Tuesday, August 08, 2017

The great recession: 2007-2017

“I know of no form of economic organisation based on the division of labour (he refers to the Smithian view of a capitalist economy), from unfettered laisser-faire to oppressive central planning that has succeeded in achieving both maximum sustainable economic growth and permanent stability.  Central planning certainly failed and I strongly doubt that stability is achievable in capitalist economies, given the always turbulent competitive markets continuously being drawn toward but never quite achieving equilibrium”.  He went on, “unless there is a societal choice to abandon dynamic markets and leverage for some form of central planning, I fear that preventing bubbles will in the end turn out to be infeasible.  Assuaging the aftermath is all we can hope for.” — the head of the Federal Reserve Bank (US) Alan Greenspan

My comment: you know in life there are only two options. Yes, that how the global bourgeois ideology has made most of us believe. 

"Central planning" or "free" market capitalism? There is no third or fourth option/alternative. You don't like capitalism, then what do you suggest, Soviet Union-type economy? North Korea? Cuba? What about democratic "central planning" of the main levers of the economy, "free market" for the rest, protection of the environment, a global economy for the needs of humanity rather than a profit-and-consumerism- driven one?

There has been a religious fundamentalism enmbedded in this ideology: you are are either a believer or an infidel.

We now know the consequences of that tinking globally (on social relations, culture, the environment, etc),  and the effects are going to remain with us for a while. It might even get worse.

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