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
Earlier this week General Motors, the new post-bankruptcy GM, issued it's Initial Public Offering. Initial signs are very encouraging in several ways, which I'll describe. But first let's take a note. Only 20 months, less than two years, The conservatives and tea party types were howling for GM to go bankrupt and for the government … Continue reading The GM Tale
Germany was the first major industrialized country to go "socialist" with a social welfare regime. Brad Delong links us to the original platform of the German socialists, the prototype of most of the 20th century European efforts. More after the jump. The Gotha Program of 1875 Full text of "Gotha Programme": I. Labor is the … Continue reading The Gota Program: The Real History of “Socialism”
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
Turns out that culture matters, too. From the NYTimes (free registration may be required) The global financial crisis has brought low the economies of just about every country on earth. But not Norway. Often natural resource wealth becomes a trap for a country as the nation is tempted to consume the riches that come from … Continue reading Norway Thrives by Going Against the Tide – NYTimes.com
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.
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