The Exchange | Long-form interviews from the New Statesman
New Statesman
Guy Standing on big finance infiltrating education
In this episode of The Exchange, economist Guy Standing joins host Ollie Dougmore to discuss the systemic corruption of the education system through the lens of his latest book, Human Capital. Standing argues that the infiltration of education by big finance and foreign private equity is transforming schools and universities into mere commodities, leading to a catastrophic decline in deep, creative, and critical thinking. The conversation explores how rentier capitalism has commodified learning, noting that global financial interests now exert control over educational institutions ranging from preschools to universities. Standing identifies this trend as an existential threat that contributes to the rise of far-right politics and neo-fascist ideologies, as the system fails to equip individuals with the empathy and historical literacy necessary for a functioning democracy. Standing also revisits his concept of the precariat—a mass class defined by chronic insecurity and unstable labor—and discusses the impact of the AI paradox, where the rise of artificial intelligence appears to correlate with a regression in human intelligence and independent thought. The episode serves as a powerful call to reclaim education as part of the commons, moving away from short-term profit motives and back toward a model that prioritizes human development, community, and social solidarity.
Updated May 27, 2026
About This Episode
Guy Standing is a British labour economist best known for coining the term "precariat" to describe the growing global class of people living with unstable employment, mounting debt, and chronic insecurity.
Standing’s latest book, Human Capital, explores how the education system has been corrupted and privatised.
He joins Oli Dugmore to discuss this, as well as how his concept of the “precariat” differs from Marx’s “proletariat”, and how a bold, progressive politics must flourish to combat the rise of authoritarianism.
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