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Arabica Robusta

David Harvey: the crisis of capitalism this time around | ROAR Magazine - 0 views

roarmag.org/...venteen-contradictions-excerpt

economic adjustment crisis structural neoclassical theory social neoliberalism debt harvey

shared by Arabica Robusta on 31 Mar 14 - No Cached
  • The one big institutional difference this time around seems to be the role of the central banks, with the Federal Reserve of the United States playing a leading if not domineering role on the world stage. But ever since the inception of central banks (back in 1694 in the British case), their role has been to protect and bail out the bankers and not to take care of the well-being of the people.
  • But if everyone tries to live off rents and nobody invests in making anything, then plainly capitalism is headed towards a crisis of an entirely different sort.
  • What remains of the radical left now operates largely outside of any institutional or organised oppositional channels, in the hope that small-scale actions and local activism can ultimately add up to some kind of satisfactory macro alternative. This left, which strangely echoes a libertarian and even neoliberal ethic of anti-statism, is nurtured intellectually by thinkers such as Michel Foucault and all those who have reassembled postmodern fragmentations under the banner of a largely incomprehensible post-structuralism that favours identity politics and eschews class analysis.
  • ...2 more annotations...
  • We need an open forum — a global assembly, as it were — to consider where capital is, where it might be going and what should be done about it. I hope that this brief book will contribute something to the debate.
  • something different in the way of investigative methods and mental conceptions is plainly needed in these barren intellectual times if we are to escape the current hiatus in economic thinking, policies and politics. After all, the economic engine of capitalism is plainly in much difficulty. It lurches between just spluttering along and threatening to grind to a halt or exploding episodically hither and thither without warning. Signs of danger abound at every turn in the midst of prospects of a plentiful life for everyone somewhere down the road. Nobody seems to have a coherent understanding of how, let alone why, capitalism is so troubled.
Arabica Robusta

Sasan Fayazmanesh: Waiting for a New Economic Theory - 0 views

www.counterpunch.org/sasan12212010.html

neoclassical economic theory counterpunch

shared by Arabica Robusta on 27 Dec 10 - No Cached
  • the silences in The General Theory allowed for the simultaneous existence of different types of Keynesian economists.  Even though all such economists agree on the need for fiscal and monetary policy, they do not agree on the limit of such policies and the exact method of pursuing them.  For example, liberal Keynesians—such as the “Post-Keynesians” who try to distance themselves from the neoclassical teachings—and conservative Keynesians—such as the “New Keynesians” who are quite eclectic in their theories—are often at odds with one another as to how high the deficit can go or what steps the Federal Reserve System should take.
    • Arabica Robusta
      Arabica Robusta on 27 Dec 10
       
      This statement about different types of Keynesians needs backup.  According to whom is this the definition of post-Keynesian or New Keynesian?
    • Arabica Robusta
      Arabica Robusta on 27 Dec 10
       
      This article would be more effective if more of the controversial broad brush statements (e.g. about post- and New Keynesians, and about present-day Marxists) were backed up with references.  Discussion of Marxists, for example, cannot be complete without addressing the innovations of Harvey and Cox among others.  They are not "Marxist economists," admittedly, and so perhaps should be mentioned as exceptions precisely because they are not economists?
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