Karl Marx, Yesterday and Today. On or about February 24, 1848, a twenty-three-page pamphlet was published in London.
Modern industry, it proclaimed, had revolutionized the world. Simple Rules of Capitalism — Collaborative Fund. You can’t accurately describe how complicated the global economy is.
There are more than 200,000,000 businesses in the world. Three-hundred trillion dollars of financial assets. Eighty trillion dollars of GDP. Almost 200 countries, thousands of cultures and norms. With seven billion people, a rough calculation show there’s about two tons of pure serotonin careening through the global economy at every moment. Wrapping your head around the global economy – predicting recessions, bubbles, GDP growth and the like – is nearly impossible.
One of my favorite quotes is from John Reed, who writes in his book Succeeding: When you first start to study a field, it seems like you have to memorize a zillion things. This is so applicable to economics, where there are infinite details but a few core principles that explain a lot of what’s going on.
When Systems Crumble: Looking Beyond Global Capitalism. Is the employee-employer relationship of capitalism crumbling, just like feudalism did before?
(Image: Jared Rodriguez / Truthout) As global capitalism staggers painfully, unevenly and dangerously in the wake of its 2008 collapse, its critics divide into two broad camps. One commits to fixing or reforming a capitalism that has somehow lost its way. How economists rode maths to become our era’s astrologers. How the Invisible Hand Was Corrupted by Laissez-Faire Economics - Evonomics. By Jeff Madrick As I learned my economics and further explored the influence of the Invisible Hand, the power of ideas became clearer to me.
Economic ideas have had enormous influence on economic conditions—and vice versa. Over the past thirty-five years, the ideas at the center of orthodox economics, did damage and laid the groundwork for the financial crisis of 2008 and the Great Recession that followed. The Invisible Hand, though alluring, is highly ambiguous—it does good and harm. A beautiful idea can be described as one that explains a lot with a little. Get Evonomics in your inbox. Neoliberalism – the ideology at the root of all our problems.
Imagine if the people of the Soviet Union had never heard of communism.
The ideology that dominates our lives has, for most of us, no name. Mention it in conversation and you’ll be rewarded with a shrug. Even if your listeners have heard the term before, they will struggle to define it. Bernie Sanders Is a Social Democrat, Not a Democratic Socialist. Theconversation. It is now not uncommon for 11-year-olds to be diabetic.
I see one reason for it every time I check out at my local Safeway in Washington. The candy is right there at the cash register, waiting to be eaten. But this does not mean that the manager of the store is mean or even irresponsible. If she has qualms about this practice, she would face a real dilemma: she needs to show a profit. The margins at supermarkets are tiny. The JP Morgan Jamie Dimon/Matt Taibbi Edition of why SEC Chair Mary Jo White needs to recuse herself from Hartzman v Wells Fargo. I believe Mrs.
White has a stake in the outcome of Wells Fargo Advisors LLC / Hartzman / 4-3750-13-010 If I provided Rolling Stone's Matt Taibbi among others information concerning Mrs. White's former JP Morgan client Jamie Dimon about insider trading, and my OSHA/DOL filing, which the SEC can be involved in, and may already be involved in, includes information concerning JP Morgan's Jamie Dimon, which is material and relative to the veracity of my case, I believe Mrs. White should recuse herself from any involvement. . .From: Matthew Taibbi To: george hartzman. DC Douglas' "Why #OccupyWallStreet? 4 Reasons.".
Four Horsemen Feature Documentary. Global Power Project, Part 1: Exposing the Transnational Capitalist Class. A giant mansion right below the Chapel of the Rocks in Sedona, Arizona.
(Photo: Adam Gessaman / Flickr)The Global Power Project, an investigative series produced by Occupy.com, aims to identify and connect the worldwide institutions and individuals who comprise today's global power oligarchy. By studying the relationships and varying levels of leadership that govern our planet's most influential institutions — from banks, corporations and financial institutions to think tanks, foundations and universities — this project seeks to expose the complex, highly integrated network of influence wielded by relatively few individuals on a national and transnational basis. This is not a study of wealth, but a study of power. Many now know the rhetoric of the 1% very well: the imagery of a small elite owning most of the wealth while the 99% take the table scraps. "The rich," said the report, "are in great shape, financially.”
As Val Burris and Clifford L. Amazon's Letter To Shareholders Should Inspire Every Company In America. Whole Foods' John Mackey: What 'Conscious Capitalism' Means. Lewis Schiff interviews the co-founder of Whole Foods about 'conscious capitalism' and how businesses can serve all their shareholders: customers, employees, suppliers, investors, communities and the environment.
John Mackey talks about the decline of economic freedom in the U.S. -- and why business people are more important than ever. John Mackey explains why you shouldn't 'manage your brand' -- you should take care of your customers and create authentic value. John Mackey talks about empowering Whole Foods employees to take initiative and the successful (and failed) experiments that have resulted. John Mackey explains how a transparent compensation program can create solidarity, increase justice and help direct people's career choices. What I Didn't Learn in Introductory Economics - Room for Debate.
Time to resurrect an old idea: Economic Rent. Have you ever heard of the term “economic rent”?
No? That’s probably because of the greatest political coup in the history of our republic. In politics, true power comes – not from your argument – but from the ability to steer the conversation to what you want to talk about and away from what you don’t want to talk about. A Capitalist’s Dilemma, Whoever Wins the Election.
Victo Ngai Clayton Christensen, author of “The Innovator’s Dilemma,” says the winner of the presidential election must face “the capitalist’s dilemma. " In many ways, the answer won’t depend on who wins on Tuesday. Financial Totalitarianism: The Economic, Political, Social and Cultural Rule of Speculative Capital. (Image: Jared Rodriguez / Truthout)At the end of May, it was revealed that a new bill for the regulation of the banking and financial sector was, for all intents and purposes, drafted by Citigroup. This is only the latest in a long list of what can only be called legalized corruption at the highest levels of American power, which has ultimately led to no meaningful policy or legal change in the wake of the 2008 financial crisis.
Avid readers of intrepid Rolling Stone journalist Matt Taibbi and others cannot help but be sickened and struck by the impunity and hubris of America's financial elites, even as astute students of history will point out the previous moments when the power and influence of financiers has overshadowed economics and politics. Totalitarianism is not an inappropriate term, not simply because the financial realm holds such a great deal of wealth and power. "Financialization" generally refers to two overlapping economic processes. Full Interview: Taming Capitalism Run Wild on Moyers & Company. Capitalism Hits the Fan - Richard Wolff. "Pure" Capitalism Is Pure Fantasy. (Image: Jared Rodriguez / Truthout) Truthout doesn’t take corporate funding - that’s why we’re able to confront the forces of greed and regression. Support us in this mission: make a tax-deductible donation today by clicking here. As the global economic meltdown drags most of us through its sixth year, one kind of explanation is heard often and from several sides, including the libertarian right.
The crisis since 2007, we are told, is not capitalism's fault or flaw. RSA Animate - Crises of Capitalism. Capitalism is a “dirty word”: America’s new socialist councilmember talks to Salon. On November 5, Seattle voters made Occupy activist and economics professor Kshama Sawant the first avowed socialist city council member in their city’s history – and the country’s first big city socialist council member in decades.
In an interview Thursday – one day before her vote count lead spurred her opponent to concede the race – Sawant slammed Obama economics, suggested she could live to see the end of U.S. capitalism, and offered a socialist vision for transforming Boeing. A condensed version of our conversation follows. It appears you’re on the cusp of winning a major city’s council race as a socialist. Is American Capitalism in Profound Trouble? June 26, 2014 | Like this article? David Harvey: The Crisis Today: Marxism 2009. Robert Brenner: A Marxist explanation for the current capitalist economic crisis. Robert Brenner. Marxist economist Robert Brenner was interviewed by Seongjin Jeong for Hankyoreh, one of South Korea’s leading daily newspapers. The interview was published on January 22, 2009. From crisis to crisis: can capitalism survive? Testimony of Marriner Eccles to the Committee on the Investigation of Economic Problems in 1933. Laissez-faire’s Piketty Problem.
Harold Meyerson - Building a Better Capitalism. The International Monetary Fund Says Trickle-Down Economics Don't Work. Economists have long argued about the economic effects of inequality. One school says big income differences spur poorer people to work harder. Another says inequality is bad for economies because it reduces economic spending from people of lower and middle incomes. Will Capitalism Destroy Civilization? The Good, Bad and Ugly of Capitalism. LIVE from the NYPL & The Aspen Institute Present: Capitalism and the Future. Forget “Going for growth” neither Hayek nor Keynes can save Capitalism. Naomi Klein: How science is telling us all to revolt. In December 2012, a pink-haired complex systems researcher named Brad Werner made his way through the throng of 24,000 earth and space scientists at the Fall Meeting of the American Geophysical Union, held annually in San Francisco.
This year’s conference had some big-name participants, from Ed Stone of Nasa’s Voyager project, explaining a new milestone on the path to interstellar space, to the film-maker James Cameron, discussing his adventures in deep-sea submersibles. Mike Konczal: '13 Bankers,' Financialization and the Real Economy. Top Derivatives Expert Estimates Size of the Global Derivatives Market at $1,200 Trillion Dollars … 20 Times Larger than the Global Economy. Derivatives - The Unregulated Global Casino for Banks.
Quants: The Alchemists of Wall Street (Marije Meerman, VPRO Backlight 2010) Money & Speed: Inside the Black Box (Marije Meerman, VPRO) Michael Lewis, Flash Boys, and 60 Minutes. Twitter Can Predict the Stock Market. Hedonometer. Twitter and its impact IRL. Google Trends Could Predict Stock Market Moves, Study Shows. Financialization Era – how banking welfare captured our economy and ravaged the wealth of the working and middle class. Building profits through financial debt leverage.
How Banks Got Too Big to Fail. Publicly traded investment banks = big mistake. There Is No Invisible Hand - Jonathan Schlefer.