people have escaped paying meaningful taxes back into the systems that they themselves have come from - too much corruption, too much distracting the masses from this exact issue we don't need another trader, we don't need another professor - we need people to talk about these problems, we need serious investigation and discussion - even better when the people talking have the experience you do! please keep talking and teaching, this is de way

Late to this video, but Stand By Me man was back in his usual spot this week when I was in town. (I gave him a quid.) I used to work in admin at the Manor Road Building for nearly a decade (while you there) and would talk to the DPhil Economics students. I remember one telling me about his undergrad: first year was a good walkthrough of economics. The second year was the first year but with mathematical formulas, and he thought wtf? These theories don't have mathematical proofs. Third year was first year with *advanced* mathematical formulas, and he said to me "this is like an alternate reality..."

I really enjoy your videos. You are a gift to us all. As investors and startups clamour to create system change and new models for net zero living, can’t help but see how invaluable you would be in the middle of that endeavour. Do you do live chats? Would be great to get a conversation going on this...

@garyseconomics

2 жыл бұрын

Thanks for your support Kaz. I have not done any live chats on my channel, though I did one for another channel ConvfersationOfMoney. I occasionally do live events here and there (though I'm currently away on holiday). The best way to keep in touch with my live events is to add me on twitter @garyseconomics, as I generally advertise them in advance on there. We will probably do some live chats on this channel once it grows a bit bigger. Please help us grow it by sharing! Thanks!

@RenaissanceShe

2 жыл бұрын

@@garyseconomics Thanks Gary-I’ll follow you on Twitter and keep a look out. I’ll def share in my networks. Thank you and keep up the great work!

@RenaissanceShe

2 жыл бұрын

Ah- I’d already found you on Twitter and was following! Been researching the transition to e vehicles from 2030, and pondering the affordability of these vehicles by zoomers who’ll be in their 30’s when takes effect. Can I put in a request for a video on this at some point?...

@garyseconomics

2 жыл бұрын

It's a little outside my area of expertise, but I can try to squeeze something in on it if I get the time to think about and research it!

@RenaissanceShe

2 жыл бұрын

@@garyseconomics I understand. It’s all so new and uncharted for so many. I’ll keep notifications on. Am sure that whatever thoughts you have will be sharp and insightful. Thanks for listening.

would love to have a pint and a yarn with this bloke. 100% agree with all you said having come from similar backgrounds.

At Durham, my college's JCR has a 'Low income and state school' community team. Let that sink in...

Have to correct you here, you are a gorgeous, intelligent, empathetic human being.

Lmao cash only for no obvious reason 🤣

@garyseconomics

2 жыл бұрын

Glad to see someone appreciating my jokes on here for once!

Legend!

Keep up the good work bro

Not as privilege as Oxford but I graduated from a high ranking red brick university. Me and my peer both finished PhD, he is always more intelligent than me and we are from different family background. He is from a working class family but we both started with similar post-graduate jobs. However, we chose our path quite differently. He thinks there is no point of working hard, company will always take advantage of you and he even refuses to look for a better pay job, all risks are bad. Whereas I took complete opposite approach, like to work hard, calculate risks and snap opportunities if I smell one just because I am more curious of how far I can achieve. With different work ethics and couple decades later, our view on money, career and politics are also very distant. What surprises me is that he has 3 kids, I would have thought he would do anything to break out the cycle, at least for his kids.

I went to college at 50 and it was alien to me. The people were so privileged they didn't even study. They paid people to do the assignments. It really put me off.

Ever seen the film 'Good Will Hunting' starring Matt Damon and Ben Afflect, about a working class young man with a gift for maths working as a janitor in a top university? First thought that came into my head. Rags to riches (not quite rags but, - you know what I mean.)

hey Gary i recently finished my Alevels (not in econ), but im looking for some introductory reading to get a basic understanding of it all- what are your suggestions?

Gary...what about people like Mariana Mazzucato or Jonathan Porte's? They seem to be more in your ball park. Would you work with people outside Oxford

Their doctrine is “I am special.” The working class doctrine must be “I am special. So is everyone else.” I include the middle class in working class.

And when no hope was left in sight, on that starry starry night.... Don't know why I did that. Strange old world.

I come from a very poor working class background and went to university as an adult. I have a degree and a masters. If I had my time again, I would have studied for a profession e.g. accountancy, law, surveying etc. I would not have studied a subject e.g. psychology, history, geography etc. I would have thought more about if the area of study could enable me to work as self-employed in the future.

Gary, could have / should have done similar to you - very poor background, grammar school, brilliant at maths, IQ 160, northern not southern, but for a number of reasons it all fell apart. Masters is still a taught course IMO and not until you get to Doctorate do you start to develop ideas, thoughts, i.e. philosophical views. Did you consider dropping the Masters and taking PhD direction? Also, how about a series talking to other economists, particularly non-UK. Great videos by the way.

Talk to Warren Mosler. He's a finance guy that noticed the monetary system and economy don't work the way economists say they do. Some academics listened.

Love the Turf Tavern...

@garyseconomics

2 жыл бұрын

It has its plus points...

It's nice to see that the colleges survived WW2. I don't see this fellow's point. Why not discuss economics in a disinterested way? That is what colleges do. I think perhaps Mr Taleb in his book mentioned such young fellows as this, who believe their success is due to their financial acumen and not down to a lucky strike on the normal curve. Mr Taleb is older and wiser.

Salut to “sometimes you just got to do it” 🍻❤️ Together we’re stronger . 🙏

Interesting. ...... mine working class have done good through adversity

not sure about 'stand by me', but there's always a guy who sings oasis and snow patrol on cornmarket st

@garyseconomics

Жыл бұрын

Is it a really old guy with a beard?

@NedLudd717

Жыл бұрын

@@garyseconomics yep, and blankets over him in the winter

@garyseconomics

Жыл бұрын

@@NedLudd717 yeah that's good that sounds like him. Blankets over his legs and usually a hat.

@SO-rq3pm

Ай бұрын

​@@garyseconomics The "stand-by-me" guy's still around at Cornmarket Street. Have you ever seen the 'fire baton" guy who's usually at St. Giles? On one hand Oxford is a very snob place, so much so due to its inextriable heritage with England and the extremely toxic class system (especially in subjects like social sciences and humanities because these faculties are dominated by British people). If you studied sciences or STEM, in general they have a more open culture due to its international staff/student body. I'm glad that I didn't come here as an 18-year old from working class background - it would likely have traumatised my uni years. I say this with my decade-long experience in THE university, but things are changing slowly, at least making a facade by setting up an outreach team in some rich colleges and by giving offers to students from comprehensive schools (or kids from underrepresented postcodes).

@garyseconomics

Ай бұрын

@@SO-rq3pm very glad to hear that stand by me man is still around. I never saw the fire baton guy.

Thanks Gary, I've recently started watching and enjoying your videos. Hello from Oxford btw! Oh and spot the ISS in the right hand sky just near the end of the video... 🛰️✨

Maybe the people who are not interested in the application of the theory are those so wealthy that it doesn’t matter, or those who enjoy the ideas, but see practical application as a lesser area. Politicians don’t want to know because it seems that they simply want to know how to pocket cas or avoid taxes.

Stand by me man is eternal! He has been there for ever and will be there for ever

they select the best regardless.

mood

Please check out Guy Standing (economist). I think you have quite a lot of common ground.

900 likes Gary keep on rolling

So what do we do NOW to save this country's economy? It's urgent now

What about Danny Dorling an Oxford geographer who has written about the 1% and agrees with alot of your points?

I am working class I worked in the city

£7.50 was that for one pint??

Of all the preposterous assumptions of humanity over humanity, nothing exceeds most of the criticisms made on the habits of the poor by the well-housed, well- warmed, and well-fed.” ― Herman Melville

The whole concept of working class is an anachronism.

The cleaners are friendly.

Okay fine. I'll be THAT guy. When you said you're no model... Check yourself dude. You're well fit

@garyseconomics

Жыл бұрын

Thank you thank you - need more comments like this

@karicreates7668

Жыл бұрын

@@garyseconomics A curious mix of a number of celebrities!

Bathing in chippiness.

The majority of students at Oxford went to state schools ?

@tylercrowley2559

Жыл бұрын

Compared to the national average it’s still a massive underrepresentation though. I’m not commenting on whether or not that should change but it’s a fact that going to private schools leads to a higher chance of going to Oxford.

@cookergronkberg

Жыл бұрын

Also, the general state school percentage conceals the fact that most of these students attended well-resourced selective state schools.

Went to York for a year. Oxbridge lite. Full of public school cnts

@dac8939

Жыл бұрын

University of York is not too bad. Only around 20% public school kids. Most just middle class normal.

"Not handsome like a model" - the only time I've heard Gary talk nonsense.

@garyseconomics

Жыл бұрын

Lol cute comment

Your time* is now....

I thought you went to LSE not Oxford?

@garyseconomics

Жыл бұрын

I went to LSE for undergrad and then (much more recently) did a 2 year masters at Oxford

@dac8939

Жыл бұрын

@@garyseconomics did you get a 2.1 or a 1st from LSE?

@garyseconomics

Жыл бұрын

@@dac8939 i don't really go so much for this kind of thing to be honest but for what it's worth I got a very high first

@dac8939

Жыл бұрын

@@garyseconomics 1st from LSE is still a tough task and no doubt took a lot of work.

I don't understand any of this shit, one thing I do understand is I have spent over 35 years quoting tenders winning orders for materials that I quoted to supplies large overseas companies to make a margin of 20 to 33 percentage on physical goods I ship....that I am absolutely debt free, I'm not a multi multi millionaire but....I have cash, own several properties, and that a big house is worth 4 apartments, 4 Apples equals 4 Bananas, a bike is better than walking I'm totally unaffected, I can slash rental income by 50% and still live comfortably, I can buy property for cash, and I'm waiting for the next dip, but no debt

@qashas5780

Жыл бұрын

What’s your forte? 😊

@mrjohncharlesbrown

Жыл бұрын

@@qashas5780 making money

Eat the working class

Surely you go to university to learn what they're teaching. Not to teach them what you've learnt.

“I understand the economy better than anyone else” - the arrogance of this statement + the fact that you’re deriving it from making a few bucks as a trader in Shiti Bank is hilarious. You understand how financial instruments respond to each other, to headlines and flows in the short-term. If I ask you where inflation is going to be in 5 years, you’ll have no idea. If I ask you where it SHOULD be in order to maximize social welfare, you’ll have an even worse time trying to guess it.

Is it because i is white working class

You should search 'why the middle class doesn't exist' on youtube (or I guess just google, or google research). If you had considered the points made in those videos would make this video a lot better, because there is just so much uncertainty around what CLASSifies as middle class. Not to be cynical, but my conclusion would be that it's very important to draw a distinction between upper class, upper middle class, middle class and lower class. Since defining class by income is difficult and even a lot of professions can make one draw the wrong conclusion, I say we measure class by the amount of first world problem whining. I'm kidding, but I am cynical about upper middle class folks thinking they have it harder than they actually do.

@hughtierneytierney3585

Жыл бұрын

Working class people don't like olives or 'funny flavoured tea', everybody else does, or at least pretends to. It's as simple as that.

Why does he speak like a black guy from London? Bizarre.

@FrugalQueeninFrance

Жыл бұрын

Evolved modern London accent.

@youngrichie

Жыл бұрын

'black guy from London' Hmmm. How many do you have as friends ?

ahhh bragging

Absolutely agreed. This is exactly how I felt at Oxford

Gary. I left school and felt T.A.F(first word is thick) .After many years I started to be able to see things that others couldn't especially the 2008 crash. people used to take the piss out of me for it like I was some kind of nutter. I predicted the death of the high Street (before covid) and people working from home affecting property prices and again they laughed. when I said that brexit was a dead cert I was rediculed. Now when people ask me about brexit I say'' if you don't know why brexit happened,then you're the reason'. the next prediction is the failure of the UK pound and the introduction of a digitall pound starts 2024 . Additionally the completed failure of the euro currency by 2027 due to how its being managed and distributed you know how I worked out the financial crash. very simple I did basic research..and I mean basic nto how many jobs had been lost in t he manufacturing industry and the ave drop in wages for people leaving the manufacturing industry ( 14.5 %) by the way . if you want to predict some thing in future the next time you are sitting in traffic lights look up at the flats and tenement windows and workbout which ones are using bed duvets and blinds it would stager you how many are anyway tired now and need a snooze. catch you later

30,773.04 BUYERS MARKET

Cash only for tax reasons, comrade