Sunday, August 26, 2018

Bill Mitchell — The conservative polity is fracturing – an opportunity for the Left

Regular readers will know that I have spent a lot of time writing about the demise of the Left political parties as they became subsumed with neoliberal economic ideology, which blurred the political landscape as the ‘centre’ moved to the Right. That topic was the focus of our current book – Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World (Pluto Books, September 2017). The neoliberal infestation has left these parties with declining electoral support, fractured internal organisations and cultures, and a seeming inability to abandon their flawed economic narratives. But there is a mirror image to this demise and that is playing out on the conservative side of politics. In Australia in the last week (but building for years) the far right conservative elements from within the government have brought down their own leader and our Prime Minister in a spiteful clash of ideologies between the more moderate elements in their party and the extremes out on the right. The internal tensions that drove this suicidal mission is being played out around the world. Think about the way that Trump is compromising the Republican party. Think about how Brexit is splitting Tory ranks in Britain. And so on. The problem for the conservatives is that citizens are realising that the neoliberal economic approach has failed to deliver on its promises. And that economic model is ‘owned’ by the conservatives. The adoption of neoliberal economics by social democratic parties is not part of their DNA. It is largely because their ranks have been infested by careerists who have come from the ‘elites’ and have little resonance with workers. The gaps in the policy space that these fractures have created is being occupied by extremist groups. It will be much easier for progressive parties to reclaim that space than it will be for the conservatives who are in the process of a death spiral. But to do that, the social democratic movements has to abandon every vestige of neoliberal economics – the concepts, policies and language and framing. That is the challenge.
Bill Mitchell – billy blog
The conservative polity is fracturing – an opportunity for the Left
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

John Laurits Under Fully-Automated Communism, Your Wage Is $90 Per Hour (Says Math)

There is no problem with scarcity — there is a problem with humanity’s social organization and with its institutions. There is no failure in our production of economic values — even now they are being produced to abundance (maybe even over-abundance). The math above shows that, if it could be allowed, this country can afford to pay a wage just shy of $100 to every human being who is willing to work.
It is only the obscenely wealthy whom we stretch and strain to afford…
Economic rent.

John Laurits
Under Fully-Automated Communism, Your Wage Is $90 Per Hour (Says Math)

Philip McKibbin — The Politics Of Love: Where To From Here?


Struggling a bit with defining love, but on the right track toward addressing the question, what is a good life in a good society from the material (economic) aspect.

Love is the great unifier.

Renegade, Inc.
The Politics Of Love: Where To From Here?
Philip McKibbin

Sam Williams — Modern Money (Pt 3)

In this post, I will contrast the analysis of foreign trade found in Professor L. Randall Wray’s book “Modern Money Theory” and contrast it to the analysis of foreign trade that logically emerges from Marx’s theory of commodities, money and capital....
A Critique of Crisis Theory
Modern Money (Pt 3)
Sam Williams

Jason Goodman - Sunday with Charles - Not So Sweet Charity

This is live right now. Is Charles Ortel closing in on Hilary, I hope so as it would be nice to see the whole thing go under?

 This show could on for two hours and TBH I will probably only manage 45 minutes of it. Next month there will be another Sunday with Charles where he will be saying he is definitely closing in on her now, and so on; but one day hopefully he will nail her.

These guys are very conservative, so it's interesting too see their point of view, but I despaired at their xenophobia of China. Will there ever be peace in the world? 
Kevin V. 


RT — ‘Foreign specialists’ may stage chemical attack in Syria in 2 days to frame Assad – Russian MoD


Russia getting ahead of the news cycle.

RT

The Vineyard of the Saker
What Bolton needs to understand about Russia and history
R. H. Auslander

Atlanta Fed Raises


More horrible news here, this really stinks:





S&P New Record High


More bad news I'm afraid...





Saturday, August 25, 2018

Keiser Report: Zombification of Americans

I thought this episode of the Keiser report was quite interesting. In the first half Max Kaiser says how CNN have named the makers of the bombs that recently fell on Yemon, most of which were American companies. He then goes on to talk about America's drug addiction problems and accidental overdose epidemic which he puts down to the misery that many Americans now live in, rather like in Yeltsin's Russia where people were drinking themselves to death. Americans are becoming zombified, says Max.

But the second half may interest you more, where Max interviews Dan Collins of the China Money Report who has just come back from China to set up businesses again in the US citing Trump's 21% corporation tax as the reason. He says that manufacturing will now pour back into the US creating good jobs for Americans. Manufacturing is now all about robotics with self learning machines, says Dan Collins, and every leading country will need this important industry. 

Dan Collins also talks about how China gamed the system by saying that they were still a third world country so they needed a 25% tax tariff on American made products while the US could only put a 2% tariff on Chinese made products. But China is now world leading economy, says Dan Collins, and Trump is levelling the playing field.

Max mentions China's social credit system where people can get a bad social credit rating and then not be allowed to use airports, or go on buses, etc, which sounds very Orwellian until you realise that in America they just lock everyone they don't like up instead and turn into slaves, so maybe China's system is more humane. It's funny how we tend to see the 'other side' as more sinister than ourselves.

Dan Collins does mention, though, how the US it's fast learning from China how to police the internet.



In this episode of the Keiser Report, Max and Stacy discuss the mass, collective overdosing by residents of New Haven, Connecticut, and the collapse of institutions that created the environment for it. In the second half, Max interviews Dan Collins of TheChinaMoneyReport.com about why, after twenty years in China, he has moved back to America. They discuss the ongoing trade war, which he says Trump is winning, and about the chances for a hot war erupting out of the China containment policy.




Charles Adams — Fiscal policy is a matter of life and death


MMT.

And he also talks about rent extraction!
"So why are UK politicians obsessed with balancing the books rather than helping their citizens to lead healthier lives? The answer seems to be that the many UK politicians are strongly influenced by the desires of a powerful financial sector. While a finance sector is important, it is also predominantly a rent extraction industry. It mainly acquires wealth either on the backs of other people’s labour or their debts (interest).
Progressive Pulse (UK)
Fiscal policy is a matter of life and death
Charles Adams | Professor of Physics at the University of Durham
ht Ralph Musgrave

Charles Adams also teachers econophysics.

John Queally — 'This Is Massive': Landslide Victory for Progressive Reform as DNC Cuts Superdelegates Down to Size

Norman Solomon, national coordinator for the progressive advocacy group RootsAction.org, which had lobbied on behalf of superdelegate reform, said he was skeptical that the power structure of the party would actually move on the issue.
"But it moved in a big way today — because of grassroots power," Solomon told Common Dreams in an emailed statement just after the measure passed. "The sustained groundswell of progressive outrage, agitation, activism and organizing since 2016 forced corporate forces at the top of the party to confront a tough choice — either surrender on the superdelegate issue or deepen the justified distrust among people who believe in the principle of one person, one vote."
The DNC leadership has realized, he added, "that it won't be possible to defeat Republicans unless progressives are strongly on board. Faced with the choice and undergoing such sustained pressure from the grassroots, the corporate forces of the party have retreated about superdelegates. Of course there will be huge battles ahead for progressives. We have got to keep the pressure up and keep moving to make the party and the country live up to the democratic rhetoric that so routinely rings hollow."...
MMT not far behind. Look for Stephanie Kelton to be playing a much more influential role in advising candidate and office holders.

Common Dreams
'This Is Massive': Landslide Victory for Progressive Reform as DNC Cuts Superdelegates Down to Size
John Queally

Syria False Flag Coming


False flag operation underway?

Trump so weakened that he is out of the picture on this?

Sic Semper Tyrannis
The White Helmets are saddling up for another ride
Col. W. Patrick Lang, US Army (ret.)


At the Defense Intelligence Agency, Lang was the Defense Intelligence Officer (DIO) for the Middle East, South Asia and counter-terrorism, and later, the first Director of the Defense Humint Service. At the DIA, he was a member of the Defense Senior Executive Service. He participated in the drafting of National Intelligence Estimates. From 1992 to 1994, all the U.S. military attachés worldwide reported to him. During that period, he also briefed President George H. W. Bush at the White House, as he had during Operation Desert Storm.
He was also the head of intelligence analysis for the Middle East for seven or eight years at that institution. He was the head of all the Middle East and South Asia analysis in DIA for counter-terrorism for seven years. For his service in the DIA, Lang received the Presidential Rank Award of Distinguished Executive. — Wikipedia
See also

Iraq WMD again? How many times can this work?

Zero Hedge
Russia Warns Staged "Chemical Provocation" Coming In Syria After Bolton Cites New Intel
Tyler Durden

also

Fort Russ
BREAKING: RUSSIA ACCUSES U.S OF PLANNING FALSE FLAG ‘CHEMICAL’ ATTACK IN SYRIA
Joaquin Flores

Also
The nuclear "red line" warning came in Gutenev's following statement, per state-run TASS:

“It’s no secret that serious pressure is being put on Russia, and it will only get worse. It is intended to deal a blow to defense cooperation, including defense exports. We see that the Americans now speak about the possibility of sanctions against the countries that purchase Russian weaponry… We should follow the advice of certain experts, who say that Russia should possibly suspend the implementation of treaties on non-proliferation of missile technologies, and also follow the US example and start deploying our tactical nuclear weapons in foreign countries. It is possible that Syria, where we have a well-protected airbase, may become one of those countries.”
He also mentioned focusing on cryptocurrencies to circumvent “US attempts to thwart deals on Russian weaponry and civilian goods,” saying Moscow should “consider the possibility of conducting transactions in cryptocurrencies that are linked to the value of gold.”
“And I’m sure that this will be a very interesting option for China, India, and other states as well,” he said. According to Gutenev, the whole package of these measures taken together could create serious momentum in Russia's favor when dealing with the United States and its allies....
Upping the ante.

Zero Hedge
Russian Official Shocks By Urging Tactical Nuke Deployment In Syria After Bolton Warning
Tyler Durden

See also

Forces lining up.

The Unz Review
Idlib Dawn
Anatoly Karlin

Moon of Alabama — Trump Ties North Korea Talks To Trade Deal With China


Update on what's happening with negations among the US, China, and North Korea.

Moon of Alabama
Trump Ties North Korea Talks To Trade Deal With China
b

Frank Li — “All Men Are Created Equal,” Really?


Frank Li begins up many interesting points and, in my view, gets a lot right in this post. It is worth considering in that it is comparison of systems by a person that knows both the Chinese and American.

But Li omits some of the key Western thinking about the philosophical basis of liberalism, which distinguishes individuality from personhood. 

A dilemma arises between individuality and personhood. On one hand, individuality is unique and varied and all individuals are clearly not equal in many respects. On the other hand, "personhood" is held to be the basis of equality among all humans in terms of what makes one human. In the West, all persons are "equal before the law, for example. This is a key fundamental of Western liberalism and "American values."

The reasoning for this is that all natural persons "born of the union of man and woman" are human beings and are therefore assumed to share the same nature. Persons are "equal" in the sense that as as human beings, persons share in the same nature and thus have the same dignity, as well as the same inherent potential for self-discovery, self-actualization and self-realization. 

To paraphrase Emmanuel Kant, being rational and moral agents, persons are ends in themselves; therefore, it is never proper to treat persons instrumentally as means. This is the basis for universal human rights, for example, a concept that has been adopted globally in the Universal Declaration of Human Rights voted on by the UN General Assembly.

This philosophical distinction of individual from person is derived from the Western religious conception of soul, the history of which in the West is traced by to God's breathing life into Adam. The Hebrew term for breath is "ruach," which may also translated into English as "spirit." The Latin root of "spirit" is "spiritus," which means both "breath" as a natural phenomenon and "spirit" as a metaphysical one. 

In this view, all humans inherit that original breath of God or "holy spirit" (Hb. ruach ha qodesh) through Adam. This "breath of life" is common to all. It is the immanence of God in the world as "the spirit of truth." But this "holy spirit" is God in exile, as were. until a human realizes his or her true nature. 

A similar notion of breath and spirit is found Eastern traditions as chi (qi) in Chinese, ki in Japanese, and prana in Sanskrit. 

According to perennial wisdom, this truth is discoverable by anyone at time. For an interesting story of such self-discovery by a contemporary Vietnamese Confician, see the preface to The Monistic Tradition.

With the transition from the mythological age to the philosophical age that occurred in the West with the rise of modernity, the mythological concept was found to be lacking and the Enlightenment thinkers. Descartes made a bold stab at it with the "cogito." "I think therefore I am" is "Cogito ergo sum" in Latin. This was the beginning of modern rationalism. Hume countered with his "fork," which assumes that all knowledge is either empirical, derived from sense perception, or logical operators, which are empty of content. Hume's analysis found no trace of a "soul."

Kant attempted to synthesize Descartes' rationalism with Hume's empiricism and skepticism of "metaphysics." Kant essentially agreed with Hume that metaphysics is unscientific. But regarding Hume's fork as unsatisfactory, he attempted to show why. The Critique of Pure Reason provides a deeper analysis than Hume did, and one that some view as a harbinger of cognitive science. 

But in showing that neither God nor soul could be proved by argument, Kant was left reliant on faith for belief in metaphysical objects like God and soul unless he could show some rational basis. Kant thought he could show a rational basis for agency that is both rational and moral based on pure duty to act universally. He set this forth in The Critique of Practical Reason in terms of the universality of pure duty based on a rational justification of the Golden Rule as morally compelling for a rational agent.

In the transition from the philosophical age to the scientific age that began in earnest in the 19th century, Hume's fork prevailed as the basis for scientific naturalism as a methodological principle, e.g., expressed as positivism and empiricism. However, many equated this methodological principle of naturalism with the metaphysical principle of materialism, which is make an illegitimate jump in reasoning based on its own assumptions. Concluding from absence of evidence naturalistically obtained to non-existence is "magical thinking" in that it exceeds the scope and scale of the assumptions.

But assuming naturalism as exclusive removes not only the mythological basis for equality of persons in the religious notion of soul but also the philosophical basis for personhood in the notion of person as rational and moral agents. A logical conclusion of this train of thought was B. F. Skinner's behavioristic psychology that views humans interns of stimulus-response mechanism, like other organisms pursuing "utility" and contending for "scarce resources." That provoked a reaction as humanistic and transpersonal psychology, for instance.

When materialistic determinism replaces free will, the concepts of freedom and responsibility become cultural artifacts. The notion of equality of persons underlying the rule of law rather than men looses its basis. In this case, instrumentality takes over, and individuals become means. "Might makes right" as a "fact of nature." 

A double standard of justice is not an issue here, since the mighty can privilege themselves, e.g., based on demonstrated "merit" and controlling the levers of power. "The little people" are, well, little people, unless they have the impetus and wherewithal to stand up and join together. The challenge of the "mighty" is to make sure this doesn't happen by smashing threats as it arises, or by creating conditions that permanently weaken any opposition to prevent threats.

This question of equality is one of the enduring questions with which humanity is struggling now, although most people have no idea of the issues, the stakes, or the history of the debate surrounding them. This results in some of the paradoxes of contemporary liberalism and the confrontation of liberalism with traditionalism globally, and humanity at this stage of its development lacking the means to deal with this without conflict of ideologies and interests. 

In addition, the current debate about inequality is framed in terms of individuality and unequal distribution, when the important issues lie much deeper in terms of personhood and rights.

economicintesect.com
“All Men Are Created Equal,” Really?
Frank Li | Chinese ex-pat, Founder and President of W.E.I. (West-East International), a Chicago-based import & export company, B.E. from Zhejiang University (China) in 1982, M.E. from the University of Tokyo in 1985, and Ph.D. from Vanderbilt University in 1988, all in Electrical Engineering

Martin Armstrong — What Politics Regards us as the Great Unwashed & We the Subjects not People


OP-Ed

Armstrong Economics
What Politics Regards us as the Great Unwashed & We the Subjects not People
Martin Armstrong

Evolving the New Economy: — David Sloan Wilson interviews Tim O'Reilly

Evolutionary theory meets artificial intelligence and the management of algorithms.
Evonomics
Evolving the New Economy: Tim O’Reilly and David Sloan WilsonDavid Sloan Wilson, SUNY Distinguished Professor of Biology and Anthropology at Binghamton University and Arne Næss Chair in Global Justice and the Environment at the University of Oslo, interviews Tim O'Reilly, founder and CEO of O'Reilly Media

Friday, August 24, 2018

Zero Hedge — "Thank God This Is Happening" Russia Says Time Has Come To Ditch The Dollar


De-dollarization is official.

It marks the return to national sovereignty, the Westphalian order, and multipolarism and away from neoliberal globalization, the Anglo-American Empire, and unipolarism.

Donald Trump wanted bilateral trade agreements rather than multinational "free trade" agreements, but did he expect it to go this way?

Zero Hedge
"Thank God This Is Happening" Russia Says Time Has Come To Ditch The Dollar
Tyler Durden

Robert Vienneau — A Semi-Idyllic Golden Age


Weekend thinking.

Thoughts On Economics
A Semi-Idyllic Golden Age
Robert Vienneau

Meagan Day — Medicare for All and Free College Tuition Are Wildly Popular Policies

Seventy percent of Americans said they support a single-payer or Medicare for All health insurance system — including 85 percent of registered Democrats and 52 percent of registered Republicans. Compare these numbers to 2014, when only 21 percent of Americans thought we should have a single-payer system.
The number of Americans who want to eliminate the private insurance industry and replace it with a single universal public program has more than tripled in just four years.…
Similarly, according to the Reuters poll, 79 percent of Democrats and 41 percent of Republicans say they support tuition-free college, amounting to 60 percent overall. It’s hard to find earlier polling data on this subject because it wasn’t even a widely discussed political topic prior to Bernie Sanders’ 2016 presidential campaign — despite the fact that college tuition has more than doubled in the last 30 years, and the student debt crisis has consequently spiraled out of control.
Sanders’s campaign put the idea on the map. Hillary Clinton responded to this pressure from her left by drafting a watered-down version of Bernie’s universal proposal. But the cat was out of the bag, despite establishment Democrats’ best efforts to shove it back in. Now a majority of Americans believe that we should have free public education....
Jacobin
Medicare for All and Free College Tuition Are Wildly Popular Policies
Meagan Day

Brad DeLong — This is, I think, both right and wrong. China has an... interesting property-rights system—your property is secure not ...


Beginning to figure out how China works and why Western expectations have been consistently wrong about China' stability and resilience. The post addresses much more than property rights.

More evidence that the Chinese leadership groks the basics of MMT?

Grasping Reality
This is, I think, both right and wrong. China has an... interesting property-rights system—your property is secure not ...
Brad DeLong | Professor of Economics, UCAL Berkeley

Zero Hedge — Trump Tells Pompeo Not To Go To North Korea: "Not Making Sufficient Denuclearization Progress"

Trump then blamed China, saying that "because of our much tougher Trading stance with China, I do not believe they are helping with the process of denuclearization as they once were (despite the UN Sanctions which are in place)." This is in line with Trump's complaint from early July in which he said that with respect to the denuclearization process, China "may be exerting negative pressure on a deal because of our posture on Chinese Trade."
Learning that unlike private deals, deals on the world stage among governments are interlinked and influence each other.

Zero Hedge
Trump Tells Pompeo Not To Go To North Korea: "Not Making Sufficient Denuclearization Progress"
Tyler Durden

Media Roots — US Sanctions Shut Down ‘The Empire Files’ with Abby Martin

The Empire Files is temporarily appealing for donations on a one-time and monthly basis to continue production in the midst of US attacks on the TeleSUR Network.
As a result of US sanctions against Venezuela, The Empire Files has been forced to completely shut down operations.
The Empire Files, which airs on TeleSUR throughout Latin America and on Free Speech TV and The Real News Network in the United States, has been funded through a contract with the TeleSUR network. As Abby Martin’s primary broadcast, it has released over 100 documentaries, interviews and on-the-ground exposés from battlefields in Palestine, Venezuela and beyond.
As a result of financial attacks by the US government on the primary source of TeleSUR’s funding, production was halted before the completion of Empire Files Season Two.
Season Three, contracted for 26 episodes, was scheduled to begin on July 1. But with the US government blocking wire transfers that originate in Venezuela, the ability to receive funding has not been possible.
For over a year, funding has been sporadic and often delayed. The Empire Files has been operating by alternating between waiting for late payments and funding production out-of-pocket.
However, with US attacks and sanctions intensifying, the ability to receive funds appears to have been cut-off completely.
Contract TeleSUR journalists elsewhere, including at Empire Files, have had funding blocked by the US government for over 6 months. Even wire transfers not originating in Venezuela, but ally countries which also fund TeleSUR, have been severed.
There appears to be no solution, and no end in sight, to this ongoing financial attack.
The Empire Files officially halted all production on May 27, and had to cut all staff prior to that. But we have been holding-off on an official announcement in hopes that the wall put in place by the Trump Administration would be overcome.
We are making this announcement now because, after numerous attempts and constant rejections of all types of fund transfers, we do not believe this barrier will be removed in the near future....
Media Roots
US Sanctions Shut Down ‘The Empire Files’ with Abby Martin

Reuters — U.S. calls foreign mail system unfair in surprise win for Amazon


In effect, a tariff.

Pepe Escobar links


The first is a should-read. The second is a backgrounder.

Asia Times
Sun Tzu and the Art of Fighting a Trade War

Hillary Clinton : We created Al-Qaeda


In this video Hilary Clinton admits that the US government created and funded Al-Qaeda in order to fight the soviet union, and she even considers that as a good thing. But she claims that the Americans are fighting Al-Qaeda nowadays. If you really fighting Al-Qaeda, then who are the scums and terrorists you used in order to topple the government of Qaddafi in Libya.


Thursday, August 23, 2018

RT - Hopkins: Why do Muslims always go to Christian countries?

The journalist Katie Hopkins from the Sun newspaper interviews Oksana Boyk from RT and makes the Russians look like liberals as she is so extreme. Okay, she admires Putin and may not be a Putin critic, but she lays into the Muslims asking why do they come here to the free west? She says, "Isn't it because Christian lands are free and tolerant and open?", Oksana Boyk replies saying its because Western countries bombed their countries, but Katie Hopkins takes no notice of that and neither do the racists bigots leaving comments underneath the video. .

I put out a comment saying it was the British and the Americans who funded Wahhabism throughout the Middle East which made life so hard for Muslim women. The West did not want the ME to develop liberal democracies because then the people of those countries would want to control their own oil and not have Western corporations control it.

I thought I would inform the British racists but I have not had a reply yet. Now I'm not keen on Muslim fanatics either, but who caused it?

The first clip is the 2:24 minutes long and if that interests you there is the full interview underneath.

Katie Hopkins is pretty obnoxious.




"Isn't it because Christian lands are free and tolerant and open?" Katie Hopkins quizzes Worlds Apart RT host Oksana Boyko about why Muslims "always go to Christian countries".



RT — ‘Eat it, Elon’: Internet greets Kalashnikov electric supercar with love & hate for old-school looks


Always wanted a Kalashnikov? Here's your chance.
The just-unveiled Russian electric supercar concept by AK-47 creator Kalashnikov has caused heated debate online. Many mocked its old-school design, while others said they’d gladly drive such a vehicle for that very same reason.
Forestalling the obvious parallels with Elon Musk’s creations, Kalashnikov Concern said that its CV-1 “electric supercar concept… will allow us to stand in line with the world's electric car manufacturers, like Tesla, and compete with them.”
The concept indeed incorporated several original solutions developed within the  company, including a high-speed battery modular control system and a “revolutionary” compact inverter, the maker said.
Kalashnikov has a reputation for simplicity, reliability, and durability in weapons systems. We'll see how well their vehicle design matches their reputation.

As for the retro design, VW did great financially when it brought back the Type 1 Bettle as the New Bettle.

RT
‘Eat it, Elon’: Internet greets Kalashnikov electric supercar with love & hate for old-school looks

The State of the Nation On This Day — 23 August 2018


The state of the nation is parlous. 

"Every kingdom divided against itself is brought to desolation; and every city or house divided against itself shall not stand." Mt 12:25 (KJV), Abraham Lincoln 

Mark Penn


Strategic Culture Foundation
Weaponizing the US Dollar Is Accelerating Global De-Dollarization
Frederico Pieraccini

Moneyness
Europe's SWIFT problem
JP Koning



Chris Dillow — Socialism in one country


The takeaway:
The appropriate modes of economic organization vary from country to country. In saying this, I’m following Edmund Burke, who wrote:
Circumstances (which with some gentlemen pass for nothing) give in reality to every political principle its distinguishing colour and discriminating effect. The circumstances are what render every civil and political scheme beneficial or noxious to mankind.
The answer might lie in a distinction made by Burke as described (pdf) by Jesse [Norman]. He distinguished between “embodied” reason – which proceeds from concrete actually-existing conditions – and abstract reason which began from theory. Those who give blanket, worldwide support to either capitalism or socialism are perhaps too prone to abstract reason and too little to embodied reason....
Marx also distinguished between rational abstraction and concrete abstraction, following Kant and Hegel. This distinction is often overlooked in Anglo-American thought.

Stumbling and Mumbling
Socialism in one country
Chris Dillow | Investors Chronicle

Lars P. Syll — Reformulating the economics curriculum


Econ 101. The standard model is misleading.
Having gone through a handful of the most frequently used textbooks of economics at the undergraduate level today, I can only conclude that the models that are presented in these modern mainstream textbooks try to describe and analyze complex and heterogeneous real economies with a single rational-expectations-robot-imitation-representative-agent.
That is, with something that has absolutely nothing to do with reality.….
For almost forty years mainstream economics itself has lived with a theorem that shows the impossibility of extending the microanalysis of consumer behaviour to the macro level (unless making patently and admittedly insane assumptions). Still after all these years pretending in their textbooks that this theorem does not exist — none of the textbooks I investigated even mention the existence of the Sonnenschein-Mantel-Debreu theorem — is really outrageous.
Lars P. Syll’s Blog
Reformulating the economics curriculum
Lars P. Syll | Professor, Malmo University