tag:blogger.com,1999:blog-2761684730989137546.post6352220683161865197..comments2024-03-29T09:32:34.853-04:00Comments on Mike Norman Economics: Richard Pomfret — The Age of Equalitymike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-2761684730989137546.post-66219396189546051332012-05-22T11:14:31.714-04:002012-05-22T11:14:31.714-04:00"So neoliberalism is destined to fail."
..."So neoliberalism is destined to fail."<br /><br />Publics in various nations aren't going to put up with extreme capitalism, which leads to monopoly or oligopoly due to economies of scale and state capture, at least not without repression. <br /><br />Private debt is designed as the stick of repression. But that will just lead to a debt-deflation.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-60080017003160689952012-05-22T05:15:18.531-04:002012-05-22T05:15:18.531-04:00So neoliberalism is destined to fail.So neoliberalism is destined to fail.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-75994215612231802482012-05-21T23:16:47.426-04:002012-05-21T23:16:47.426-04:00Well, he does say, "The reality is of choices...Well, he does say, "The reality is of choices within a narrow band whose limits have been determined by a quarter millennium of economic history."<br /><br />How wide that band may be is a matter of debate. But I think it has hit the general principle. There are limits on political systems without invoking repression.<br /><br />We are testing those limits now with neoliberalism.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-27906512102211932872012-05-21T23:03:07.735-04:002012-05-21T23:03:07.735-04:00I suppose Pomfret's general thesis seems valid...I suppose Pomfret's general thesis seems valid enough, but some of his arguments rest on very weak assertions of fact. For example, he opposes the German and Japanese models of industrialization with that of the Soviets, supposedly demonstrating the superiority of "markets" to central planning. The fact is, the German model of industrialization was highly centralized and was emulated by the Japanese. The Anglo-American industrial model was so threatened by the German/Japanese model that 2 world wars were fought with it. It could be said that the result of those wars is that the Anglo-American model became more state centralized itself. The Soviets problem, then, may well have more to do with their relative isolation from the Western system of capital than the centralization of their economy per se.Davidhttps://www.blogger.com/profile/10929929857098326319noreply@blogger.com