Tuesday , April 20 2021
Home / Tag Archives: Free markets and their discontents

Tag Archives: Free markets and their discontents

Welcome to the Age of Hysteria

Yves here. Synchronicity strikes! Lambert and I were discussing some of the extreme views expressed in comments yesterday. He attributed it to hysteria in the zeitgeist finally getting to the site. And now we have a theory as to why! It’s a neoliberal infestation. By Marc Schuilenburg, assistant professor at VU University Amsterdam, the Netherlands. Originally published at openDemocracy In 1980, hysteria died. That was the year it was removed from the Diagnostic and Statistical Manual of...

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Michael Hudson: America’s Neoliberal Financialization Policy vs. China’s Industrial Socialism

Yves here. Michael Hudson said he both enjoyed and very much appreciated the robust discussion among members of the commentariat last weekend about what to call China’s economic model. He’s keen to continue the discussion. To advance that end, Michael has graciously given us a lecture being subtitled in Chinese for release in a few weeks. It summarizes a series of talks and will also be included in his my book to be published later this summer, “The Destiny of Civilization: Industrial...

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Experts Lay Out Their Case Against Carbon Pricing

Yves here. This article takes a look at how little progress is being made against climate/carbon emission targets and recommends more aggressive government action. Presumably the book it’s summarizing, Making Climate Policy Work. However, it sets up a straw man by equating carbon pricing with cap and trade and carbon offsets. We’ve called out those approaches starting with the early days of this website, in 2007, as gimmicks that enrich intermediaries, are rife with fraud, fail to change...

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Lessons from the First New Deal for the Next One

Yves here. While this article has a lot to recommend it, I have to voice some reservations. The first is that it jumps on the “Biden as FDR” bandwagon, which Lambert debunked yesterday. The second is the New Deal brand expropriation by Green New Deal advocates. As we’ve stressed repeatedly, the Green New Deal proponents will not acknowledge, let alone promote, far and aways the most important and urgent measures we can take to combat climate change: radical conservation. They aren’t even...

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Michael Hudson Asks Our Readers: If Democracy Winds Up Creating Financial Dominance, What Do We Call China?

Yves here. I hope readers will take Michael Hudson’s query to heart. His work has demonstrated how the financial sector tends to gain power and increase inequality if unchecked via debt jubilees or other methods to keep it from acting as a rentier and creating debt peonage. He wonders what would be the most fitting label for countries that like China have adopted substantial elements of a modern market economy but are taking steps to restrict the influence of financiers. By Michael Hudson, a...

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Wikipedia’s Deep Ties to Big Tech

Yves here. This is a greatly expanded and considerably broader follow-up to an article on Wikipedia by Michael Olenick early this year, Wikipedia: The Overlooked Monopoly. Here, Olenick debunks the idea that Wikipedia is impoverished by showing not only its level of funding but also digging into its sources, a considerable amount of which comes from Silicon Valley titans via intermediaries. He also shows how Wikipedia’s entries (and absence of them) are slanted to favor its tech backers. By...

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Christian Nationalism Is a Barrier to Mass Vaccination Against COVID-19

Yves here. I’m running this post with its original headline, although the article doesn’t make terribly clear what “Christian nationalism” is. The author defines is at extreme evangelism but I’m at a loss to understand what makes that “nationalism”. The reason I am running this article is that it discusses an specific issue that IM Doc mentioned back in early February. And even though we are discussing different subcultures in America, we might as well be talking about different countries....

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Chicago School Economists Got it Wrong. Strong Antitrust Policy Boosts the Economy.

Yves here. Intellectual and public support is necessary but not sufficient for officials and courts to take on companies with excessive market power. One way is to break them up. The other is to regulate them. I’m not at all sympathetic to the whinging of the likes of Facebook that it would be hard to dis-integrate business they’d acquired not that long ago. Help me. This is all bloody code. It’s not even remotely like going to Mars. Remember back in the days of the Microsoft antitrust suit,...

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Will Biden’s Central American Plan Slow Migration (or Speed It Up)?

Yves here. As this post explains, Biden’s response to the US having destabilized governments in Central America, producing migration to the Mexican border, is to bribe those governments to do a better job of barring departures. US “aid” is primarily to strengthen domestic police and security forces. rather than improve economic conditions and thus reduce some incentives to leave. By Aviva Chomsky. Originally published at TomDispatch Joe Biden entered the White House with some inspiring yet...

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Ponzis Go Boom!!!

By Harris “Kuppy” Kupperman, founder of Praetorian Capital, Adventures in Capitalism. Originally published at Wolf Street.. For the past few years, I have been critical of the Ponzi Sector. To me, these are businesses that sell a dollar for 80 cents and hope to make it up in volume. Just because Amazon (AMZN – USA) ran at a loss early on, doesn’t mean that all businesses will inflect at scale. In fact, many of the Ponzi Sector companies seem to have declining economics at scale—largely the...

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