I recall a professor in my student days (formal that is, given we are always students if we remain open) telling a postgraduate class that economic development could only occur if the social democratic pretensions of the left, including tolerance of trade unions, were suppressed – “in the interests of progress”. He laughed and said that it was no surprise that the most right-wing nations grew the fastest. His poster child was South Korea. I recalled that experience when I read two articles recently in the UK Guardian. They are reflections on how neo-liberalism is really the antithesis to democratic ideals. The so-called free markets have nothing to do with freedom or political inclusion.
The first Guardian article (May 9, 2013) – Is Cameron’s Britain what we fought for in the war? – written by a 90-year-old World War II veteran, argued that the neo-liberal period of .economic policy-making is the anathema to what the soldiers had sacrificed for during that war.
By Rob Parenteau First of all, if a government stops having its own currency, it doesn’t just give up ‘control over monetary policy’…If a government does not have its own central bank on which it can draw cheques freely, its expenditures can be financed...
Larry Summers has argued that we are entering a period where the only way economies will be kept afloat is through debt-driven bubbles. Classical economists say debt shouldn't matter but history tells a different story.
By Michael Hoexter [Part I] Stated as above, the deficit hysteria-driven austerity campaign would have never gotten off the ground; no one outside the financial industry or its paid minions would choose to design society to facilitate the financial...
Research suggests when an issue is politically charged a high level of numeracy works against understanding it. This explains why many economists still ignore the numerical evidence of what caused the GFC.
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