As the maladies of modern capitalism have multiplied, fundamental questions about the future of the world’s dominant economic model have become impossible to ignore. But in the absence of viable alternatives, the question is how to reform a system that is increasingly at odds with democracy.James K. Galbraith looks at three recent books on the crisis in capitalism:
- Joseph E. Stiglitz, People, Power, and Profits: Progressive Capitalism for an Age of Discontent, W.W. Norton, New York; Allen Lane, London, 2019.
- Paul Collier, The Future of Capitalism: Facing the New Anxieties, Harper, New York; Allen Lane, London, 2018.
- Branko Milanovic, Capitalism, Alone: The Future of the System That Rules the World, Belknap Press, Cambridge, 2019 (forthcoming).
Capitalism’s Great Reckoning
James K. Galbraith | Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government at the Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin
I couldn't afford the subscription, but it looks good.
ReplyDeleteInteresting how progressives are adopting this apocalyptic messaging now. When neolibs were in control and maintained low employment, radical trade policy and environmental austerity the progressives called for change patiently. But now, it's time to go to go back so socialists authority governments. *Yawn*.
ReplyDeleteMATH. Yang 2020.
Stronger unions, state healthcare, better employment protection, improved welfare, longer maternity leave, better state pensions = sounds like less authority, not more - two fingers to the authoritarian bosses.
ReplyDeleteBut drop litter or screw the environment and your in it!
ReplyDeleteCreate constitutional amendment that fiscal and monetary policy authorities meet targets on employment: Federal reserve heads lose jobs and early elections are called for congress when they miss economic inflation and employment targets. Unions should be held financially responsible when they cause damage to communities by over reaching and causing plant closures that injure workers and harm communities. Public nuisance -- only fiscal authorities can influence macro employment and wages. Pretending university degrees or "workers organizing" changes the power of labor is a farce.
Medicare advantage (private) ***option*** for all is better than the US progressive's "medicare for all" -- non-starter, self destructive politically. Only ~15 million americans don't have insurance. Polls are clear, most americans don't want to be forced to pay for lavish medicare benefits. Just need coverage for those who have bad or no coverage.
Maternity and paternity leave but government pays wages. In the US big companies that have maternity leave fire employees at higher rates when they get pregnant (for other reasons, "unrelated" to pregnancy). Best if government pays to remove perverse incentives for workers and employers.
Better state pensions, counter cyclical pension taxes and payments instead of a JG
Left and right aren't that far apart on big issues, I don't think
Unions can sometimes become too powerful and ruin it for themselves. They did it in he 70's in Britain and lost everything.
DeleteOwners should be held financially responsible when they cause damage to communities. A lot of money they owe the people. Start pay off that debt.
ReplyDelete