Good essay.
In the early 1980s, when Margret Thatcher and Ronald Reagan began to increase the competitiveness of their economies for the upcoming globalization on the basis of the theories of the Chicago School, their reforms were labeled as liberalisation, deregulation and privatisation. The claim was that this trinity would strengthen the individual in their societies and the competitiveness of their economies. The “victory” of capitalism over communism in 1989 reinforced the reform agenda. The interpretation of capitalism that dominated this agenda however shows a lack of congruence with an inclusive market mechanism.…Neoliberalism is getting its comuppance own to overreach.
ht Mark Thoma at Economist's View
Good article, but more competition, it's bad enough as it is? Then we need the Basic Income so that we can out of capitalism when it starts making us ill.
ReplyDeleteExcerpt:
'The debate is not about political ideologies and their partisan views on whether more public or private sector dominance is better. The question is how to make sure our societies stay competitive in an evidence-based, innovation-driven search for democratically legitimized solutions for the challenges of our times.
All the economies are interlinked now, and this trade helped us to become better off. Rather than become independent and thrive, countries that get sanctions out against them suffer. In this way, regret aristocracy who run the world can blackmail countries to toe the neoliberal line. But this make the poor even poorer. What the ruling class have done to Haiti is a massive crime.
DeletePerhaps countries won't be able to escape the competition racket where the wealthy take most of the gains.
So, what a horrible world to live in. Everyone will be pushing their kids through the best schools they can afford making their lives a misery. Work, work, work, and no fun, until you die, with many finding some release with alcohol at the weekends, or on antidepressants from the doctor. And millions of children on Ritalin.
Capitalism would have produced an Orwellian nightmare, the matrix, as some call it.