An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
There has been a fundamental divide in the major Breton woods institutions amongst the executive and other branches for a while. Happens the same in CB's and even private corporations.
The more research and theoretical divisions have had a more 'progressive' leaning than the neoliberal executive branches. It even gets more obvious as soon as officials move on and start writing articles or giving conferences.
Looks like the executives are lust for power with their own agenda regardless of what they are told.
Power is based on class structure and power within a class is based on a web of networks. Networks are informal social systems with both a culture and it may also have institutional arrangements, at least informal ones., But they can be somewhat formal, too.
In the US, the deep state is one such web of networks within the formal institutions of government. The career politicians of both parties that pass through the revolving door are another. The CFR is another with both a formal institutional structure and also a web of relationship that is hierarchical. In the former USSR and present day Russia it’s the siloviki , nomenklatura , and oligarchs.
Economics is based on power and power is based on position in the social system. A society is a social system — pace Margaret Thatcher: "The is no such thing as society." The ruling elite under economic liberalism tries to dupe the rubes with individualism and just deserts. It's a transparent power play.
3 comments:
Olivier Blanchard doesn't appear to agree:-
http://uk.reuters.com/article/2015/10/08/uk-imf-blanchard-peoples-qe-idUKKCN0S20H920151008
There has been a fundamental divide in the major Breton woods institutions amongst the executive and other branches for a while. Happens the same in CB's and even private corporations.
The more research and theoretical divisions have had a more 'progressive' leaning than the neoliberal executive branches. It even gets more obvious as soon as officials move on and start writing articles or giving conferences.
Looks like the executives are lust for power with their own agenda regardless of what they are told.
Power is based on class structure and power within a class is based on a web of networks. Networks are informal social systems with both a culture and it may also have institutional arrangements, at least informal ones., But they can be somewhat formal, too.
In the US, the deep state is one such web of networks within the formal institutions of government. The career politicians of both parties that pass through the revolving door are another. The CFR is another with both a formal institutional structure and also a web of relationship that is hierarchical. In the former USSR and present day Russia it’s the siloviki , nomenklatura , and oligarchs.
Economics is based on power and power is based on position in the social system. A society is a social system — pace Margaret Thatcher: "The is no such thing as society." The ruling elite under economic liberalism tries to dupe the rubes with individualism and just deserts. It's a transparent power play.
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