The idea that the financial markets are the essential force that drives economic growth and progress, has dominated political thinking for too long. The financial markets and their agents have dominated politics and the Congress over recent decades more than ever before. After all, it took several decades for the financial elite to accomplish the … More The Upside-Down Economy
The “homeless” person is part of what is perceived by the power elite as an unneeded collection of persons of no value to the system – a “surplus population.” I first ran across the concept of “surplus population” in a sociology journal article many years ago. The point was simple: a certain number of “positions” … More Homelessness, Plutocrats, Over-population, and the Climate Crisis
Any genuine scientific analysis of the trajectory of global capital is hard to find. Economic history is rife with ideological stories of “wealth creation,” “capital formation,” and the mythical “invisible hand.” What is capital? What is wealth? What is money? Well, they are all pretty much taken for granted in most economic thinking – conveniently … More Global Capital, Illusions of Wealth, and the Walking Dead
The concept goes way back in the intellectual history of the West, also the East. Simply put, “creative destruction” suggests that in the creation of the new, something of the old is destroyed. Innovation often makes “the old ways” of doing things obsolete. Not surprising. Examples abound in the history of the growth economies of … More Creative Destruction Transformed
Globalization is widely touted in the mass media as both inevitable and good. But why? It is claimed that products are more efficiently produced, labor is more productive, technology is improved by greater innovation, and capital is more efficiently allocated. But wait, there’s less! According to Paul Hellyer, former Deputy Prime Minister of Canada, “Globalization … More The Happiness Factor: What’s the Point of Having an Economy anyway?
A number of books and articles have appeared over the past few years raising the specter of societal collapse. The crises of climate disruption and hyper-inequality in an increasingly unstable U.S. and global economy are converging toward destabilization. These converging destabilizing forces will likely produce some form of radical change –like it or not. But … More State Secrecy: Collapse or Transformation