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Home / Tag Archives: Free markets and their discontents

Tag Archives: Free markets and their discontents

The Numbers Are In, and Trump’s Tax Cuts Are a Bust

By Marshall Auerback, a market analyst and commentator. Produced by Economy for All, a project of the Independent Media Institute The most commonly heard refrain when Donald Trump and the GOP were seeking to pass some version of corporate tax reform went something like this: There are literally trillions of dollars trapped in offshore dollar deposits which, because of America’s uncompetitive tax rates, cannot be brought back home. Cut the corporate tax rate and get those dollars repatriated,...

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The ‘New Right’ Is Not a Reaction to Neoliberalism, but Its Offspring

By Lars Cornelissen, who holds a PhD in the Humanities and works as a researcher and editor for the Independent Social Research Foundation. Originally published at openDemocracy The ongoing and increasingly intense conservative backlash currently taking place across Europe is often understood as a populist reaction to neoliberal policy. The neoliberal assault on the welfare state, as for instance Chantal Mouffe has argued, has eroded post-war social security even as it destroyed people’s...

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The Big Blue Gap in the Green New Deal

By Dr. Ayana Elizabeth Johnson, a marine biologist, founder and CEO of the consulting firm Ocean Collectiv, and founder of Urban Ocean Lab, a think tank for coastal cities, Dr. Chad Nelsen, CEO of Surfrider Foundation, the largest grassroots organization dedicated to coastal and ocean protection, and Bren Smith, founder of GreenWave and author of Eat Like a Fish: My Adventures as a Fisherman Turned Restorative Ocean Farmer (Knopf). Originally published at Grist In February, Representative...

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Why Social Mobility Is a Lousy Idea

By Hadas Weiss, an anthropologist and the author of We Have Never Been Middle Class: How Social Mobility Misleads Us (Verso, 2019). Originally published at openDemocracy If you want a more just society, don’t accept that you’re a competitor in a rat race. Jeremy Corbyn’s announcement last month that a Labour government would replace social mobility with social justice as a policy benchmark raised more than a few eyebrows. It goes against received wisdom and bipartisan consensus that social...

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Is There a Global Future for Unions?

Yves here. This personal account of the rise and fall (and hopeful rebirth) of unions correctly gives prominent play to the right-wing anti-labor effort whose strategy was set forth in the 1971 Powell Memo. By Leo W. Gerard, the international president of the United Steelworkers Union (USW). Produced by the Independent Media Institute In March 2010, a rally by thousands of striking USW workers at the Vale mine and smelter in Sudbury, Canada, was joined by allies from Brazil, Australia and...

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Deutsche Bank Highlights a Society at Risk

Yves here. This article broaches a very large issue, and it pains me to be able to offer only a few additional thoughts.  I don’t think risk aversion is quite the right frame for why destructive conduct has become so pervasive. For instance, as we’ve documented, casual lying is pervasive at CalPERS even though nearly everyone below the CEO is a civil service employee. Generally speaking, that means they are hard to fire. At CalPERS, the motivation seems to be that a lot of people find lying...

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Michael Hudson: De-Dollarizing the American Financial Empire

Yves here. Another meaty Michael Hudson interview on Guns and Butter. However, I have to vehemently disagree with the claim made by Bonnie Faulkner at the top of the discussion. No one holds guns to other countries’ heads to make them hold dollars. The reason the dollar is the reserve currency is the US is willing to export jobs via running persistent trade deficits.  The US moved away from  having rising worker wages as the key metric of sound economic policy in the 1970s, when labor was...

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Hospitals Block ‘Surprise Billing’ Measure In California

Yves here. This article demonstrates the power of health care industry incumbents. “Surprise billing” is pure and simple price gouging, particularly since hospitals routinely game the system, such as by scheduling doctors who are not in a patient’s network on his operation, even when the patient has gone to considerable lengths to try to prevent that. All these hospitals did was the equivalent of yelling “Boo” at the legislature, and the legislation to combat surprise billing was yanked, even...

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It Is Time To Start Forgiving Student Loans – And Here Is What It Will Cost

Yves here. Reader Bob Hertz sent his proposal for a multi-pronged student debt forgiveness program. One of his motivations was his belief that forgiving all loans isn’t affordable. The Federal government in fact does not need to raise taxes to fund this expenditure, but you’d need to give a harder look to see how much inflation it might generate. However, there are other reasons to favor a more targeted plan. One is perceived fairness. A surprising number of our readers objected to the...

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Transfer (Mis)pricing, the Jewel in Every Multinational Enterprise’s Crown

By Tanya Rawal-Jindia, a researcher at Tricontinental: Institute for Social Research. Originally published at openDemocracy as part of ourEconomy’s ‘Decolonising the economy’ series. Amazon.com Inc. was brought to court by the U.S. Internal Revenue Service (IRS) in 2017 for transfer pricing discrepancies. In 2005 and 2006, the multinational tech company had transferred $255 million in royalty payments to its tax haven in Luxembourg, but according to the IRS these royalty payments should have...

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