Category Archives: Social values

Answering for America’s Madness

Yves here. This post by Ann Jones discusses the difficulty that Americans have in answering questions from foreigners about large swathes of our policies. I had enough trouble explaining (mind you, not defending) the Iraq War when I lived in Sydney from 2002 to 2004, when Americans were generally still well tolerated around the world. I can’t imagine what it is like now.

Some readers will no doubt beg to differ, but it appears that our supposed leaders are operating out of a mass delusion and trying (and for the moment succeeding) in imposing it on the rest of us.

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Happiness and Satisfaction Are Not Everything: Improving Wellbeing Indices

Yves here. I’m using this post as an object lesson in what is right and wrong with a lot of economics research to help readers look at research reports and academic studies more critically. That often happens with post VoxEU articles; they have some, or even a lot, of interesting data and analysis, but there’s often some nails-on-the-chalkboard remarks or a bias in how the authors have approached the topic. Readers, needless to say, generally pounce on these shortcomings.

Here, the authors take up a legitimate topic: are surveys on wellbeing asking the right questions?

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Hebdo Fallout: Greater Odds of Frexit as Marine Le Pen’s Star Rises

The odds of France leaving the Eurozone, or Frexit, have just gone from a tail risk to plausible thanks to the boost the Hedbo shootings have given to the leader of France’s far right party, the National Front, and its leader, Marine Le Pen. Opinion polls indicate that that she would win the first round of a presidential ballot were elections held now.

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Satyajit Das: The Art of Destructive Capital

In truth, art and money have never been far apart. The wealthy have always collected art. Joseph Henry Duveen, the legendary dealer who in the early twentieth century masterminded the sale of Old Masters to wealthy Americans with little knowledge of art, observed that: “Europe has plenty of art while America has plenty of money and large empty mansions and I bring them together.” Richard Rush in his 1961 book Art as an Investment doubted that “collectors have ever been unmindful of the investment value of art”.

But the market rather than the art itself is now the centre of this universe.

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Something That Changed My Perspective: Karl Polanyi’s The Great Transformation

The first Christmas-New Years period for this site, in 2007, we featured a series “Something That Changed My Perspective,” which presented some things that affected how I viewed the world. The offerings included John Kay on obliquity and Michael Prowse on how income inequality was bad for the health even of the wealthy.

Karl Polanyi’s The Great Transformation (which I should have read long ago) is proving to be a particularly potent example of this general phenomenon.

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The Airing of the Grievances

For those who came in late, Festivus — I’m not big on the whole forced cheeriness of Xmas, as readers can probably, by this point, imagine — is normally celebrated on December 23. However, because Festivus really is for the rest of us, Festivus can also be celebrated at any time, so here we go! […]

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The Police Union’s Irresponsible Reaction To Shooting Of Two NYPD Officers

Yves here. I left NYC the day that Ismaaiyl Brinsley killed two New York City policemen after shooting his former girlfriend in Baltimore. On the plane, three students (two in grad school, one in college) who didn’t previously know each other and were going home to Birmingham were discussing the event. All were concerned that this would put a chill on the protests against police brutality. And in case you wondered, yes, all were white.

The police are using this tragedy for selfish and anti-democratic ends. And what is troubling is that Mayor De Blasio hasn’t put them in their place. Corey Robin explains what that really signifies:

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Why is No One Fighting the New Robber Barons?

Last week, Bill Moyers interviewed historian Steve Fraser on what he calls our Second Gilded Age. Despite the anodyne title of the segment, The New Robber Barons, it was really about why the American public has been so quiescent in the face of rapidly rising income inequality, while during the first Gilded Age, a wide range of groups rebelled against the wealth extraction operation. I encourage you to watch the segment in full or read the transcript.

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The War to Start All Wars: The 25th Anniversary of the Forgotten Invasion of Panama

Yves here. Why is war becoming a dominant line of business for a soi-disant democracy? In the 19th century, the consensus among the capitalist classes was that armed conflict was bad for business. Europe had a nearly 100 year of peace, with only short-lived conflicts as punctuation.

The rationale for America’s militaristic foreign policy was that spreading democracy would promote peace, since as conventional wisdom had it, democracies don’t go to war with other democracies. But the more accurate statement might be that many democracies (Russia and most countries in South America being noteworthy exceptions) have accepted the US security umbrella and are no longer capable of defending themselves (for instance, Mathew D. Rose noted that “much of the German military hardware is dysfunctional due to austerity and endemic corruption“). But the promise of a Pax Americana in the wake of the fall of the USSR has instead morphed into the US running ongoing wars and counterinsurgencies, even as our troops are strained to the breaking point. And it’s clear that these campaigns are more about looting than about making America and its allies safer. The classic Military Misfortunes: The Anatomy of Failure in War has an afterword which discusses the failed Iraq peace, pointing out that it was absurd to expect the Iraqi army to be able to stand up against foreign attack (this years before it collapsed when ISIS looked cross-eyed at it). Similarly, that a big part of the failure to reconstruct the country was due to the use of US contractors. Not only did they cost ridiculously more, but the failure to employ local firms and hire locals meant little of the spending went into the Iraq economy. Rebuilding would also have given young men meaningful and well-paid work. The absence of that made them good raw material for the opposition.

In other words, America has turned long-standing commercial logic on its head. Yet there has been perilous little in the way of complaint from the business community. Is it because one of America’s recent growth engined, the tech industry, gets far too much in the way of goodies from defense-related R&D to challenge this equation? Or that US multinationals believe, rightly or wrongly, that the safety of their extended supply chains depends on military might, and so they see their interests as aligned with US adventurism? Or is it simply that the US has gotten to be very good at propaganda (see Alex Carey, Taking the Risk out of Democracy, for a long-form treatment), with the result that many people operate from assumptions that would not stand up to scrutiny?

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