About Capitalism In Crisis

The economic world changes but doctrine tends to remain static, with its explanatory value stagnating over time. Consequently, there’s inadequate accounting for nonproductive uses of wealth, even completely nonproductive uses including gambling and outright fraud.

For American capitalism to become great again, it must be accompanied by a thorough clean-up of fraud. It must be accompanied by good faith due-diligence, even the sort of innovative, constructive risk-taking prescribed by Adam Smith, two centuries ago in his epic Wealth of Nations.

Learn about Capitalism in Crisis Now:

 

Capitalismincrisis.org is a doctrinaire and policy-oriented patch to how capitalism actually works. It prescribes how to set limits on pseudo-capitalism and pseudo-capitalists.

These folks revel in gaps left behind 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 the economy.

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.

 

Watch Now: A wannabe morphs into a 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.

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.”

We do seek for this series to be informative and even transformative.  That is, to appeal to anyone intent on draining President Trump’s economic swamp…but not in the way Donald Trump would prefer.

Watch Now: America: How Do We Make Capitalism Great Again?

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.
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