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Showing posts with the label "Morgan Stanley"

Neoliberal Capitalism

"Socialism" to save neoliberalism? Related: (from the Financial Times) By a defender of capitalism and "the gains of the free market" in the last decades. "More complex will be the response on welfare and inequality. While the pandemic is not a crisis of capitalism, it highlights the system’s weak spots, most notably around unprotected workers and those on precarious incomes. Many lost jobs will not come back as companies see means and need for leaner operations. For some this will strengthen the case for a universal basic income or a more generous safety net. At the very least we are likely to see demands for more protections for gig workers. The crisis strengthens those who want policy to think of the less fortunate." And this one: " Bailouts will again be needed now , given a  market downturn that mirrors 1929  and an economic contraction likely to be sharper than during the previous financial crisis. But if we want capitalism and libera

Working Class Graduate vs. Middle Class Graduate

According to research by the London School of Economics, if you’re a working class graduate with a first class degree you’re less likely to land an elite job than a middle class graduate with a 2:2. And even if you do succeed in getting the position, you'll earn on average 16% less than your middle class counterparts. Why? In this "investigation " Amol Rajan, media editor at the BBC, either has failed to answer why or he was censored (an editor edited him!). The main reason according to Rajan is "class prejudice". Class, thus, is like racism "a prejudice". not a production of socio-economic structure of property and power: how production is organised, who gets the profit, who owns what, and what power relations govern the producers and the owners of capital.  Furthermore, class society has to reproduce itself in terms of power relations and ideas, (i.e. ideology). This main division in society has to be deflected towards "identity politic