The following is a reflection I'm sharing with my online Introduction to Political Economy (it has a different name, but that's what it is) course. It's long and therefore continued after the jump. Textbooks and politicians make frequent use of labels for socio-political-economic systems. Typically these labels identify some particular ideology as an "ism". Thus … Continue reading ‘Ism’s, Rhetoric,and the Branding of Ideology in the 21st Century
Bruce Bartlett sets the history straight. Contrary to today's populist political rhetoric from right-wing, so-called conservative politicians, Keynes, and Keynesian economics is anything BUT socialist. In fact, Keynes sought to save free-market, private-property capitalism from itself. Follow the link for the complete story. Here's an excerpt: Those on the right have been making this same … Continue reading Keynes Was Really A Conservative, Not a Socialist
Angry Bear explains how mistaken thinking in the US business community from 1960's onward set the stage for the loss of world-wide economic and technology leadership in many industries. A fable: The Guitar Player who sold his gear or, Bruce Henderson vs. Gordon Moore ~ Angry Bear. I spent much of my career from the … Continue reading Angry Bear explains how US businesses failed in the late 20th century
Going Dutch is a good article that explores the complexities of economic systems by using The Netherlands as an example. Simple "capitalism" vs. "socialism" labels oversimplify.
Arianna Huffington has a very good read today about why bankers continue to get preferential treatment at the expense of Main Street. Here's just an excerpt: Just this week, the bankers and their lobbyists -- who you might have reasonably thought would be the political equivalent of lepers in the halls of power these days … Continue reading Bankers as Royalty
Joseph Stiglitz (Nobel economist) writes in the NY Times (registration may be req'd) how the the Obama/Geithner plan is bad for taxpayers and ordinary citizens. This is not real capitalism folks, it's gamed capitalism for the oligarchs. The main problem is not a lack of liquidity. If it were, then a far simpler program would … Continue reading “Ersatz Capitalism”, a.k.a. Crony Capitalism, aka Lemon Socialism, aka Obama Plan for Banks
I will comment further at LCC Global Perspectives Conference, but All the idols of capitalism over the past three decades crashed. The assumptions and presumptions, paradigm and prognosis of indefinite progress under liberal free market capitalism have been tested and have failed. We are living the end of an entire epoch: Experts everywhere witness the … Continue reading Change in Econ Systems: The era of US-dominated Globalization ending