Crash course capitalism - apologise, but
The world is a crazy place and anything can happen. Here you can say scenarios that could happen in real life. It has to be something big that might be able to change history. This is where Science and History meet. Mainly history but like history that did not happen yet. crash course capitalism
There is a widespread link today that capitalism is in critical condition, more so than at any time since the end of the Second World War. Successive crises have proved crash course capitalism be ever more severe, spreading more widely and rapidly through an increasingly interconnected global economy. Global inflation in the s was followed by rising public debt in the s, and fiscal consolidation in the s was accompanied by a steep increase in private-sector indebtedness.
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In fact, crash course capitalism time, the crises of postwar OECD capitalism have become so pervasive that they have increasingly been perceived as more than just economic in nature, resulting in a rediscovery of the older notion of a capitalist society—of capitalism as a social order and way of life, vitally dependent on the uninterrupted progress of private capital accumulation.
Crisis symptoms are many, but prominent among them are three long-term trends in the trajectories of rich, highly industrialized—or better, increasingly deindustrialized—capitalist countries. The first is a persistent decline in the rate of economic growth, recently aggravated by the events of Figure 1, below.
The second, associated with the first, is an equally persistent rise in overall indebtedness in leading capitalist states, where governments, private households and non-financial as well as financial firms have, over forty years, continued to pile up financial obligations for the US, see Figure 2, below. Third, economic inequality, of both income and wealth, has been on the ascent for several decades now Figure 3, belowalongside rising debt and declining growth.
Figure 1 Figure 2 Figure 3 Steady growth, sound money and a modicum of social equity, spreading some of the benefits of capitalism to those without capital, were long considered prerequisites for a capitalist political economy to command the legitimacy it needs. What must be most alarming from this perspective is that crash course capitalism three critical trends I have mentioned may be mutually reinforcing. There is mounting evidence that increasing inequality crash course capitalism be one of the causes of declining growth, as inequality both impedes improvements in productivity and weakens demand. Can what appears to be a vicious circle of harmful trends continue forever?
Are there counterforces that might break it—and what will happen if they fail to materialize, as they have for almost four decades now? Historians inform us that crises are nothing new under capitalism, and may in fact be required for its longer-term health. But what they are talking about are cyclical movements or random shocks, after which capitalist economies can move crash course capitalism a new equilibrium, at least temporarily.
What we are seeing today, however, appears in retrospect to be a continuous process of gradual decay, protracted but apparently all the more inexorable. Recovery from the occasional Reinigungskrise is one thing; interrupting a concatenation of intertwined, long-term trends quite another. Assuming that ever lower growth, ever higher inequality and ever rising debt are not indefinitely sustainable, and may together issue in a crisis that is systemic in nature—one whose character we have difficulty imagining—can we see signs of an impending reversal? Here the news is not good. Six years have passed sincethe culmination so far of the postwar crisis sequence. In the meantime, the financial industry, where the disaster originated, has staged a full recovery: profits, dividends, salaries and bonuses are back where they were, while re-regulation became mired in international crash course capitalism and domestic lobbying.
Governments, first and foremost that of the United States, have remained firmly in the grip of the money-making industries.
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These, in turn, are being generously provided with cheap cash, created out of john locke air on their behalf by their friends in the central banks—prominent among them the former Goldman Sachs man Mario Draghi at the helm of the ECB—money which they then sit on or invest in government debt. Crash course capitalism would seem to be little reason indeed to be optimistic. For some time now, OECD capitalism has been kept going by liberal injections of fiat money, under a policy of monetary expansion whose architects know better than anyone else that it cannot continue forever. This, however, was beyond the capacities of central banks, which:. What central-bank accommodation has done during the recovery is to borrow time.
But the time has not been well used, as continued low interest rates and unconventional policies have made it easy for the private sector to postpone deleveraging, easy crash course capitalism the government to finance deficits, and easy for the authorities to delay needed reforms in the real economy and in the financial system.
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After all, cheap money makes it easier to borrow than to save, easier to spend than to tax, easier to remain the same than to change. Apparently this view was shared even by the Federal Reserve under Bernanke. By the late summer ofit seemed once more to be crash course capitalism that the time of easy money was coming to an end. In September, however, the expected return to higher interest rates was again put off.]
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