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Tag Archives: capitalism

“Avoiding Plutocracy Would Require a Political Change”: Branko Milanovic on the Future of Capitalism — Asher Schechter

In an interview with ProMarket, CUNY Graduate Center economist Branko Milanovic discussed the differences and similarities between US-style and China-style capitalism and explained why, without major reforms, liberal capitalism could lead to plutocracy. "Could lead" or "has led"? While I generally like Branko Milanovic's work, I think his analysis of "capitalism" is fundamentally misguided since it is based on a Western-biased view of economics and political theory.  So-called...

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The trouble with capitalism — Chris Dillow

Are the faults of capitalism curable, or are they instead symptoms of a chronic disease? This is the question posed by Martin Wolf: What we increasingly seem to have…is an unstable rentier capitalism, weakened competition, feeble productivity growth, high inequality and, not coincidentally, an increasingly degraded democracy. There is much to admire in this piece. But I fear it understates the problem with capitalism.... Falling rate of profit?Stumbling and MumblingThe trouble with...

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Unbound: How Inequality Constricts Our Economy — Heather Boushey

Inequality constricts growth by: Obstructing the supply of people and ideas into our economy and limiting opportunity for those not already at the top, which slows productivity growth over time Subverting the institutions that manage the market, making our political system ineffective and our labor markets dysfunctional Distorting demand through its effects on consumption and investment, which both drags down and destabilizes short- and long-term growth in economic output Capitalism...

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Fixing Capitalism — Prakash Loungan

More than a decade after the global financial crisis, macroeconomists have failed to absorb three crucial sets of lessons. Their models are still struggling – and mostly failing – to cope with disruptive change, and with the fact that both balance sheets and inequality matter.… Stating the obvious but it that most at the top don't get it yet. Project SyndicateWhat Economists Still Need to LearnMark Cliffe is Chief Economist and Head of Global Research of the ING Group. Also of interest...

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Thomas Piketty’s New Book Brings Political Economy Back to Its Sources — Branko Milanovic

In the same way that Capital in the Twenty-First Century transformed the way economists look at inequality, Piketty’s new book Capital and Ideology will transform the way political scientists look at their own field. ProMarket — The blog of the Stigler Center at the University of Chicago Booth School of BusinessThomas Piketty’s New Book Brings Political Economy Back to Its Sources Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior...

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Capitalism vs democracy: Europe’s hard problem — Mark Mazower

Modern Europe’s political structure is based on the supposition that capitalism and democracy can be compatible – so the most urgent challenge of our times is reconciling the two. In short, economic liberalism and political liberal generate paradoxes that require a comprehensive worldview (systematic set of presumptions) that balances social, economic and political liberalism for Western liberalism to survive. New StatesmanCapitalism vs democracy: Europe’s hard problem Mark...

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Apocalypse economics and economic apocalypse — Richard Westra

What cutting edge economic anthropology and economic history shows is that prior to the dawn of the capitalist era it would have been nonsensical to refer to such a thing as an “economy” and no one ever did. The reason for this, quite simply, is that while economic reproduction is an existential facet of all existing human societies it had always been intermeshed with other social practices–culture, religion, ideology, politics, and so on–and indistinguishable from them. Only under...

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Bill Mitchell — The Greek colony remains in depression

On June 13, 2019, the European Stability Mechanism (ESM) released its – Terms of Reference for the Evaluation of the Greek Programmes. At the same time, the head of the ESM (Klaus Regling) was lecturing Greece, which is approaching a national election next month, that it “risks missing its budget target” (Source). Apparently, as the failed Syriza government tries to gain electoral support after years of abusing the Greek people who put their faith in them, the bean counters are worried that...

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