Beginning in the 1980's radical free-market fundamentalism, as exemplified by the so-called "Chicago Boys", became the dominant thinking at international agencies such as the International Monetary Fund (IMF), World Bank, and the U.S. Treasury. This resulted in an approach to helping developing and poor countries called the Washington Consensus. The essence of the Washington Consensus … Continue reading Structural Adjustment
Day: March 5, 2010
Maynard’s Revenge: Keynesianism and the Crisis Explained
Lance Taylor explains Keynesiansim and how it applies to the current crisis on YouTube. h/t Economic Perspectives from Kansas City.
Who Broke America’s Job Machine
Who Broke America's Job Machine - Part 1 Who Broke America's Job Machine - Part 2
Where’d my job go dude?
One of the greatest untold economic stories of the last 2-3 decades (there are so many) is how the economy (both US and global) has consolidated. In industry after industry, there's just not the level of competition or entry or innovation that we formerly had. This is significant for many reasons. One, historically the Great … Continue reading Where’d my job go dude?
Worried About the Deficit? – Must Read
If you are worried about the deficit, or if you'd like to receive Social Security some day when you retire (or if you become disabled), then Jamie Galbraith's article In Defense of Deficits in the Nation is a must-read. the deficit phobia of Wall Street, the press, some economists and practically all politicians is one … Continue reading Worried About the Deficit? – Must Read
Interesting and Good Stuff from This Week
From the Wall Street Journal: Bring Back the Robber Barons . I think I'll pass. I mean why stop with the robber barons? Why not go all the way back to feudalism where most workers are the personal property of some monied rich baron who's buddy-buddy with the king? From Maxine Udall (girl Economist): Bring … Continue reading Interesting and Good Stuff from This Week
UK Economic History
via Tejvan Pettinger at EconomicsHelp.org: On my other blog I wrote a few articles about British Economic history. It was inspired by watching Andrew Marr’s entertaining – Modern British history. One of my first memories of the news was the coal miners strike. I lived in Yorkshire and in 1984 would have been 7 years … Continue reading UK Economic History
Unemployment – Feb 2010 Report – Nothing new
From BLS today as reported by Calculated Risk. Basically, we continue to move sideways. Good news, it's not getting worse. Bad news, it's not getting better. But, in the longer-run, "not getting better" is very, very bad news for both GDP and the federal deficit. Nonfarm payroll employment was little changed (-36,000) in February, and … Continue reading Unemployment – Feb 2010 Report – Nothing new
The Fed is Corrupt
The current structure of The Federal Reserve Bank has outlived it's usefulness. The Fed was born in secrecy among privileged, monied elites. It failed us in the Great Depression. It has failed us in the past two decades as evidenced by the Great Global Financial Meltdown of the past 3 years. I have a lot … Continue reading The Fed is Corrupt