CRY MORE, LIB

The mainspring of Donald Trump’s base is anger.  It is fueled by humiliation. America’s Great Recession defined the tipping point, politically and economically. In the ten-year period following the Recession’s onset, economic performance of congressional districts labeled Blue diverged at a breathtaking pace from those labeled Red. GDP grew a full one-third in Blue districts, […]

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FEEDING AT THE TROUGH

I took the call from my maiden Aunt Leona.  Uncle Myron and his idiosyncratic wife Marjorie—Republican activists and occasional pranksters—were piloting their black Cadillac limo to the Utah Governor’s office from Leona’s home in Ogden.  “Expect their arrival at the State Capitol momentarily,” Leona announced resolutely. My octogenarian aunt and uncle were pre-World War II […]

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IS ENLIGHTENED CAPITALISM POSSIBLE?

Three centuries ago, a new vision of how our world works was taking shape in Scotland.  We’ll call it Enlightened Capitalism.  It was based on emerging democracy, upon the right to hold private property, and upon the free exchange of goods and services without government looking over citizens’ shoulders. Adam Smith was an 18th Century […]

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WHEN THE LEFT AIN’T RIGHT

If pragmatism is to be resurrected in American economics and politics, the methodology of John Maynard Keynes remains as the best starting point.  However, because real economies evolve in complexity—and because economic ideas stagnate and loose vibrance—Keynesian-type thinking needs rebirthing.  The best intellectual pathway for renewal ought to start with Joan Robinson, Keynes’ student.  Her reflections on what she called the profit lacuna are a solid gateway toward the development of some sort of in-between theory dealing especially with all sorts of fraud.  Beyond economics, it might also pour balm on America’s culture wars.  Capitalism in Crisis dot Org is about fleshing out these compelling possibilities.

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A CULTURE OF FRAUD?

Trump’s playing an economic and political role parallel with American President Herbert Hoover, from a century ago. Hoover’s the one that economists associate with a failed culture of orderliness.  Locked up with him in his dysfunctional, rigid thinking about how he believed the economic world should work, were millions of unemployed Americans. Sound familiar?

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