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
It’s hard to give up on an ideal. But the “Change We Can Believe In” has faded, even as the illusion we had hoped it was not. The American electorate has always had a problem with distinguishing rhetoric from action. Of course, Obama’s efforts, such as they have been, have also been thwarted at every … More Delusions of Democrats: Ending Obamania
The corporate cheerleaders of the last stages of the dying unlimited-growth economy still argue that “growth” is necessary for a healthy economy. The role of growth in our economic culture seemed secure, until the cracks in its foundation grew ominous. Now it’s a big question. As the argument goes, capital growth spurs technological innovation, which … More Capital Contradiction: The Fundamental Flaw that Dooms the Corporate-Growth Economy
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?
In a growth economy, new jobs are created on a regular basis because new production expands the employment base. In a shrinking economy, just the opposite happens. The U.S. and most of the industrial world have enjoyed the benefits of expanded production and employment for many decades, minus the occasional downswings of the “business cycle,” … More The Real Cause of Unemployment: Automated and Outsourced Over-Production