Observer Leader: “A radical recalibration of capitalism is essential”

The Observer (h/t):

Over the past few decades, average families have coped by more women going into employment, by working longer hours and by credit. But since 70% of the US economy is based on consumer spending, a lack of surplus cash means the engine is running out of fuel. The rich are small in number and don’t spend nearly as much as the majority. “Free” markets with the rules written by the richest result in a shrinking public sector, deregulation, unemployment, low taxes for the most affluent and the threat of globalisation, depressing wages still further. The sum impact isn’t “bad” capitalism, it is modern-day capitalism. How it changes, and how rapidly, is a challenge to its own survival. Once, the advancement of the employee was a part of the social contract. Under Thatcher, the aspiration of the average citizen was central via shareholding and home ownership. Now, a more brutal set of priorities pushes the requirements of “the little man” aside, while those who have money buy the influence that unjustly shapes the world in which we live. So how do we forge again the link between morality and the markets?

Hey, here’s a novel proposal: How about holding criminal bankers to account?

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4 Responses to Observer Leader: “A radical recalibration of capitalism is essential”

  1. steeleweed says:

    In ancient Israel, a Jubilee was periodically declared. Debts were forgiven, slaves were freed, property returned to original owners. It was a way to put society back on an equal footing and eliminate classes. The implied justification was that the resources of economy and society were a Commons and should not be privately owned, certainly not on a permanent basis.

    Truthdid had a recent article on an an alternative to Capitalism:
    http://www.truthdig.com/report/item/an_economic_alternative_to_exploitative_free_market_capitalism_20130131/
    :

  2. Bob Morris says:

    Without Rule of Law, not much less matters

  3. matttbastard says:

    Neoliberal capitalism is a direct assault on the concept of the public commons. Great article btw, SW — dunno if I gave you kudos at The Agonist.

  4. MoS says:

    In August, 2011, Nouriel Roubini gave a terrific interview to the WSJ in which he opined that capitalism, as Marx predicted, may have run its course.

    http://the-mound-of-sound.blogspot.ca/2011/08/is-capitalism-self-destructing-was-karl.html

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