This past Sunday, Stirling Newberry noted that the latest New York Review of Books includes a review by Paul Krugman of Robert Reich’s new book, Saving Capitalism: For the Many, Not the Few. It is an excellent review of what promises to be a seminal book on crucial issues of political economy. Remarkably, Krugman review is entitled, simply, Challenging the Oligarchy. Read on if you’re wondering why that title is so remarkable.
Both Reich and Krugman are generally regarded as liberal stalwarts, but the fact is that both were dangerously neo-liberal in their beliefs in the 1990s and early 2000s. I think the multiple failures of the Dubya administration, especially the 2007-2008 financial crash, caused them to rethink some basic beliefs and assumptions. But what especially forced them to rethink their economics was the brutal and shameless way Bush and the neo-cons used their political power to drive us into the Iraq War. They seemed to have had nagging doubts regarding the issue of how political power impacts economics, but by the end of the Bush Jr. regime, both Reich and Krugman were openly discussing how political power was shaping economic results.…real economics
Paul Krugman on Challenging the Oligarchy
Tony Wikrent
Right Bush is responsible now after 8 years of Obama...
ReplyDeleteAnd had nothing to do with Clinton and his policies. Pretend it isn't theirs and they are on the outside, criticizing it. The last 100 years all the bad stuff, that is down to Repubs, give me a break.
ReplyDeleteThis is silly stuff. Newberry is still living back in 2005.
ReplyDeleteRobert Reich says he's a Marxist. Perhaps be was a bit neoliberal once, after all the socialists believed in keeping everything the same but sharing the wealth of a bit more. But the whole thing needs rethinking. This 24/7 non stop perpetual machine can't keep grinding away, because there went won't be anything left.
ReplyDeleteBrian S Westbury in this Tedx video clearly lays all the blame of the 2008 crash on the government and the fed. He says that by putting rates down to near zero the fed gave the green light that everything was okay. Well, I thought the near zero rates was because of an emergency, but Westbury goes on to say that it wasn't the bankers fault they committed all those crimes (which they should have gone to prison for, but didn't). The audacity, anyone else commits a crime and they're in it, but not bankers. https://m.youtube.com/watch?v=RrFSO62p0jk
ReplyDelete"Both Reich and Krugman are generally regarded as liberal stalwarts, but the fact is that both were dangerously neo-liberal in their beliefs in the 1990s and early 2000s. "
ReplyDeleteKrugman contact with MMTers in 2011 and so on helped a fair deal?
Krugman contact with MMTers in 2011 and so on helped a fair deal?
ReplyDeleteSeems that way, but he didn't acknowledge it as far as I know.