Crossing Channels

In this episode of Crossing Channels, Richard Westcott talks to Sumedha Deshmukh and Bruno Biais about whether the future of money can be truly inclusive. 
They explore the promise and limits of cryptocurrency, asking whether it offers a genuine alternative to existing financial systems or risks reproducing the same forms of exclusion, volatility and mistrust. The conversation examines why crypto may be useful in places where monetary and banking institutions are weak, but also why it can expose less informed users to new risks. They also discuss stablecoins, digital public infrastructure, regulation, trust and governance, and what policymakers need to consider if digital finance is to serve people’s real needs rather than simply benefiting those who are already better connected and better informed.

Season 5 Episode 6 transcript
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For more information about the Crossing Channels podcast series and the work of the Bennett School of Public Policy and IAST visit our websites at https://www.bennettschool.cam.ac.uk/ and https://www.iast.fr/.
Follow us on Linkedin, Bluesky and X. 

With thanks to:
Audio production by Alice Whaley
Associate production by Burcu Sevde Selvi
Visuals by Tiffany Naylor and Pauline Alves

More information about our host and guests:
Podcast host
Richard Westcott is an award-winning journalist who spent 27 years at the BBC as a correspondent/producer/presenter covering global stories for the flagship Six and Ten o’clock TV news as well as the Today programme. Last year, Richard left the corporation and he is now the communications director for Cambridge University Health Partners and the Cambridge Biomedical Campus, both organisations that are working to support life sciences and healthcare across the city.
Podcast guests
Bruno Biais, a professor at HEC Paris, and associate researcher at TSE, holds a PhD in finance from HEC. He is a fellow of the Econometric Society and the Finance Theory group and has been scientific adviser to the NYSE, Euronext, European Central Bank and Bank of England. His current research project, titled "Welfare, Incentives, and Dynamic Equilibrium" benefits from the support of the European Research Council (ERC Advanced Grant).

Sumedha Deshmukh, formerly of the Bennett School of Public Policy, is currently a Research Fellow at University College London and the Ada Lovelace Institute. Her research focuses on the economic and societal impacts of digital technologies, with a particular interest in technology governance and public policy. Previously, she led multi-stakeholder technology governance initiatives at the World Economic Forum. She holds a PhD from the University of Cambridge, as well as a Master of Public Policy and BA in Economics from the University of Virginia.

In this episode of Crossing Channels, Anna Alexandrova and Léo Fitouchi talk to Richard Westcott about the limits of markets and what happens when economic reasoning meets moral values. 
They explore why some things – such as dignity, fairness and trust – sit uneasily with prices, and how attempts to measure wellbeing can reshape what societies consider valuable. 
The conversation also examines how monetary incentives sometimes crowd out moral motivations, why people react strongly to the idea that certain goods should be for sale, and what this means for policymakers trying to design fair and legitimate institutions in a world where not everything that matters can be priced.
Listen on your preferred podcast platform
Season 5 Episode 5 transcript: Word / PDF
For more information about the Crossing Channels podcast series and the work of the Bennett School of Public Policy and IAST visit our websites at https://www.bennettschool.cam.ac.uk/ and https://www.iast.fr/.
With thanks to:
Audio production by Alice Whaley
Associate production by Burcu Sevde Selvi
Visuals by Tiffany Naylor and Pauline Alves
More information about our host and guests:
Guest speakers
Anna Alexandrova is a Professor in Philosophy of Science at the University of Cambridge and a Fellow of King’s College Cambridge. She researches how formal tools such as models and indicators enable scientists to navigate complex phenomena tinged with ethical and political dimensions. Her book A Philosophy for the Science of Wellbeing came out with Oxford University Press in 2017 and won the 2022 Gittler Book Prize of the American Philosophical Association. 
Léo Fitouchi is a Research Fellow at the Institute for Advanced Study in Toulouse (IAST) and Department of Social and Behavioral Sciences of the Toulouse School of Economics (TSE). His research investigates the evolved mechanisms of moral cognition and how they shape the cultural evolution of moral norms, religious traditions, and punitive institutions across human societies. He tackles those questions by integrating insights from the social, cognitive, and evolutionary sciences, and testing predictions of the accounts he proposes by means of psychological experiments and cross-cultural databases. He received a Ph.D. in Cognitive Science from the École Normale Supérieure in Paris before joining the IAST.
Podcast host
Richard Westcott is an award-winning journalist who spent 27 years at the BBC as a correspondent/producer/presenter covering global stories for the flagship Six and Ten o’clock TV news as well as the Today programme. Last year, Richard left the corporation and he is now the communications director for Cambridge University Health Partners and the Cambridge Biomedical Campus, both organisations that are working to support life sciences and healthcare across the city.

In this episode of Crossing Channels, Richard Westcott talks to Dr Alessio Terzi from the Bennett School of Public Policy, and Prof Christian Gollier from the Toulouse School of Economics, about what a “fair” climate transition could look like when the costs are local, the benefits are global, and the politics are hard.
They explore why decarbonisation is a whole-economy transformation, what it means for jobs and places, and why the narrative matters as much as the technology. 
The conversation also looks at carbon pricing and redistribution, the credibility problem of long-term policy, and what kinds of institutions and policies can keep people on board in the years ahead.
Season 5 Episode 4 transcript: MS Word / PDF
Listen to this episode on your preferred podcast platform
For more information about the Crossing Channels podcast series and the work of the Bennett School of Public Policy and IAST visit our websites at https://www.bennettschool.cam.ac.uk/ and https://www.iast.fr/.
Follow us on Linkedin and Bluesky.
With thanks to:
Audio production by Alice Whaley
Associate production by Burcu Sevde Selvi
Visuals by Tiffany Naylor and Pauline Alves
More information about our guests:
Podcast guests
Prof Christian Gollier’s research spans the fields of economics of uncertainty, environmental economics, finance, consumption, insurance and cost-benefit analysis, with a particular interest in long-term sustainable effects. He is a Fellow of the Econometric Society. He founded the Jean-Jacques Laffont / Toulouse School of Economics Foundation with Jean Tirole in 2007. He was its director from 2009 to 2024 (with a hiatus in 2015-2016). From June 2023 to October 2025, he was the first director of the “Grand Etablissement TSE”.
Dr Alessio Terzi is an economist working at the intersection of academia, think-tanks, and policy. He is Assistant Professor at the Bennett School of Public Policy, Cambridge, where he also directs the MPhil in Public Policy, and is an Adjunct Professor in Economics at Sciences Po. He is a member of the World Economic Forum Global Future Council on Equitable Transition.  @terzibus.bsky.social

In this episode of Crossing Channels, Richard Westcott talks to Diane Coyle and César Hidalgo about how knowledge, ideas and intangible assets are becoming central to modern prosperity. They discuss what makes intellectual capital distinctive, how AI may widen or narrow inequalities, and why some places benefit more than others. The conversation also explores the challenges of measuring intangible value and what kinds of skills, institutions and infrastructure are needed for countries and regions to turn intellectual capital into broader, long-term growth.
Season 5 Episode 3 transcript: https://www.bennettschool.cam.ac.uk/wp-content/uploads/2025/12/Episode-3-Transcript_Final.pdf
For more information about the Crossing Channels podcast series and the work of the Bennett School of Public Policy and IAST visit our websites at https://www.bennettschool.cam.ac.uk/ and https://www.iast.fr/
Follow us on Linkedin and Bluesky.
With thanks to:
Audio production by Alice Whaley
Associate production by Burcu Sevde Selvi
Visuals by Tiffany Naylor and Pauline Alves

More information about our host and guests:
Podcast host
Richard Westcott is an award-winning journalist who spent 27 years at the BBC as a correspondent/producer/presenter covering global stories for the flagship Six and Ten o’clock TV news as well as the Today programme. Last year, Richard left the corporation and he is now the communications director for Cambridge University Health Partners and the Cambridge Biomedical Campus, both organisations that are working to support life sciences and healthcare across the city.
Podcast guests
Diane Coyle is the Bennett Professor of Public Policy at the University of Cambridge. She is the Research Director at the Bennett School of Public Policy. Diane’s latest book is The Measure of Progress: Counting what really matters.
Her own research focuses on productivity, the digital economy and AI policy, and economic measurement. Diane is currently a member of the UK Government’s Industrial Strategy Council, the New Towns Taskforce, and advises the Competition and Markets Authority. Diane was awarded a DBE in 2023 for her contribution to economics and public policy.
César Hidalgo is a Chilean-Spanish-American scholar known for his contributions to economic complexity and for his applied work on data visualization and artificial intelligence. Hidalgo is a tenured professor at the Toulouse School of Economics’ (TSE) Department of Social and Behavioral Sciences and the head of the Center for Collective Learning a multidisciplinary research laboratory with offices at Institute for Advanced Study (IAST) at TSE and the Corvinus Institute of Advanced Studies (CIAS) at Corvinus University of Budapest. He is also an Honorary Professor at the Alliance Manchester Business School of the University of Manchester.

In this episode of Crossing Channels, Richard Westcott talks to Jack Newman, Angélique Acquatella and Pinelopi Koujianou Goldberg about the forces that shape inequality today. 
Drawing on economics, politics and public policy, our guests examine why gaps persist, look at the roles of technology and trade, explore evidence on health inequalities in the UK, and discuss the delivery gap between national ambitions and local capacity. They share examples of when place-based approaches can work, what gets in the way, and how institutions can support more inclusive growth.
Season 5 Episode 2 transcript: MS Word / PDF
Listen to this episode on your preferred podcast platform: 
For more information about the Crossing Channels podcast series and the work of the Bennett School of Public Policy and IAST visit our websites at https://www.bennettschool.cam.ac.uk/ and https://www.iast.fr/.
With thanks to:
Audio production by Alice Whaley
Associate production by Burcu Sevde Selvi
Visuals by Tiffany Naylor and Pauline Alves
More information about our podcast host and guests:
Podcast host
Richard Westcott is an award-winning journalist who spent 27 years at the BBC as a correspondent/producer/presenter covering global stories for the flagship Six and Ten o’clock TV news as well as the Today programme. Last year, Richard left the corporation and he is now the communications director for Cambridge University Health Partners and the Cambridge Biomedical Campus, both organisations that are working to support life sciences and healthcare across the city.
Podcast guests
Angélique Acquatella is an Assistant Professor at the Toulouse School of Economics. She received her PhD in Economics at Harvard University. During her doctoral studies, she was an NBER Aging and Health Fellow and a National Science Foundation Fellow. Angélique's research looks at the optimal design of healthcare policy, within two main substantive areas: public health insurance systems and pharmaceutical payment policy. She is interested in policy designs that advance health equity, minimise risk for the most disadvantaged individuals, and incentivise socially valuable investments. 
Jack Newman is a public policy researcher specialising in decentralisation and place-based policy. He is an Affiliated Researcher at the Bennett School of Public Policy, and a Research Associate at the University of Manchester, investigating the changing spatial footprint and governance structures of the NHS. In recent years, Jack has researched spatial inequality, local institutions, and healthy urban development at the Universities of Bristol, Cambridge, Manchester, Surrey, and Leeds. 
Pinelopi (Penny) Koujianou Goldberg is the Elihu Professor of Economics and Global Affairs and an Affiliate of the Economic Growth Center at Yale University. She holds a joint appointment at the Yale Department of Economics and the Jackson School of Global Affairs. She is a member of the National Academy of Sciences and the American Academy of Arts and Sciences, recipient of Guggenheim Memorial Foundation and Sloan Research Fellowships, and recipient of the Bodossaki Prize in Social Sciences. Pinelopi is an applied microeconomist drawn to policy-relevant questions in trade and development.