In this Real News Network interview, George Irvin, research professor at the University of London takes a broad historical perspective to show how the rise of a low-wage, debt driven economy and the pressure to reduce the role of government have painted Anglo-Saxon capitalism in a corner.
Read more...For the last 30 years, neoliberals have fixated on a simple program: “Get government out of the way,” which meant reduce taxes and regulations. Business will invest more, which will produce a higher growth rate and greater prosperity for all. The belief was that unfettered capitalism could solve all ills.
That’s not how this children’s story is turning out.
Read more...What do the Catholic Church and the Eurozone have in common? More than one thinks
Read more...With friends like the austerity-loving Congressional Progressive Caucus, who needs enemies?
Read more...Monetarism began it’s rise to world prominence in the ever-conservative Bundesbank in 1974. But it would be the government of Margaret Thatcher in the UK, elected in 1979, that would truly launch monetarism in central banking. After Thatcher’s monetarist experiment undertaken between 1979 and 1984 every economics student would be taught to recite the various monetary aggregates by heart for at least a decade or two.
This is what accounts for the monetarist bent we see in the economists of the last generation. Basically any economist trained between roughly 1980 and 1995 would be heavily exposed to monetarist dogma. And only those that read alternative accounts of money creation — namely, the theory of endogenous money — would be fully immunised. This explains, for example, why certain economists that champion Keynesian policies — like Paul Krugman — actually speak in monetarist tones.
Read more...And we go to Happyville, instead of to Pain City. For some definition of “we.”
Read more...Gaius examines the connections between neoliberalism and the convulsions that climate change will bring to the world.
Read more...Yves here. Due to a communication failure between Lambert and me, you are getting Hugh’s report on the monthly employment release late. Apologies!
Read more...If the President’s budget were enacted by Congress, and OMB’s projections over the next decade hold, it would almost certainly mean economic stagnation punctuated by recession over the next decade. Would it also mean austerity?
Read more...Peculiarly, despite the importance of tax havens, a pathbreaking paper published in 2013 by Gabriel Zucman of the Paris School of Economics, The Missing Wealth of Nations: Are Europe and the U.S. Net Debtors or Net Creditors? (hat tip Dikaios Logos) has received perilous little attention. Perhaps that’s because, among other things, it undercuts the Bernanke-flattering claim that “global imbalances” were a major driver of the financial crisis.
Read more...I think of globalisation as a light which shines brighter and brighter on a few people, and the rest are in darkness, wiped out
Read more...To fix or to float, that is the question.
Read more...ves here. This Real News Network interview with Yilmaz Akyuz, formerly the Director of the Division on Globalization and Development Strategies at the United Nations Conference on Trade and Development (UNCTAD), describes how the problems that produced the financial crisis have morphed into new, no less troubling problems. One key part of this discussion focuses on how China has adapted to its considerably smaller trade surplus, and why having Germany as the new excessive exporter poses new perils to the global economy.
Read more...America’s income inequality has grown so wide that the current “recovery” is driven primarily by the upper fifth of income earners, as revealed by the latest consumer spending data.
Read more...Paul Krugman can’t explain why the deficit issue has suddenly dropped off the agenda. Perhaps I can help.
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