Economy & Money: Video Transcript

Here is a transcript of the video I linked to in this post. This video will help you boost your vocabulary on a common IELTS topic Economy & Money.

If you haven’t watched the video yet, please do so and make a note of useful vocabulary. Then, compare your list to the words and phrases highlighted in the transcript below.

TRANSCRIPT:

We’re heading out into the unknown. We need signposts to guide us – to assure us we’re going in the right direction. In our economy, that signpost, for many years, has been the Gross Domestic Product or GDP. If it goes up, most people figure we’re headed in the right direction.

Around the world, a strange thing has happened. That signpost we trusted for years – GDP – is leading us deeper into trouble. GDP measures the money we spend, not the value of what we spend it on. So the more oil we drill, the more drugs we buy, the more prisons we build, the more wars we fight – the higher our GDP grows.

Is this progress? We know better. But GDP has come to take on a life of it’s own. This indicator is so powerful, entire economies around the world. Countries race to outgrow each other’s GDP – even if it kills them, literally. 

But things are changing. People are starting to see a new direction, a new signpost to help us get there. Instead of viewing every dollar and penny we spend as progress, some have started to be more selective – measuring the things that really matter The Genuine Progress Indicator, or GPI, is one such signpost.

In 2010, Maryland was the first state to put this new indicator in place. Then came Vermont. Now other states and countries are beginning to follow too. For the world we live on, the people we live with, for a vision of the future, the way to help us get there. For a better definition of well-being – the GPI – measure what we treasure, on the road to genuine progress.

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