About Capitalism In Crisis
It’s time for answers. How do we get past short-term thinking? Metaphorically, how do we get America’s plow horse, too-long sidelined as a hobby horse, back into the field, pulling the plow?
Watch Short: “America: How Do We Get Our Mojo Back?”
Who Needs Zombies? The search is on to upend rigging and gaming schemes; to stop pseudo-capitalism. Watch zombie economist Adam Smith return from the dead to advise President Trump on how to drain the “real economic swamp.”
Watch Short: “Zombienomics”
What is Zombienomics? Well, it’s about economics as farce and it’s a misnomer. The name of our module series is CapitalisminCrisis.org, however contemporary appeal of our Zombie Economists featured in this series has coined Zombienomics and the nickname has stuck.
Our series of 30 modules targets economic dysfunction with prescriptions for how to start the “fix.”
Welcome Jim Sawyer introduces Capitalism in Crisis. What should be done about pseudo-capitalism? We spell it out here.
Watch Short: “Welcome”
Watch Now: “Four-Second Shift to Zombie Economist”
You may be surprised the reward to holding capital ethically was not specified by ethicist Adam Smith. Because this omission continues, many wealth-holders are tempted to segue into wealth-hoarders rather than to remain legitimate capitalists contributing their fair share to the good of the whole.
According to Adam Smith, capitalism is not merely about self-interest, but instead about the pursuit of self-interest rightly understood. Often, fraud occurs when self-interest fails to align with the common good.
First brought to attention by English economist Joan Robinson who was mentored by JM Keynes, pseudo-capitalism’s origins lie in the imprecision of original doctrinal capitalism. She called this omission the profit void or profit lacuna.
The Lacuna fails to specify what the extra profit reward to legitimate capitalists ought to be, beyond lesser income received by those doing little or nothing to further the common good. More recently, this glitch has grown into a time-bomb carrying with it threats to the future of America’s entire economic system.
The profit lacuna can be fixed by targeting fraudulent rigging and gaming schemes, then subjecting those schemes to tax and regulatory oversight.
About Jim Sawyer:
He is a radio producer and commentator who holds a PhD in labor economics. Sawyer is emeritus professor at a Jesuit university where he also held an endowed chair in social ethics. Prior to entering academia, Jim managed human resource programs and served as policy advisor to a governor. He has taught graduate courses in economics, finance and management directed at working professionals in public, business and nonprofit management. Jim held a joint appointment at a research institute in a French university and served as Fulbright scholar in France and Portugal. His work is published in the U.S., U.K., France and Belgium.
Some Publications by Jim Sawyer/James E. Sawyer:
- Why Reaganomics and Keynesian Economics Failed. London and New York: The Macmillan Press Ltd. and St. Martin’s Press, 1987.
- “Reframing Capitalism” in John Kenneth Galbraith and the Future of Economics. Blandine Laperche and Dimitri Uzunidis, Eds. London: Palgrave Macmillan, 2005.
- “Doctrinal Roots of Short-Termism” in Powerful Finance and Innovation in a High-Risk Economy. Blandine Laperche and Dimitri Uzunidis, Eds. London: Palgrave Macmillan, 2008.
Read About Our Mission:
For American capitalism to become great again, it must be accompanied by a thorough clean-up of fraudulent practices. It must be accompanied by good faith due-diligence, even innovative and constructive risk-taking prescribed initially by Adam Smith over two centuries ago in his epic Wealth of Nations.
Capitalismincrisis.org is a doctrinaire and policy-oriented patch to capitalism’s practical workings. It prescribes how to set limits on pseudo-capitalism and pseudo-capitalists.
These folks revel in imprecision created by policy makers, elected officials and economic analysts. Tragically, even when public leaders look carefully, often they fail to recognize self-interest run amok. They fail to recognize widespread corruption within the workings of huge swaths of business and government.
Capitalismincrisis.org also is a backhanded salute to Donald Trump. It relies upon zombie characters. Perhaps zombies are no less credible in the age of Trump than many of the actions and utterances inflicted by him upon the American public. In so many ways, he transports fiction into the realm of reality. Read David Graham’s Atlantic article The Many Scandals of Donald Trump.Return to Homepage