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Ed Webb

How Do You Know If You're Living Through the Death of an Empire? - Mother Jones - 0 views

  • The fall of an empire—the end of a polity, a socioeconomic order, a dominant culture, or the intertwined whole—looks more like a cascading series of minor, individually unimportant failures than a dramatic ending that appears out of the blue. Carts full of olive oil failing to arrive at some nameless fort because of a dysfunctional military bureaucracy, a corrupt official deciding to cook the books and claim taxes were collected when they really weren’t, a greedy aristocrat bribing that official instead of paying his bill, an aqueduct falling to pieces and nobody willing to front the funds to repair it.
  • What shrank Rome down to a mere few tens of thousands by the year 550 was the end of the annona, the intricate state-subsidized grain shipments that brought food to the city first from North Africa and then from Sicily. The megacity of Rome was an artificial creation of the Roman state and its Roman-style successor. Rome suffered plagues and sieges in the 530s, but Rome had dealt with plagues and sieges before. What it could not survive was the cutting of its grain supply, and the end of the administrative apparatus that ensured its regular delivery. 
  • Those were small things, state-subsidized ships pulling up to docks built at state expense, sacks of grain hauled on squealing carts and distributed to the citizens, but an empire is an agglomeration of small things.
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  • every state and society faces serious challenges. The difference lies in whether the underlying structures are healthy enough to effectively respond to those challenges. Viewed in this light, it’s less the arrival of the massive earthquake than whether the damaged infrastructure is rebuilt; not the crushing battlefield defeat, but whether competent new recruits and materiel can be found to replace what’s lost; not the feckless, no-clothes-having emperor, but whether the political system can either effectively work around him or remove him from power altogether. Successful states and societies are resilient when faced with even serious challenges. Falling empires are not.
  • it’s far more likely that the real meat of the issue will be found in a tax code full of sweetheart deals for the ultra-wealthy, the slashed budgets of county public health offices, the lead-contaminated water supplies. And that’s to say nothing of the decades of pointless, self-perpetuating, and almost undiscussed imperial wars that produce no victories but plenty of expenditures in blood and treasure, and a great deal of justified ill will.
  • Historians will look back at some enormous disaster, either ongoing now or in the decades or centuries to come, and say that it was just the icing on the cake. The foundation had already been laid long before then, in the text of legislation nobody bothered reading, in local elections nobody was following, in speeches nobody thought were important enough to comment on, in a thousand tiny disasters that amounted to a thousand little cuts on the body politic.
  • The pull of the past is strong. The mental frameworks through which we understand the world are durable, far more so than its actual fabric. The new falls into the old, square pegs into round holes no matter how poor the fit, simply because the round holes are what we have available.
Ed Webb

UK riots were product of consumerism and will hit economy, says City broker | Business ... - 0 views

  • the rioting reflects a deeply flawed economic and social ethos… recklessly borrowed consumption, the breakdown both of top-end accountability and of trust in institutions, and severe failings by governments over more than two decades
  • an over-consuming west has borrowed and spent the surpluses of the increasingly productive and under-consuming East
  • Saving needs to be encouraged, and private investment needs to be channelled into asset creation, not asset inflation
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  • material values are only for the rich. The poor should get religion, etc. Marx understood the issue
  • Surprised it is from a City firm, especially one that encouraged its employees to leave the UK to avoid the 50% tax on bankers bonuses in 2009/2010. Now they are calling for more public investment
  • Blimey! What a terrible shock. Looting the result of consumerism, excessive advertising and a me-me-me society! I wouldn't have been able to work that out for myself. Two and a half cheers for Thatcher's 'There is no such thing as society. There are individuals and there are families.' So, we are now reaping the benefits of the legacy of the Thatcher/Reagan years. But how do we reverse a whole generation's worth of incredible greed, selfishness and vaingloriousness?
  • The full note isn't about the riots, it's more some ideas for reforming the UK economy. Ideas like investment to create assets rather than creating asset price inflation are valid, the same for the need for widespread public investment in infrastructure and housing.It's all useful for discussion, reflection and analysis but I expect the messenger to get shot to pieces in the comments below.
  • it has often struck me as ironic that on a planet of presently limited usable resources the measure of individual success is the one who can afford to consume the most. if a group of people were shut in a room with a finite supply of food and a choice of who stayed in the room i imagine that the individuals who were able to consume the least would be the preferred choice of companions.
  • The overall pattern has been that an over-consuming West has borrowed and spent the surpluses of the increasingly productive and under-consuming East.Increasingly productive East because Western CEO's have shifted production there to take advantage of cheap labour for short term profit.The West took centuries to build its wealth but this wealth has been given away in only a couple of decades by the process of globalisation. So far, the CEO's of big organisations have got away without being blamed for the disastrous globalisation process but I hope if we're going to examine causes of social malaise, that sooner rather than later, we turn the spotlight on their incredibly short term personal 'cashing in' at the expense of us all.
Ed Webb

The Military-Industrial Jobs Scam | naked capitalism - 0 views

  • despite defense contractor claims to the contrary, increased military spending has been accompanied by job losses in the US
  • the contracting fraud results in US taxpayers paying way more than it would have cost for US personnel to do the work…with the added insult that the tasks were performed by locals for a pittance
  • the Trump administration has stopped at nothing to push the argument that job creation is justification enough for supporting weapons manufacturers to the hilt. Even before Donald Trump was sworn in as president, he was already insisting that military spending was a great jobs creator. He’s only doubled down on this assertion during his presidency. Recently, overriding congressional objections, he even declared a national “emergency” to force through part of an arms sale to Saudi Arabia that he had once claimed would create more than a million jobs. While this claim has been thoroughly debunked, the most essential part of his argument — that more money flowing to defense contractors will create significant numbers of new jobs — is considered truth personified by many in the defense industry
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  • When contractors receive more taxpayer money, do they generally create more jobs? To answer it, we analyzed the reports of major defense contractors filed annually with the U.S. Securities and Exchange Commission (SEC). Among other things, these reveal the total number of people employed by a firm and the salary of its chief executive officer. We then compared those figures to the federal tax dollars each company received, according to the Federal Procurement Data System, which measures the “dollars obligated,” or funds, the government awards company by company
  • In 2012, concerned that those caps on defense spending would cut into their bottom lines, the five top contractors went on the political offensive, making future jobs their weapon of choice. After the Budget Control Act passed, the Aerospace Industries Association — the leading trade group of the weapons-makers — warned that more than one million jobs would be at risk if Pentagon spending were cut significantly. To emphasize the point, Lockheed sent layoff notices to 123,000 employees just before the BCA was implemented and only days before the 2012 election. Those layoffs never actually happened, but the fear of lost jobs would prove real indeed and would last.
  • Pentagon spending was actually higher in 2018 than in 2012
  • From 2012 to 2018, overall employment at Lockheed actually fell from 120,000 to 105,000, according to the firm’s filings with the SEC and the company itself reported a slightly larger reduction of 16,350 jobs in the U.S. In other words, in the last six years Lockheed dramatically reduced its U.S. workforce, even as it hired more employees abroad and received more taxpayer dollars
  • where is all that additional taxpayer money actually going, if not job creation? At least part of the answer is contractor profits and soaring CEO salaries. In those six years, Lockheed’s stock price rose from $82 at the beginning of 2012 to $305 at the end of 2018, a nearly four-fold increase. In 2018, the company also reported a 9% ($590 million) rise in its profits, the best in the industry. And in those same years, the salary of its CEO increased by $1.4 million
  • From 2012 to 2018, the unemployment rate in the U.S. plummeted from roughly 8% to 4%, with more than 13 million new jobs added to the economy. Yet, in those same years, three of the five top defense contractors slashed jobs. In 2018, the Pentagon committed approximately $118 billion in federal money to those firms, including Lockheed — nearly half of all the money it spent on contractors. This was almost $12 billion more than they had received in 2012. Yet, cumulatively, those companies lost jobs and now employ a total of 6,900 fewer employees than they did in 2012, according to their SEC filings.
  • not only are the green energy and education areas vital to the future of the country, they are also genuine job-creating machines. Yet, the government gives more taxpayer dollars to the defense industry than all these other government functions combined.
  • “the aerospace and defense (A&D) sector scored record revenues and profits in 2018” with an “operating profit of $81 billion, surpassing the previous record set in 2017.” According to the report, Pentagon contractors were at the forefront of these profit gains. For example, Lockheed’s profit improvement was $590 million, followed closely by General Dynamics at $562 million. As employment shrank, CEO salaries at some of these firms only grew. In addition to compensation for Lockheed’s CEO jumping from $4.2 million in 2012 to $5.6 million in 2018, compensation for the CEO of General Dynamics increased from $6.9 million in 2012 to a whopping $20.7 million in 2018.
  • weapons-making outfits spend more than $100 million on lobbying yearly, donate tens of millions of dollars to the campaigns of members of Congress every election season, and give millions to think tanks annually
  • research has repeatedly shown that, even with this supposed “multiplier effect,” defense spending produces fewer jobs than just about anything else the government puts our money into. In fact, it’s about 50% less effective at creating jobs than if taxpayers were simply allowed to keep their money and use it as they wished
  • As Brown University’s Costs of War project has reported, “$1 billion in military spending creates approximately 11,200 jobs, compared with 26,700 in education, 16,800 in clean energy, and 17,200 in health care.”
  • In addition to the reductions at Lockheed, Boeing slashed 21,400 jobs and Raytheon cut 800 employees from its payroll. Only General Dynamics and Northrop Grumman added jobs — 13,400 and 16,900 employees, respectively — making that total figure look modestly better. However, even those “gains” can’t qualify as job creation in the normal sense, since they resulted almost entirely from the fact that each of those companies bought another Pentagon contractor and added its employees to its own payroll
  • Reports from the industry’s own trade association show that it has been shedding jobs. According to an Aerospace Industries Association analysis, it supported approximately 300,000 fewer jobs in 2018 than it had reported supporting just three years earlier
  • add to their army of lobbyists, their treasure trove of campaign contributions, and those think tanks on the take, the famed revolving door that sends retired government officials into the world of the weapons makers and those working for them to Washington
  • since 2008, as the Project On Government Oversight’s Mandy Smithberger found, “at least 380 high-ranking Department of Defense officials and military officers shifted into the private sector to become lobbyists, board members, executives, or consultants for defense contractors.” 
Ed Webb

Imperialist appropriation in the world economy: Drain from the global South through une... - 0 views

  • Unequal exchange theory posits that economic growth in the “advanced economies” of the global North relies on a large net appropriation of resources and labour from the global South, extracted through price differentials in international trade.
  • Our results show that in 2015 the North net appropriated from the South 12 billion tons of embodied raw material equivalents, 822 million hectares of embodied land, 21 exajoules of embodied energy, and 188 million person-years of embodied labour, worth $10.8 trillion in Northern prices – enough to end extreme poverty 70 times over.
  • Our analysis confirms that unequal exchange is a significant driver of global inequality, uneven development, and ecological breakdown.
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  • Historians have demonstrated that the rise of Western Europe depended in large part on natural resources and labour forcibly appropriated from the global South during the colonial period, on a vast scale. Spain extracted gold and silver from the Andes, Portugal extracted sugar from Brazil, France extracted fossil fuels, minerals and agricultural products from West Africa, Belgium extracted rubber from the Congo; and Britain extracted cotton, opium, grain, timber, tea and countless other commodities from its colonies around the world – all of which entailed the exploitation of Southern labour on coercive terms, including through mass enslavement and indenture. This pattern of appropriation was central to Europe’s industrial growth, and to financing the expansion and industrialization of European settler colonies, including Canada, Australia, New Zealand and the United States, which went on to develop similarly imperialist orientations toward the South
  • Today, we are told, the world economy functions as a meritocracy: countries that have strong institutions, good markets, and a steadfast work ethic become rich and successful, while countries that lack these things, or which are hobbled by corruption and bad governance, remain poor. This assumption underpins dominant perspectives in the field of international development (Sachs, 2005, Collier, 2007, Rostow, 1990, Moyo, 2010, Calderisi, 2007, Acemoglu and Robinson, 2012), and is reinforced by the rhetoric, common among neoclassical economists, that free-trade globalization has created an “even playing field”.
  • Emmanuel and Amin argued that unequal exchange enables a “hidden transfer of value” from the global South to the global North, or from periphery to core, which takes place subtly and almost invisibly, without the overt coercion of the colonial apparatus and therefore without provoking moral outrage. Prices are naturalized on the grounds that they represent “utility”, or “value”, or the outcome of “market mechanisms” such as supply and demand, obscuring the extent to which they are determined by power imbalances in the global political economy. Price differentials in international trade therefore function as an effective method of maintaining the patterns of appropriation that once overtly defined the colonial economy, allowing blame for “underdevelopment” to be shifted onto the victims.
  • Historians have demonstrated that the rise of Western Europe depended in large part on natural resources and labour forcibly appropriated from the global South during the colonial period, on a vast scale. Spain extracted gold and silver from the Andes, Portugal extracted sugar from Brazil, France extracted fossil fuels, minerals and agricultural products from West Africa, Belgium extracted rubber from the Congo; and Britain extracted cotton, opium, grain, timber, tea and countless other commodities from its colonies around the world – all of which entailed the exploitation of Southern labour on coercive terms, including through mass enslavement and indenture. This pattern of appropriation was central to Europe’s industrial growth, and to financing the expansion and industrialization of European settler colonies, including Canada, Australia, New Zealand and the United States, which went on to develop similarly imperialist orientations toward the South (e.g., Naoroji, 1902, Pomeranz, 2000, Beckert, 2015, Moore, 2015, Bhambra, 2017, Patnaik, 2018, Davis, 2002).
  • for every unit of embodied resources and labour that the South imports from the North they have to export many more units to pay for it, enabling the North to achieve a net appropriation through trade. This dynamic was theorized by Emmanuel (1972) and Amin (1978) as a process of “unequal exchange”.Emmanuel and Amin argued that unequal exchange enables a “hidden transfer of value” from the global South to the global North, or from periphery to core, which takes place subtly and almost invisibly, without the overt coercion of the colonial apparatus and therefore without provoking moral outrage. Prices are naturalized on the grounds that they represent “utility”, or “value”, or the outcome of “market mechanisms” such as supply and demand, obscuring the extent to which they are determined by power imbalances in the global political economy. Price differentials in international trade therefore function as an effective method of maintaining the patterns of appropriation that once overtly defined the colonial economy, allowing blame for “underdevelopment” to be shifted onto the victims.
  • Following Dorninger et al. (2021), we use a “footprint” analysis of input–output data to quantify the physical scale of raw materials, land, energy and labour embodied in trade between the North and South, looking not only at traded goods themselves but also the upstream resources and labour that go into producing and transporting those goods, including the machines, factories, infrastructure, etc.
  • Grounding our analysis in the physical dimensions of unequal exchange is important for several reasons. First, these resources – raw materials, land, labour and energy – embody the productive potential that is required for meeting human needs (use-value) and for generating economic growth (exchange-value). Physical drain is therefore ultimately what drives global inequalities in terms of access to provisions, as well as in terms of GDP or income (see Hornborg, 2020). Second, this approach allows us to maintain sight of the ecological impacts of unequal exchange. We know that excess energy and material consumption in high-income nations, facilitated by appropriation from the rest of the world, is causing ecological breakdown on a global scale. Tracing flows of resources embodied in trade allows us to determine the extent to which Northern appropriation is responsible for ecological impacts in the South; i.e., ecological debt (Roberts and Parks, 2009, Warlenius et al., 2015, Hornborg and Martinez-Alier, 2016).
  • Due to the growing fragmentation of international commodity chains, monetary databases on bilateral gross trade flows have been criticised for not accurately depicting the monetary interdependencies between national economies (Johnson and Noguera, 2012), i.e., the amount of a countries’ value added that is induced by foreign final demand and international trade relations. Trade in Value Added (TiVA) indicators Johnson and Noguera, 2012, Timmer et al., 2014 are designed to take into account the complexity of the global economy. The TiVA concept is motivated by the fact that, in monetary terms, trade in intermediates accounts for approximately two-thirds of international trade. Imports (of intermediates) are used to produce exports and hence bilateral gross exports may include inputs (i.e., value added) from third party countries (Stehrer, 2012). TiVA reveals where (e.g., in which country or industry) and how (e.g. by capital or labour) value is added or captured in global commodity chains (Timmer et al., 2014).
  • TiVA, which is sometimes referred to as the “value footprint”, is the monetary counterpart of the MRIO-based environmental footprint because both indicators follow the same system boundaries, i.e., all supply chains between production and final consumption of two countries including all direct and indirect interlinkages. Moreover, in contrast to global bilateral monetary trade flows, TiVA is globally balanced, meaning that national exports and imports globally sum up to zero. This is an important feature of the TiVA indicator that facilitates more consistent and unambiguous assessments.
  • for every unit of embodied raw material equivalent that the South imports from the North, they have to export on average five units to “pay” for it
  • For land the average ratio is also 5:1, for energy it is 3:1, and for labour it is 13:1
  • Table 1. Resource drain from the South.ResourceNorth → South flows 2015South → North flows 2015Drain from South in 2015Cumulative drain from South 1990–2015Raw material equivalents [Gt]3.3715.3912.02254.40Embodied land [mn ha]527.421,349.01821.5932,987.23Embodied energy [EJ]21.5543.5121.06650.34Embodied labour [mn py-eq]31.11219.22188.125,956.62
  • in the year 2015 the North’s net appropriation from the South totalled 12 billion tons of raw materials, 822 million hectares of land, 21 exajoules of energy (equivalent to 3.4 billion barrels of oil), and 188 million person-years equivalents of labour (equivalent to 392 billion hours of work). By net appropriation we mean that these resources are not compensated in equivalent terms through trade; they are effectively transferred gratis. And this appropriation is not insignificant in scale; on the contrary, it comprises a large share (on average about a quarter) of the North’s total consumption.
  • significant consequences for the global South, in terms of lost use-value. This quantity of Southern raw materials, land, energy and labour could be used to provision for human needs and develop sovereign industrial capacity in the South, but instead it is mobilized around servicing consumption in the global North.
  • Eight hundred and twenty-two million hectares of land, which is twice the size of India, would in theory be enough to provide nutritious food for up to 6 billion people, depending on land productivity and diet composition
  • material use is tightly linked to environmental pressures. It accounts for more than 90% of variation in environmental damage indicators (Steinmann et al., 2017), and more than 90% of biodiversity loss and water stress (International Resource Panel, 2019). Moreover, as Van der Voet et al. (2004) demonstrate, while impacts vary by material, and vary as technologies change, there is a coupling between aggregate mass flows and ecological impact. Net flows of material resources from South to North mean that much of the impact of material consumption in the North (43% of it, net of trade) is suffered in the South. The damage is offshored.
  • Industrial ecologists hold that global extraction and use of materials should not exceed 50 billion tons per year (Bringezu, 2015). In 2015, the global economy was using 87 billion tons per year, overshooting the boundary by 74% and driving ecological breakdown. This overshoot is due almost entirely to excess resource consumption in global North countries. The North consumed 26.71 tons of materials per capita in 2015, which is roughly four times over the sustainable threshold (6.80 tons per capita in 2015). Our results indicate that most of the North’s excess consumption (58% of it) is sustained by net appropriation from the global South; without this appropriation, material use in high-income nations would be much closer to the sustainable level.
  • In consumption-based terms, the North is responsible for 92% of carbon dioxide emissions in excess of the planetary boundary (350 ppm atmospheric concentration of CO2) (Hickel, 2020), while the consequences harm the South disproportionately, inflicting dramatic social and economic costs (Kikstra et al., 2021b, Srinivasan et al., 2008). The South suffers 82–92% of the costs of climate change, and 98–99% of the deaths associated with climate change (DARA, 2012)
  • Net appropriation of land means soil depletion, water depletion, and chemical runoff are offshored; net appropriation of energy means that the health impacts of particulate pollution are offshored; net appropriation of labour means that the negative social impacts of exploitation are offshored, etc (Wiedmann and Lenzen, 2018). In the case of non-renewable resources there is also a problem of depletion: resources appropriated from the South are no longer available for future generations to use (Costanza and Daly, 1992, World Bank, 2018), which is particularly problematic given that under conditions of net appropriation economic losses are not offset by investments in capital stock (cf. Hartwick, 1977). Finally, the extractivism that underpins resource appropriation generates social dislocations and conflicts at resource frontiers (Martinez-Alier, 2021).
  • the value of resources and labour cannot be quantified in dollars, and there is no such thing as a “correct” price.
  • Prices under capitalism do not reflect value or utility in any objective way. Rather, they reflect, among other things, the (im)balance of power between market agents (capital and labour, core and periphery, lead firms and their suppliers, etc); in other words, they are a political artefact
  • While prices by definition do not reflect value, they do allow us to compare the scale of drain to prevailing monetary representations of production and income in the world economy.
  • Fig. 2 shows that drain from the South in 2015 amounted to $14.1 trillion when measured in terms of raw material equivalents, $5.1 trillion when measured in terms of land, $3.6 trillion when measured in terms of energy and $20.3 trillion when measured in terms of labour.
  • Over the period 1990–2015, the drain sums to $242 trillion (constant 2010 USD). This represents a significant “windfall” for the North, similar to the windfall that was derived from colonial forms of appropriation; i.e., goods that did not have to be produced on the domestic landmass or with domestic labour, and did not have to be bought on the domestic market, or paid for with exports (see Pomeranz, 2000, Patnaik, 2018). While previous studies have shown that the price distortion factor increased dramatically during the structural adjustment period in the 1980’s (Hickel et al., 2021), our data confirms that since the early- to mid-1990’s it has tended to decline slightly. This means that the increase in drain during the period 1990–2007, prior to the global financial crisis, was driven primarily by an increase in the volume of international trade rather than by an increase in price distortion.
  • Table 3 shows that, over the 1990–2015 period, resources appropriated from the South have been worth on average roughly a quarter of Northern GDP.
  • the North’s reliance on appropriation from the South has generally increased over the period (despite a significant drop after the global financial crisis), whereas the South’s losses as a share of total economic activity have generally decreased, particularly since 2003, due to an increase in South-South trading and higher domestic GDP creation or capture within the South, both driven largely by China
  • Aid flows create the powerful impression that rich countries give benevolently to poorer countries. But the data on drain through unequal exchange raises significant questions about this narrative.
  • net appropriation by DAC countries through unequal exchange from 1990 to 2015 outstripped their aid disbursements over the same period by a factor of almost 80
  • for every dollar of aid that donors give, they appropriate resources worth 80 dollars through unequal exchange. From the perspective of aid recipients, for every dollar they receive in aid they lose resources worth 30 dollars through drain
  • The dominant narrative of international development holds that poor countries are poor because of their own internal failings and are therefore in need of assistance. But the empirical evidence on unequal exchange demonstrates that poor countries are poor in large part because they are exploited within the global economy and are therefore in need of justice. These results indicate that combating the deleterious effects of unequal exchange by making the global economy fairer and more equitable would be much more effective, in terms of development, than charity.
  • In an equitable world, the resource trade deficit that the North sustains in relation to the South would be financed with a parallel monetary trade deficit. But in reality, the monetary trade deficit is very small, equivalent to only about 1% of global trade revenues, and fluctuates between North and South. In effect, this means that the North achieves its large net appropriation of resources and labour from the South gratis.
  • The question of sectoral disparities has been moot since the 1980s, however, as industrial production has shifted overwhelmingly to the South. The majority of Southern exports (70%) consist of manufactured goods (data from UNCTAD; see Smith, 2016). Of all the manufactured goods that the USA imports, 60% are produced in developing countries. For Japan it is 70%. We can see this pattern reflected also in the industrial workforce. As of 2010, at least 79% of the world’s industrial workers live in the South (data from the ILO; see Smith, 2016). This shift is due in large part to the rise of global commodity chains, which now constitute 70% of international trade. Between 1995 and 2013, there has been an increase of 157 million jobs related to global commodity chains, and an estimated 116 million of them are concentrated in the South, predominantly in the export manufacturing sector (ILO, 2015). In other words, during the period we analyse in this paper (1990–2015), the South has contributed the majority of the world’s industrial production, including high-technology production such as computers and cars. And yet price inequalities remain entrenched.
  • if Northern states or firms leverage monopoly power within global commodity chains to depress the prices of imports and increase the prices of final products, their labour “productivity” appears to improve, and that of their counterparts declines, even if the underlying production process remains unchanged. Indeed, empirical evidence indicates that real productivity differences between workers are minimal, and cannot explain wage inequalities (Hunter et al., 1990).
  • wage inequalities exist not because Southern workers are less productive but because they are more intensively exploited, and often subject to rigid systems of labour control and discipline designed to maximize extraction (Suwandi et al., 2019). Indeed, this is a major reason why Northern firms offshore production to the South in the first place: because labour is cheaper per unit of physical output (Goldman, 2012).
  • the terminology of “value-added” is a misnomer. In international trade, TiVA does not tell us who adds more value but rather who has more power to command prices. And in the case of global commodity chains, TiVA does not indicate where value is produced but rather where it is captured (Smith, 2016).
  • our analysis reveals that value in global commodity chains is disproportionately produced by the South, but disproportionately captured by the North (as GDP). Value captured in this manner is misleadingly attributed to Northern economic activities
  • rich countries are able to maintain price inequalities simply by virtue of being rich. This finding supports longstanding claims by political economists that, all else being equal, price inequalities are an artefact of power. Just as in a national economy wage rates are an artefact of the relative bargaining power of labour vis-à-vis capital, so too in international trade prices are an artefact of the relative bargaining power of national economies and corporate actors vis-à-vis their trading partners and suppliers. Countries that grew rich during the colonial period are now able to leverage their economic dominance to depress the costs of labour and resources extracted from the South. In other words, the North “finances” net appropriation from the South not with money, but rather by maintaining the prices of Southern resources and labour below the global average level.
  • Patents play a key role here: 97% of all patents are held by corporations in high-income countries (Chang, 2008:141)
  • In some cases, patents involve forcing people in the South to pay for access to resources they might otherwise have obtained much more affordably, or even for free (Shiva, 2001, Shiva, 2016).
  • In the World Bank and the IMF, Northern states hold a majority of votes (and the US holds a veto), thus giving them control over key economic policy decisions. In the World Trade Organization (which controls tariffs, subsidies, and patents), bargaining power is determined by market size, enabling high-income nations to set trade rules in their own interests.
  • ubsidized agricultural exports from the North undermine subsistence economies in the South and contribute to dispossession and unemployment, placing downward pressure on wages. Militarized borders preclude easy migration from South to North, thus preventing wage convergence. Moreover, structural adjustment programs (SAPs) imposed by the World Bank and IMF since the 1980s have cut public sector salaries and employment, rolled back labour rights, curtailed unions, and gutted environmental regulations (Khor, 1995, Petras and Veltmeyer, 2002).
  • SAPs, bilateral free trade agreements, and the World Trade Organization have forced global South governments to remove tariffs, subsidies and other protections for infant industries. This prevents governments from attempting import substitution, which would improve their export prices and drive Northern prices down. Tax evasion and illicit financial flows out of the South (which total more than $1 trillion per year) drain resources that might otherwise be reinvested domestically, or which governments might otherwise use to build national industries. This problem is compounded by external debt service obligations, which drain government revenue and require obeisance to economic policies dictated by creditors (Hickel, 2017). In addition, structural dependence on foreign investors and access to Northern markets forces Southern governments and firms to compete with one another by cutting wages and resource prices in a race to the bottom.
  • structural power imbalances in the world economy ensure that labour and resources in the South remain cheap and accessible to international capital, while Northern exports enjoy comparatively higher prices
  • Cheap labour and raw materials in the global South are not “naturally” cheap, as if their cheapness was written in the stars. They are actively cheapened
  • the analysis obscures class and geographic inequalities within countries and regions, which are significant when it comes to labour prices as well as resource consumption. The high levels of resource consumption that characterize Northern economies are driven disproportionately by rich individuals and affluent areas, as well as by corporations that control supply chains, and enabled by internal patterns of exploitation and unequal exchange in addition to drain through trade (Harvey, 2005). For example, there are marginalized regions of the United States that serve as an “internal periphery” (Wishart, 2014). It would also be useful to explore the gender dynamics of unequal exchange within countries. These questions cannot be answered with our data, however.
  • This research confirms that the “advanced economies” of the global North rely on a large net appropriation of resources and labour from the global South, extracted through induced price differentials in international trade. By combining insights from the classical literature on unequal exchange with contemporary insights about global commodity chains and new methods for quantifying the physical scale of embodied resource transfers, we are able to develop a novel approach to estimating the scale and value of resource drain from the global South. Our results show that, when measured in Northern prices, the drain amounted to $10.8 trillion in 2015, and $242 trillion over the period from 1990 to 2015 – a significant windfall for the North, equivalent to a quarter of Northern GDP. Meanwhile, the South’s losses through unequal exchange outstrip their total aid receipts over the period by a factor of 30.
  • support contemporary demands for reparations for ecological debt, as articulated by environmental justice movements and by the G77
  • True repair requires permanently ending the unequal distribution of environmental goods and burdens between the global North and global South, restoring damaged ecosystems, and shifting to a regenerative economic system.
  • It is clear that official development assistance is not a meaningful solution to global poverty and inequality; nor is the claim that global South countries need more economic liberalisation and export-oriented market integration. The core problem is that low- and middle-income countries are integrated into the global economy on fundamentally unequal terms. Rectifying this problem is critical to ensuring that global South countries have the financial, physical and human resources they need to improve social outcomes.
  • democratize the institutions of global economic governance, such as the World Bank, IMF and WTO, so that global South countries have more control over trade and finance policy.
  • end the North’s use of unfair subsidies for agricultural exports, and remove structural adjustment conditions on international finance, which would help mitigate downward pressure on wages and resource prices in the South while at the same time enabling Southern countries to build sovereign industrial capacity
  • a global living wage system, and a global system of environmental regulations, would effectively put a floor on labour and resource prices
  • Reducing North-South price differentials would in turn reduce the scale of the North’s net resource appropriation from the South (in other words, it would reduce ecologically unequal exchange), thus reducing excess consumption in the North and the ecological impacts that it inflicts on the South.
  • Structural transformation will only be achieved through political struggle from below, including by the anti-colonial and environmental justice movements that continue to fight against imperialism today
Ed Webb

The Annihilation of Florida: An Overlooked National Tragedy ❧ Current Affairs - 0 views

  • since development in Florida began in earnest in the 20th century, state leaders and developers have chosen a cruel, unsustainable legacy involving the nonstop slaughter of wildlife and the destruction of habitat, eliminating some of the most unique flora and fauna in the world.
  • Consider this: several football fields-worth of forest and other valuable habitat is cleared per day2 in Florida, with 26 percent of our canopy cut down in the past twenty years.  According to one study, an average of 25 percent of greenhouse gas emissions come from deforestation worldwide.
  • Prodevelopment flacks like to pull out the estimates of the millions who will continue to flock to Florida by 2030 or 2040 to justify rampant development. Even some Florida economists ignore the effects of the climate crisis in their projects for 2049, expecting continued economic growth. but these estimates are just a grim joke, and some of those regurgitating them know that. By 2050, the world likely will be grappling with the fallout from 1.5- to 2-degree temperature rise and it’s unlikely people will be flocking to a state quickly dissolving around all of its edges.
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  • The state has 1,300 miles of shoreline, 600 clear-water springs, 1,700 ravines and streams, and over 8,000 lakes. More than 3,000 native trees, shrubs, and flowering plants are native to Florida, many unique to our peninsula and also endangered due to development. Our 100 species of orchid (compared to Hawai’i’s three native orchids) and 150 fern species speak to the moist and subtropical climate across many parts of the state.3 Florida has more wetlands than any other conterminous state—11 million acres—including seepage wetlands, interior marshes, and interior swamp land. Prior to the 1800s, Florida had over 20 million acres of wetlands.
  • “the worst I’ve ever seen,” the head of one major Florida-based conservation group told me, referring to the predatory and anti-science environmental actions of our Republican-dominated state legislature.
  • Shown on maps as a slow curve up through South Florida, Central Florida, and into the North Florida Panhandle, the wildlife corridor offers a quixotic hope for the future. The ultimate goal is 17.7 million acres, with 9.6 million acres existing conservation land (some of it compromised by other uses, like ranching and silviculture) and 8.1 million “opportunity areas” for future conservation, including through the underfunded Florida Forever land acquisition program and the Rural & Family Lands Protection Program. The creation of the corridor also gives an overriding purpose, or story, to other environmental projects that feed into the corridor goal while emphasizing the importance of the 75 state parks, 32 state forests, and 171 springs that form part of the corridor.
  • If the idea behind the Wildlife Corridor represents a profound expression of a sustainable, biodiverse future, then the toll roads are the purest distillation of capitalist evil. Governor Ron DeSantis, the Florida legislature, and the Florida Department of Transportation (FDOT) seem determined to ram these roads through rural Florida—even as the people who live there, regardless of political affiliation, are united in fighting the roads and the destruction they will bring with them.
  • Most sensible urban planners will tell you that adding more highways to solve congestion just leads to more congestion. Environmental organizations and residents are quick to point out that existing roads are underused, meaning the toll roads represent a classic case of induced demand. Politicians who support them often have received substantial campaign contributions from the entities that stand to profit. 
  • lawmakers who “do not understand how they fit into nature or how nature works. Perhaps they just don’t care. Many hold the belief that there is no ‘value’ to nature. … If it isn’t ‘improved,’ it’s worthless. There is a lack of recognition of the ecosystem services that conserved lands can provide, therefore it is easy to claim that more conservation lands are not needed, or that they are too expensive.”
  • developers even bulldozed over critical migratory bird nesting areas, resulting in Sandhill Cranes dying on the nearby highways as they tried to protect their (flightless) young
  • The sense of bearing witness to the first, vigorous days of the creation of Mordor hung heavy in the air.
  • Just ramming such roads through farms, forest, and swamp destroys many hundreds of acres. But, worldwide, roads are often just a pretext for developers and others to come in and transform an area forever. This is why, for example, environmentalists and indigenous groups in Bolivia recently opposed a road through sensitive territory that would forever change the region.
  • the initial road construction creates potential flooding, erosion, and water quality issues. In addition, road builders don’t always follow proper environmental guidelines, resulting in pollution to the surrounding areas. If runoff containment is insufficient, heavy metals and other contaminants enter the soil.
  • The fencing of verges and median strips made of concrete barriers accelerates ecosystem fragmentation via isolation of populations.
  • Nationally, roadkill deaths add up to more than one million vertebrate animals per day.
  • An oligarchy, with its system of favoritism toward certain elites and special interests, deliberately fosters corruption as a function of its existence. It is often stacked against environmental causes in ways different from a decaying representative democracy. Combine the worst attributes of capitalism with oligarchy and in the future, Florida’s leaders may actually give developers and other special interests even more tools of suppression.
  • Street lights immediately create additional light pollution in formerly dark-sky rural areas. The now-favored white LEDs, while more energy friendly, are actually worse for nocturnal wildlife and insects because their glow disrupts life cycles, decreases reproduction, and thus further degrades ecosystems. According to a 2016 study, every year, the world loses another two percent of the Earth’s dark skies to light pollution.
  • larger-scale developments appear, often extending from the existing urban areas, but sometimes plunked down in the middle of nowhere, with the expectation of further infrastructure and services accreting around them. Creating these subdivisions and planned communities is the main goal for developers. This kind of development involves wholesale clearcutting similar to what’s done by ranchers in the Amazon for agriculture, up to 5,000 acres at a time wiped clean, including the topsoil: the complete slaughter and dismantling of a complex system. In its place will come thousands of overpriced, often poorly made houses
  • mining operations that follow the law have to protect the environment to a far greater extent than development projects
  • Any wildlife that manages to flee often perishes in new, unfamiliar environments. In place of the native organisms come lawns of useless sod propped up with chemical fertilizer and herbicide
  • Echoes of these same dysfunctional processes even infiltrate supposed “green” energy in the form of Southeastern forests destroyed to send fuel to biomass plants and efforts by utility companies to nix personal solar in favor of industrial solar farms that, not properly regulated, destroy habitat in a way similar to the worst kinds of development.
  • The damning thing is how invisible this ecocide feels to those of us who live here and care. The nature of clearcutting with soil removal leaves no evidence of the crime behind—just a void. The way in which much of the ultimate green-lighting for ecocide occurs at the local government level also makes much of it invisible, doomed to reside at best in regional news cycles, but often not even reported on there.
  • Gopher tortoises often suffer a horrific fate. If you have bought a house of a certain age, in the dry sand scrub that was once prime tortoise territory, chances are you live on top of the dead bodies of gopher tortoises—slaughtered outright or sealed alive in their burrows to suffocate or starve to death. Reports estimate more than 100,000 gopher tortoises have died this way. The true number may be twice that.
  • Just as with the palmettos, a keystone species, gopher tortoises support all sorts of other organisms, which use their burrows. What this means is that development wipes out entire ecosystems and kills a host of other animals when either of these species is extirpated.
  • legacy licenses to outright kill gopher tortoises have no end date, meaning some companies still can legally chop up live tortoises to build their subdivisions
  • It is widely accepted now that cutting down mangroves is foolhardy, however many decades it took for that lesson to be learned. But what we’re doing in other parts of Florida is exactly the same as cutting down mangroves. Combatting increasing heat, flooding, and erosion can be matters of life and death. When you remove mature live oak trees and pine trees that help mitigate these issues, you are creating a future disaster that was partially avoidable, even factoring in the climate crisis.
  • The story of how we got here includes concerted, planned actions by elites—including developers and parasitic politicians—but gross incompetence and stupidity as well
  • Under former governor Rick Scott and now DeSantis—who pays lip service to the wildlife corridor while undermining it with most of his policies—the stacking of regional water quality boards and the Florida Fish and Wildlife Commission with political appointees emboldened to make terrible decisions has become almost laughable. Last year, for example, Florida’s top wildlife official wanted to fill in a South Florida lagoon full of manatees to make a profit in real estate. 
  • it is not too extreme to recognize that DeSantis’ approach in Florida, including the enemies list, begins to at least feel like something approaching oligarchy, not representative democracy. A corresponding lack of government transparency, despite our Sunshine Law, protects developers and pro-development politicians while making it harder to report on environmental issues.
  • This initial phase kills and displaces wildlife, liquidates the important mature pines and live oaks,5destroys rare plants and trees, and allows extremely harmful invasive plant species a foothold
  • warning signs of intense ecocide
  • Create propaganda to support the idea that reckless development and new weakened environmental rules are actually progress and those who oppose it are extremists
  • despite so much that is good in our community, Tallahassee has become a cautionary tale of how even Florida cities that have managed to retain biodiversity and climate crisis resiliency can begin to squander it quickly. Elites and special interests similar to those that push the toll roads now enthusiastically push destructive development here. DeSantis’ oligarchy is expressed in the city’s government: a city manager less and less accountable to the public; a smug mayor who silences dissent; and the good ol’ boy nature of the local Chamber of Commerce leadership, which sees itself as a thought-leader while having done little or nothing to fight poverty in traditionally underserved Tallahassee communities —which are often the ones to suffer from lack of a healthy urban canopy
  • The mindset of an alien occupation is apparent in so many ways, especially through Blueprint, the run-away intergovernmental agency that spends our tax dollars on large-scale projects and infrastructure. Every plan that includes parks or landscaping tends to emerge from a sanitized view of the outdoors from the 1950s. (For example, a Market District park plan that was to emphasize shade trees and wilderness now features a giant tree-less lawn instead.)
  • The paper of record, the Tallahassee Democrat, has unfortunately become part of the problem. The Democrat, under the current Executive Editor William Hatfield, lacks a dedicated environmental reporter and rarely makes the link between quality of life and the quality of our environment. Stories about developers and new development are more or less press releases from the developers themselves, letting us know vital information such as the fact that one developer, Hadi Boulos, “cries” when he clearcuts properties, mourning the trees. The paper ran no story when the same developer tried to hike the price of new houses by thousands of dollars after homeowners had already signed contracts. 
  • The very Tallahassee-Leon County economic development agency the newspaper reports on spends thousands of dollars on advertisements in that publication. When confronted about sponsored articles by developers, the paper’s news director, Jim Rosica, had the audacity to write, in a Facebook comment, that these puff pieces “help support the vital journalism we provide every day.”
  • Our tourist brochure touts Tallahassee’s importance to migratory birds—boasting that “Here you can spot 372 of the 497 species of birds residing in or visiting Florida”—yet we have almost certainly doomed some migratory birds to localized die-offs because when they reach our area there isn’t enough food (seeds, berries, insects) because of habitat destruction. 
  • Systematic destruction and death came to the Fallschase property in April of 2021. The box turtles hibernating in their burrows would likely have been smothered or killed outright, along with the skinks and ring-necked snakes in the leaf debris. The frogs and the toads would also have had little chance to escape, nor would the flying squirrels, hibernating bats, or anything other than foxes, deer, coyotes, or bobcats. Migrating bird species known to frequent the site, some already nesting, would have had to leave rapidly, including the Hermit Thrush, Blue-headed Vireo, Yellow-billed Cuckoo, and Swallow-tailed Kite.The salamanders would not have had this luxury. Native plants and trees did not have that luxury.
  • all of these lives existed and had meaning. Box turtles, some as old as 50 years, would have had their own nuanced understanding of the world they moved through.  Did we have a right to kill them? Do we always have a right to kill them?
  • We have an urgent need for affordable housing that no amount of urban sprawl can provide and every day in my house on the edge of a ravine, I see the wasted opportunity. Instead of half-acre lots with houses built along the top of this ravine, we could have had the vision and imagination for high-density, affordable housing, while still leaving the trough of woodlands below intact. This is perhaps the most terrible truth about all of this maximized destruction: It wasn’t necessary. It wasn’t necessary, given even moderately good and sane urban planning.
  • the sloppy “wacky Florida Man” narrative invested in by so many journalists and pundits stings because it makes a joke out of what is deadly serious and becoming more so: A state that had been among the wildest outside of Alaska or Montana asks its citizens to passively watch as the nonhuman world is liquidated while we go on about our daily lives and others look on and say we deserve it as a “red” state. 
  • Worse, foundational ideas buried in a settler colonialism mindset, which previously brought us the slaughter of indigenous people amid “Manifest Destiny,” are still hardwired into our society and these ideas help support the destruction. Trump wanted to “drain the swamp,” Disney literally did, and Elon Musk now wants to do it again to build more of his Space X near Cape Canaveral, in a biodiversity and carbon sink hotspot.8
  • Florida’s leaders are engaged in acts many societies and cultures would deem evil. They have been given the green light to exploit the state in an extractive way similar to events unfolding in Brazil, Indonesia, and other places we think of undergoing deforestation while not always realizing our complicity and our own perilous condition.
  • The moral and ethical considerations of entire species being exterminated for the cause of untenable, unplanned, unaffordable development, or even just another Wal-Mart or a parking lot, are absent from most public narrative
  • When I was born, in 1968, the world had 50 percent more terrestrial wildlife than now. I was born into a world still alive and I will die in a world near death, brought to that condition by our own hand.
Ed Webb

Brexit and Boris Johnson Are the Legacies of Tony Blair - 0 views

  • British history has a problem with nationalism, and indeed the nation — they’re not supposed to exist, or they exist in very unusual forms. A central claim of my book is that something I call the British nation, corresponding to the territory of the UK, emerged after 1945, with a national economy, national politics, and a self-consciousness of itself as a nation called Britain. But it had a rather short life and was broken up from the 1980s.
  • Before the nation came both the empire and a set of places that were located in a global, free-trading space. What came after the nation? A fresh commitment to a globalist, and in particular European, liberal economic perspective.
  • Most recently, we’ve had a claim for the centrality of empire in twentieth-century British history, coming right up to the present. I think this very often involves a misrepresentation of what empire was, a failure to distinguish imperialism from nationalism, and an implicit continuity thesis that the empire as it was in 1914 remains a potent ideological force today.
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  • The imperialists certainly made the empire and in particular the white dominions central to politics and economics. In many ways, today’s anti-imperialists have followed them rather naively in this.
  • For the Conservatives, the white dominions in particular were central. They provided an image of the empire as a brotherhood of free white nations — a very important part of the overall story. But it was also important because the white dominions really were the important bits economically. That was where the investment went, and where a lot of the food for the United Kingdom came from.
  • India is a different matter. That was a place, of course, with a massive population. It was an important market for exports, but it was in a different league from the white dominions, and both were in a quite different position from what were strictly speaking called the colonies. It is very important to remember that before the 1940s — that is to say, in the great age of empire — trade with foreign countries was greater than with “British” countries, to use the language of the time. Liberals pointed this out again and again. They argued that the great glory of the British economy was not the empire but rather free trade. That meant trading with everybody and in practice trading a very great deal with Europe. That was where British bacon, British eggs, British iron ore, or British timber came from, and much else besides. Before the 1940s, the UK was a profoundly European economy, deeply integrated into trade and production within the European continent.
  • The UK was the largest overseas investor and the largest trader, but it was also the most industrial country in the world — far more industrialized than Germany or the United States at this time. It was more industrialized precisely because it was more globalized. It didn’t need to grow all its own food. The City was investing overseas in UK-owned enterprises, whose business was often to supply food to the UK, directly or indirectly. That in turn allowed the UK to be industrial and indeed to supply the railways, the factories, and the ships that made all this trade possible in the first place. In fact, the relations between overseas investment and industrialization were synergistic, at least in this period.
  • it’s striking how little impact decolonization had. Take the cases of India and Palestine in the 1940s: there were no major convulsions at home — nothing compared to what was happening in France during the 1950s.
  • there was actually a silent revolution brought about by “de-imperialization.” That was best exemplified by the extraordinarily rapid transition of the Conservatives from being the party of empire and Imperial Preference to being the party of free trade and of applying for accession to the Treaty of Rome in 1961. It is extraordinary that, just a few years after World War II, the Tory Party in government applied for membership of what was then called the Common Market.
  • There was a movement of people from the Caribbean in particular during the 1950s, but they were people coming from a colonial territory who had the same nationality as most people living in the United Kingdom. They were what were called “citizens of the United Kingdom and Colonies,” so they weren’t really immigrants. They were people moving within the space of British nationality. Interestingly, there were more immigrants, in the sense of aliens or semialiens, coming from Ireland and continental Europe in the 1940s and ’50s. Indeed, the dominant movement of population from the 1940s right up into the 1980s was outward rather than inward. The UK was a place of net emigration in that period. A lot of that emigration was to the Commonwealth, and Australia in particular.
  • It comes as a surprise to many people that in the 1950s, the United Kingdom was still the most industrialized economy on Earth. This doesn’t fit with the “declinist” images that have so affected our understanding of this period in particular. In terms of growth rates, poorer European countries and countries elsewhere were often growing faster than the UK economy — they were catching up. The German economy caught up with the UK and overtook it in terms of GDP per capita in the 1960s, and France did the same in the 1970s. But the overall result was that the West European economies, which had been quite different in 1945 or 1950, came to be very similar by the 1980s and ’90s or the 2000s when one includes poorer countries like Spain.
  • In the 1970s and ’80s, the UK became broadly speaking self-sufficient in the foods that it could grow itself, much as Germany, France, and Italy were self-sufficient in food. What had been the great factor distinguishing the United Kingdom from continental Europe disappeared as a result of a fundamental change in British political economy. The UK became an exporter of beef and wheat, which would have been unthinkable not just in the Edwardian years but in the 1950s as well.
  • The reality is that the 1970s saw a global crisis. There were important transitions and readjustments in the British economy. That decade was also a period of political radicalism and cultural inventiveness — a period of innovation, of a sort that conservatives didn’t like one bit. That’s essentially why the 1970s have this terrible reputation.
  • She did transform the British economy, but it’s important to note that she did not increase the underlying rate of growth. Since 1979, the British economy has grown more slowly on average than it grew between 1945 and the 1970s. In that sense, she most certainly did not reverse the British decline. Nor did she reverse the British decline in relation to all the other major economies in the world
  • while manufacturing employment did go down very radically, manufacturing output remained high. Indeed, peak manufacturing output in British history came in 2008 — it wasn’t the 1970s, let alone the 1870s
  • North Sea oil was certainly important because, together with the new self-sufficiency in food, it meant that the UK no longer had to import the two things that had dominated its import bill in the past: food and oil. That meant that the UK no longer needed to have a surplus in the manufacturing balance, which went negative in 1981.
  • Quite soon, you had a permanent negative balance of trade in the British economy — a quite extraordinary thing. A tiny negative balance of trade was the stuff of politics in the 1950s and ’60s, yet in the more recent past, a permanent deficit of 4, 5, or 6 percent of GDP has no impact whatsoever. What made this deficit sustainable? The emergence of a new kind of City of London. It was not the City of the Edwardian years. It was something quite different, like an enclave, which was about bringing money into the UK as much as taking it out. It was precisely those net flows of capital into the UK that allowed it to sustain the negative balance of trade.
  • The most important thing Thatcher did, apart from opening up the economy to Europe and the world, was to encourage the increasing inequality between capital and labor and between the regions. There was an extraordinary reversal of the move toward greater equality of income, wealth, and regional development that had been taking place from 1945
  • The loss of trust in government that arose from the obvious, systematic mendacity of the Blair administration around Iraq had and continues to have profound consequences. It generated a new, deep cynicism in politics
  • It’s striking that the Conservatives have increased their vote share in every election since 1997. The idea that Boris Johnson suddenly transformed the fortunes of the party is quite wrong. That’s one legacy of Blairism — not just Brexit, but also a new, revived, and dangerous Conservative Party. If Thatcherism begot Blairism, I think Blairism begot “Johnsonism” by a very different process.
  • The UK has been a place where global capitalism does its business. There’s relatively little we could straightforwardly call British capitalism
  • there aren’t the sort of connections between business and the Conservative Party that there would have been when they were all the same people. There are, perhaps, connections between particular kinds of business and the Conservative Party — particular hedge funds, for example, or Russian oligarchs. Between them, they’re pushing the Conservatives to be a party that’s pressing for an even greater degree of tax-haven status for the British economy, making it even more of a rentier, liberalized economy than it already is.
  • We have an extraordinary politics, in which a particular fraction of capital, allied with hard-right elements of the Conservative Party, are pursuing a policy that they don’t really understand and can’t really come to terms with.
  • We’ve had great programs of political-economic change, from mobilization in World War II to going into the European Economic Community. But those were planned and thought through — there weren’t any great surprises. This one hasn’t been. It hasn’t even really been improvised. It has just been a very peculiar mess.
  • the politics of the Brexiteers themselves aren’t the politics of Brexit voters. The Brexit vote is an old vote, just like the Conservative vote. One has to credit the Conservatives with realizing that their vote was an old one and doing everything they could to sustain that vote — for example, by keeping NHS spending and pension spending up, systematically targeting welfare at the elderly and taking it away from the young
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