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Tag Archives: capitalism
Systems That Suck Less
Systems That Suck Less Last week’s post on political economy attracted plenty of disagreement. Now of course this came as no surprise, and it was also not exactly surprising that most of the disagreement took the shape of strident claims that I’d used the wrong definition of socialism. That’s actually worth addressing here, because it […]
An Introduction to Political Economy
An Introduction to Political Economy Last month, when I looked across the vast gray wasteland of the calendar page ahead and noted that there were five Wednesdays in November, I asked readers—in keeping with a newly minted but entertaining tradition here on Ecosophia—to suggest a theme for the fifth Wednesday post. This blog being the […]
Are Economic Crises Inherent to Market Economies?
ARE ECONOMIC CRISES INHERENT TO MARKET ECONOMIES? It is interesting to note that Marx, in his analysis of the capitalist economic system, basically concentrates on the study of the imbalances and maladjustments which occur in the market. This accounts for the fact that Marxist theory is primarily a theory of market disequilibrium and that occasionally […]
For Saving the Earth We Need to Tell the Whole Truth — an eco-socialist’s response to Richard Smith
For Saving the Earth We Need to Tell the Whole Truth — an eco-socialist’s response to Richard Smith In his article,1 Richard calls upon his readers to “change the conversation”. He asks, “What are your thoughts?” He says, if we don’t “come up with a viable alternative, our goose is cooked.” I fully agree. So […]
Cradles of Capitalism: The City-States of Greece and Italy
CRADLES OF CAPITALISM: THE CITY-STATES OF GREECE AND ITALY There long has been a persistent academic debate as to whether an “ancient economy,” referring mainly to Greece, even existed at all. In a field dominated by Marx, Marxists, the 19th century sociologist Max Weber, and such scholars of renown as Sir Moses Finley, the lingering image […]
It’s time to call the housing crisis what it really is: the largest transfer of wealth in living memory
It’s time to call the housing crisis what it really is: the largest transfer of wealth in living memory Image: Images Money, CC BY 2.0 One of the basic claims of capitalism is that people are rewarded in line with their effort and productivity. Another is that the economy is not a zero sum game. […]
Mind the Junk—-This Ain’t Your Grandfather’s Capitalism
Mind the Junk—-This Ain’t Your Grandfather’s Capitalism The financial system is loaded with anomalies, deformations and mispricings—-outcomes which would never occur on an honest free market. For example, the junk bond yield at just 2% in Europe is now below that of the “risk-free” US treasury bond owing solely to the depredations of the ECB. Indeed, madman Draghi has […]
The return of the peasant: or, the history of the world in 10½ blog posts – 8. Of reconstituted peasantries and alternate modernities
The return of the peasant: or, the history of the world in 10½ blog posts – 8. Of reconstituted peasantries and alternate modernities Continuing with my ‘History of the world’. As ever, the fully referenced version of this essay is available here. I’m going to come back to the issue of peasantries as the ‘universal […]
The return of the peasant: or, the history of the world in 10½ blog posts. 7. Capitalism, the state and historical progress
The return of the peasant: or, the history of the world in 10½ blog posts. 7. Capitalism, the state and historical progress Continuing with my history of the world… Earlier, I characterised the emergence of capitalism in relation to the transformation of the four medieval figures of the lord, the peasant, the merchant, and the […]
What Could Pop The Everything Bubble?
What Could Pop The Everything Bubble? A crisis that can’t be solved by just printing more dollars I’ve long held that if a problem can be solved by creating $1 trillion out of thin air and buying a raft of assets with that $1 trillion, then central banks will solve the problem by creating the […]
Is Capitalism Dead or Merely Dying?
Is Capitalism Dead or Merely Dying? Alfred Wertheimer Elvis 1956 New Zealand’s new prime minister Jacinda Ardern calls capitalism a blatant failure. Former Greek finance minister Yanis Varoufakis says capitalism is ‘merely’ coming to an end because it is making itself obsolete. Mathematics professor Bruce Boghosian claims that without redistribution of wealth, our market economy […]
Condemned to Repeat It History as Rerun
Condemned to Repeat It History as Rerun European essayist George Santayana famously wrote, “Those who cannot remember the past are condemned to repeat it.” This is repeated, as it just has been, ad nauseum as various persons (like yours truly) attempt to claim the mantle of wisdom. But the past is being deliberately repeated by […]
Capitalism, the State and the Drowning of America
Capitalism, the State and the Drowning of America Photograph Nathaniel St. Clair As Hurricane Harvey lashed Texas, Naomi Klein wasted no time in diagnosing the “real root causes” behind the disaster, indicting “climate pollution, systemic racism, underfunding of social services, and overfunding of police.” A day after her essay appeared, George Monbiot argued that no […]
Capitalism—A New Idea
Capitalism—A New Idea Capitalism, whether praised or derided, is an economic system and ideology based on private ownership of the means of production and operation for profit. Classical economics recognises capitalism as the most effective means by which an economy can thrive. Certainly, in 1776, Adam Smith made one of the best cases for capitalism […]
How Capitalist Central Banks Have Been Creating the Next Financial Crisis
How Capitalist Central Banks Have Been Creating the Next Financial Crisis As central bankers, finance ministers, and government policy makers head off to their annual gathering at Jackson Hole, Wyoming, this August, 24-26, 2017, the key topic is whether the leading central banks in North America and Europe will continue to raise interest rates this […]
