Thursday, February 28, 2013

April 5 at Wright State

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5 comments:

Les Groby said...

Looks like a new bogeyman has been invented.

February 28, 2013 at 12:56 PM
Taki said...

We appreciate your comment. However, it must be emphasized that neoliberalism is reality and by no means new.

It is understood that neoliberalism has the following main features: [1] de-regulation of business and finance to allow the “free market” to rule; [2] privatization of many public services like electricity or water; [3] the renunciation of what is called discretionary fiscal policy, which had been aimed at moderating the business cycle and keeping unemployment relatively low; [4] sharp reductions
in state social spending; [5] reduction of taxes on business and wealthy individuals; [6] an attack by big business and the political leadership of both parties on trade unions at the national level; [7] a shift in the workplace away from reliance on long-term employees to increasing use of temporary and part-time workers; [8] the introduction of market principles inside large corporations, including a shift from choosing the CEO from
among career employees of the firm to hiring from the outside in a market for CEOs.

Over time the above set of institutions gave rise to three important developments which together promoted a series of long economic expansions but also contained the seeds of crisis.

These three developments are the following: [1] growing inequality, between wages and profits, and within society as a whole among households; [2] a financial sector that became increasingly absorbed in speculative and risky activities; and [3] a series of large asset bubbles.

I hope this clarifies matters at least somewhat.

March 1, 2013 at 12:05 PM
Taki said...

We appreciate your comment. However, I must be emphasized that neoliberalism is reality and by no means new. It began in the early 1970s and it is understood that neoliberalism has the following main features.

[1] de-regulation of business and finance to allow the “free market” to rule; [2] privatization of many public services like electricity or water; [3] the renunciation of what is called discretionary fiscal policy, which had been aimed at moderating the business cycle and keeping unemployment relatively low; [4] sharp reductions in state social spending; [5] reduction of taxes on business and wealthy individuals; [6] an attack by big business and the political leadership of both parties on trade unions at the national level; [7] a shift in the workplace away from reliance on long-term employees to increasing use of temporary and part-time workers; [8] the introduction of market principles inside large corporations, including a shift from choosing the CEO from among career employees of the firm to hiring from the outside in a market for CEOs.

Over time the above set of institutions gave rise to three important developments which together promoted a series of long economic expansions but also contained the seeds of crisis.

These three developments are the following:

[1] growing inequality, between wages and profits, and within society as a whole among households; [2] a financial sector that became increasingly absorbed in speculative and risky activities; and [3] a series of large asset bubbles.

I hope this clarifies matters at least somewhat.

March 1, 2013 at 12:07 PM
Les Groby said...

@Taki—
Thank you for confirming my suspicion with that steaming pile of clarification.

March 1, 2013 at 8:25 PM
Taki said...

You are quite welcome, Les. I always take pleasure in attempting to disabuse an ignoramus.

March 2, 2013 at 5:21 PM

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