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What would a British “It’s A Wonderful Life” have looked like?

For starters, George Bailey would have been a councillor

by Duncan Weldon / December 22, 2017 / Leave a comment
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Frank Faylen, James Stewart and Donna Reed on the set of It’s A Wonderful Life. Photo: JT Vintage/Zuma Press/PA Images

In the run-up to this Christmas, like most years, I watched It’s A Wonderful Life. And this year, like most years, I then annoyed my friends by noting at the end that under any reasonable system of financial regulation, George Bailey was still going to jail. The moral here is “don’t watch Christmas films with an economist,” you’re setting yourself up for a lecture on either the proper workings of the banking system or an explainer on the “deadweight loss of Christmas.”

But this year I found myself thinking more about the politics and the political economy of the film than previously, which in their own way are oddly fascinating.

(Before proceeding it’s worth noting that this post will contain spoilers but (i) the film came out 71 years ago and that is surely beyond the spoilers statute of limitations and (ii) if you haven’t seen It’s A Wonderful Life and have clicked on this link, I really have no sympathy.)

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Comments

  1. Albrecht
    December 23, 2017 at 01:20
    As an American I've always thought the alternate reality version of Bedford Falls looks exactly like every struggling town's civic "improvement" dream of the last 50 years: "Hip" night spots with neon lights, booze flowing freely, sidewalks thronged with boisterous and rude people. Sure it's trashy, but think of all the tax revenue it generates! And isn't that what it's all about?

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Duncan Weldon
Duncan Weldon is chief economist at Resolution Group
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