There is an old saying that the economy is too simple for economists to understand. There is plenty of evidence of this all around. After all, almost no economists could see the $8 trillion housing bubble, the collapse of which gave us the great recession. Back in the stock bubble days of the late 1990s, leading economists in both political parties wanted to put Social Security money in the stock market based on assumptions of returns which were at the least incredibly implausible, if not altogether impossible.
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Stories about Labor and Economics.
Richard Seymour points out that “To me, it’s straightforward. Class is a social relationship that is structured by race, gender, sexuality, nationality, and a whole range of other determinations. Race is the modality in which millions of people inhabit their class experience. Their “identity politics” will often be the precise way in which they fight a class struggle.”
I think that Seymour is correct.
The Universal Declaration of Human Rights turned 70 on December 10. Governments and civil society organizations around the world commemorated the day with a range of activities.
Over the years, the Declaration has been a global beacon for Africans fighting against colonialism and for inclusive economic equality and sustainable development. Its provisions stand as aspirational goals for nations, and standards that nations are duty-bound to uphold and promote.
Speaking of Capitalism in America and in Europe we first have to be precise about two things. First, what do we mean by countries, by nations such as those in the Americas or those here in Europe? And, second, what do we mean by capitalism? So if we can specify what we mean by these two things, we can reason about the difference in how capitalism relates to the different places.
One of the core claims of degrowth economics is that by restoring public services and expanding the commons, people will be able to access the goods that they need to live well without needing high levels of income.
The “green new deal” appears to have several meanings. It has been used by mainstream neoliberal politicians to describe an investment program, operated completely through markets, that would shift the economy away from fossil fuels. The left-wing politicians you mention see the “green new deal” as a program of state infrastructure investment, a mobilization of resources on the scale of a war effort.
Whether such a war-type mobilization would ever be implemented in any significant capitalist country remains to be seen. The political scientists Geoff Mann and Joel Wainwright suggest in their book Climate Leviathan that there could be an international agreement between the US, China and others that would undertake such spending, but very much in the strongest countries’ neo-imperial interests, and with a big dose of geoengineering. Obviously the left politicians’ perspectives are quite different.
My mother’s father was a North Dakota postal employee, so on Christmas Eve, she never knew when he would get home. He was determined to keep working, my mom would tell us, “until every Christmas package that could be delivered would be delivered.” He started working for the Postal Service in 1911, and family lore has it that he sometimes had to trudge through the snow on horseback to deliver the mail.
Climate change is clearly a pressing concern for the majority of working-class people. But with 71% of greenhouse gas emissions coming from 100 corporations, capitalism presents a fundamental barrier to solving the problem. After all, you can't control what you don't own.
Under capitalism, production is unplanned, driven by the demands of profit. Only on the basis of public ownership of the major monopolies, with democratic workers' control and management, would it be possible to begin the work of tackling climate change.
The right would like us to believe that the inequality we see in the United States, and increasingly in other countries, is a natural outcome of market processes. Unfortunately, many on the left seem to largely share this view, with the proviso that they would like the government to alter market outcomes, either with tax and transfer policy, or with interventions like a higher minimum wage.
While redistributive tax and transfer policies are desirable, as is a decent minimum wage, it is an incredible mistake to not recognize that the upward redistribution of the last four decades was brought about by conscious policy, not any sort of natural process of globalization and technology. Not recognizing this fact is an enormous mistake from both the standpoint of policy and politics.
Ten years ago, there was panic in Washington, DC, New York City and financial centers around the world as the United States was in the midst of an economic collapse. The crash became the focus of the presidential campaign between Barack Obama and John McCain and was followed by protests that created a popular movement, which continues to this day.