There are better ways. Let’s first recognize that our great social insurance programs are more necessary than ever before; these programs should be extended, not attacked and cut back. Second, let’s demand that the financial sector be restructured and shrunk, with public alternatives that can achieve social objectives at low cost. Third, let’s focus our minds on specific objectives — for jobs, education, caring, living conditions, energy, climate mitigation and decarbonization — that may be achieved within the limits and despite the difficulties that we face. Fourth, let’s (finally) face the limits of military action and the foundations of global security.
Growth alone cannot solve our problems. But we can still improve our lives, work to stabilize our world, and work to the save the planet, if we put minds and resources to the task....
The Boston Globe | Opinion
6 comments:
Sounds like the same old way to me.
We been at this for 4.5 billion years. Does Galbraith really think that "growth" hasn't occurred all that time? Or that it will stop now?
He might want to define his terms more accurately before proceeding.
http://mikenormaneconomics.blogspot.com/2014/05/45-billion-years-of-evolution-on-planet.html
Tom, your link to the article is missing in action, but I found it anyway.
http://www.bostonglobe.com/opinion/2014/10/10/can-return-normal-economy-but-can-recognize-our-challenges-and-keep-moving-ahead/ZajoMbH8mPxo53IituzfGI/story.html
Nothing really new from Galbraith in the article, sounds like he is mostly trying to plug his new book. :-)
Thanks, Dan, fixed now.
Yes, I was disappointed in it, too.
He sort of synthesized the supposed loss of US hegemony into a permanently less favorable economic environment for the United States that I think is unfounded.
In terms of our purchasing power and ability to import everything, in the short term at least, given the dollar rally and the rest of the world's rampant desire to export more than they import we've not had such favorable terms of trade in years.
And in terms of cooperation with our allies, our energy industry, for example, has US Citizens transferring knowledge globally. We've been in China, Russia, Canada, Mexico, Eastern Europe and Africa working alongside and cooperating with everyone to not only make money but also to ensure they have the ability to produce abundant, cheap supplies. We're working with Chinese national oil companies directly, hardly encirclement and the xeno-phobic rhetoric adopted by the liberal minded folks. Imaginary stuff that unfortunately swirls around the smoke and mirrors security community to become reality.
I like this Galbraith phrase: “let’s demand that the financial sector be restructured and shrunk, with public alternatives that can achieve social objectives at low cost.”
As regards “shrinkage” I’m for removing ALL SUBSIDIES from banks, including lender of last resort. There’s no more reason to subsidise banks than garages or restaurants.
And for those who want a totally secure method of lodging money, have the state provide that service. As to those who want their money loaned on or invested, fine: they can buy shares or buy into mutual funds. But no one should be allowed to have their cake and eat it: that is benefit from having their money loaned on, at the same time as having taxpayers shield them from risk.
The above idea is actually being imposed on money market mutual funds at the moment. See:
http://www.forbes.com/sites/keithweiner/2014/07/26/will-new-money-market-rules-break-money-markets/
Add "can't 'grow' forever" to this list.
Famous predictions, spectacularly wrong.
http://list25.com/25-famous-predictions-that-were-proven-to-be-horribly-wrong/
define 'grow'
Here's another old one.
~1836: "Whale oil running out. World will go dark."
(even though we already knew about fireflies :( )
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