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In Praise of Idleness

“Like most of my generation, I was brought up on the saying: 'Satan finds some mischief for idle hands to do.' Being a highly virtuous child, I believed all that I was told, and acquired a conscience which has kept me working hard down to the present moment. But although my conscience has controlled my actions, my opinions have undergone a revolution. I think that there is far too much work done in the world, that immense harm is caused by the belief that work is virtuous, and that what needs to be preached in modern industrial countries is quite different from what always has been preached. Everyone knows the story of the traveler in Naples who saw twelve beggars lying in the sun (it was before the days of Mussolini), and offered a lira to the laziest of them. Eleven of them jumped up to claim it, so he gave it to the twelfth. this traveler was on the right lines. But in countries which do not enjoy Mediterranean sunshine idleness is more difficult, and a great public propagan

Global Capitalsm

This falls in the underconsumption theory. It very insighful though, but it would be interesting to see a critique of it, especially that it apparently excludes the relationship between investment and the rate of profit. "Michael Pettis and Matthew Klein's new book  Trade Wars Are Class Wars  begins  with an epigraph from John A. Hobson: "The struggle for markets, the greater eagerness of producers to sell than of consumers to buy, is the crowning proof of a false economy of distribution. Imperialism is the fruit of this false economy." Pettis and Klein update the Hobsonian thesis for the twenty-first century, arguing that, while trade wars are often thought to be the result of atavistic leadership or the contrasting economic priorities of discrete nation states, they are best understood as the malign symptoms of domestic inequalities that harm workers the world over." Trade Wars Are Class Wars