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Dystopia Revisited: ‘Central-Bankism’ And ‘The Next Normal’
It's with varying degrees of success that I've endeavored to explain to casual readers what, for tho
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On the nose (with atmosphere from Blade Runner)! One of your best posts.
At this point we should be so lucky with a seemingly peaceful outcome. Not only a net under assets but a ceiling above to force Capital back to the risky real world.
Many people who are eating their free lunch love to tell those without “There is no such thing as a free lunch”
MMT’s advocacy of full employment full time is the real goal of MMT. Debt would go up and down like it always does.
I’m confused H. Has your thinking evolved on this topic or do you still contend the fed did the right thing earlier this year?
Excellent post, great food for thought, my dystopian version of a post central-bankism future includes a half corporate-half sovereign states, some former nations will become the property of Amazon, some will belong to Google or Facebook and we all know who will claim Mars as his…
OK Dr. H…………This is the best Post you have written in my two years reading you…Not sure whether or not it’s Every speaking or H….. (probably Both) but I am absolutely certain that I have come to the same conclusions over the past 5 or so years that this post projects… I am not certain I could articulate any of this with the focus I see here , but I think I try…. The disconnect comes for me in that I don’t think this cycle is going to go on forever and the end game will likely render the Bezos and Zuckerberg types as irrelevant as they really are… History has told similar tales and will continue to do so….
Im getting chills reading this. Epic post. Passed it along as a must-read to everybody I know with the slightest intellect.
Keep up the good work.
H for President 🙂
How does this not end up in a permanent state of social unrest? When does the public come for those who deliver only for the billionaire class. The angst is beginning but it is hard to see that this is not the early innings of the fight and what the endgame is going to be is hard to fathom. Indeed, it is frightening. Often it seems as if the larger public just seems to roll over and conclude that there is very little that anyone can do about it because of the influence of the wealthy in the political classes is an obstacle that is impossible to counter. If politicians simply find ways to temporarily appease the masses, nothing changes.
Systemic change is neither as straightforward nor as neat as Every’s summary.
Feudalism as a dominant socio-economic system declined and was eventually replaced because technological innovations led to population growth driving the rise of cities and the merchant class. It was also replaced by mercantilism not by capitalism.
My aim in pointing this out is not to be pedantic but to infer that systemic change is driven by social dynamics which themselves are a reaction to fundamental forces impacting upon a civilization.
It is also worth noting that capitalism has been and continues to be amended based on the social desire for equitability. What Every refers to as central-bankism is not a replacement for capitalism but rather, it is potentially a shift towards its end state.
As a final note, a return to neo-mercantilism seems far more likely than neo-feudalism.
What, in outline, would neo-mercantilism look like?
More or less what China has been doing over the last three decades. Import primarily raw materials and export finished goods. Among the practices one might observe are currency manipulation, import controls, government subsidies and predatory pricing (to gain entry and grow market share).
The formula, incidentally, was successfully used by the so-called Asian Tigers so China didn’t have to do much experimenting.
Mercantilism was the dominant economic system from the Reformation to the Industrial Revolution. It was essentially an extension of the competition (war by other means, if you prefer) between European states to the economic sphere.
H, there is a post-growth movement that seeks to retire GDP growth as a measure of success of an economy. Does this movement intersect with the MMT crowd?