Monday, August 7, 2017

Jayati Ghosh — After neoliberalism, what next?

There are economically-viable, socially-desirable alternatives to the failed neoliberal economic model, writes Jayati Ghosh.
Jayati Ghosh is always worth reading.

Red Pepper
After neoliberalism, what next?
Jayati Ghosh | Professor of Economics at the Centre for Economic Studies and Planning, School of Social Sciences, at the Jawaharlal Nehru University, in New Delhi


14 comments:

Ralph Musgrave said...

If there was a vote on which near meaningless word has enabled windbags to exude more hot air than any other, I'd vote for NEOLIBERALISM.

But I'm open to other suggestions...:-)

Tom Hickey said...

What is so difficult to understand about a policy of deregulation and lax oversight, privatization of public assets, unelected international bodies run by technocrats and controlled by transnational corporate interests replacing national sovereignty and democracy, arbitration replacing law, and government favoring the interest of capital over labor and the environment?

Calgacus said...

Indeed. The word is quite well-defined, as above. The intentional adoption of such policies, the long and short term goal being a boot stamping on a human face, forever, is well-documented. Nancy Maclean's book Democracy in Chains: The Deep History of the Radical Right's Stealth Plan for America is a recent contribution there.

I think she is right in focusing on James Buchanan. I recently came to that conclusion independently, fwiw, before I saw her book. I believe he was a (the?) major force in the burial of Lerner's functional finance. Which was pushed down the memory hole to the extent that Maclean doesn't even realize the truth & importance of what Lerner did, and that Buchanan's ideas about finance & Lerner, which became conventional wisdom & still control policy - are simply incorrect.

MRW said...

Calgacus, agree.

Matt Franko said...

" the long and short term goal being a boot stamping on a human face"

Oh please... its going to lead to much improved material outcomes just watch....

Tom Hickey said...

its going to lead to much improved material outcomes just watch....

For the winners.

A rising tide doesn't necessarily lift all boats. It sinks some of them and swamps others. A whole lot of them.

Matt Franko said...

"Trickle down" is better than the last 8 years....

Tom Hickey said...

Trickle down led to the last eight years.

Matt Franko said...

That's what you think...

Matt Franko said...

They get these tax cuts and the Leverage Ratio mod and PPPs, etc.... and Picketty is going to have to do a new edition where the charts in the new book will all have to be in semi-log....

Tom Hickey said...

"They" could even repeal Obamacare when the rubber hit the road, even though "they" vote for it many many time previously when it didn't count.

Losers.

So we'll see.

Matt Franko said...

The N Korea thing could muck it up ...

Matt Franko said...

Tom they all have healthcare they don't really care about that...

Calgacus said...

Matt: Don't know that was sarcasm - but if neoliberalism as described by Tom or Nancy MacLean, as planned by Buchanan is "going to lead to much improved material outcomes" - it hasn't yet. It has led to worse outcomes than the previous era's isms, especially for the bottom 50%. Some luxuries are cheaper. Most necessities are more expensive. In any case, progress however publicly considered slowed down & in some respects reversed.

Buchanan & others intended this deterioration in material outcomes & worse. They said and do say so occasionally; they weren't and aren't stupid. But my central point is that at the heart of neoliberalism, Buchanan, is a morality & logic & language that simply doesn't make sense. Buchanan's understanding of finance was wrong, but he convinced many back then that Lerner was wrong; Buchanan was smart enough to pick the right target. But Lerner was right. The boot's owner is stamping on his own face. It feels so good when you stop.