Category: Corporate Misconduct

The rise and fall of the ‘free market’

by David Hetherington

Ideas, like fashion, move in waves. A big idea will form, expand, dominate, and fade. Along the way it will accrue adherents and opponents, leaving a trailing wake of subsidiary ideas.

The last century has seen the rise and fall of communism, fascism, and socialism. Democracy has proven more enduring, still expanding if not dominating.

Yet the idea closest to the inflection point between domination and fade is the ‘free market’, the most influential concept in political economy over the past 40 years. Outlined in its modern form by the Austrian school of economists and expanded by Milton Friedman, the free market was the bedrock of the Thatcher/Reagan reforms. It defined the political orthodoxy for both right and left until the financial crash of 2008.

Read more ...

Two Peas in a Pod

By Thomas L. Friedman

The world’s two biggest democracies, India and the United States, are going through remarkably similar bouts of introspection. Both countries are witnessing grass-roots movements against corruption and excess. The difference is that Indians are protesting what is illegal — a system requiring bribes at every level of governance to get anything done. And Americans are protesting what is legal— a system of Supreme Court-sanctioned bribery in the form of campaign donations that have enabled the financial-services industry to effectively buy the U.S. Congress, and both political parties, and thereby resist curbs on risk-taking.

Read more ...

We May Be Witnessing the First Large Global Conflict Where People Are Aligned by Consciousness and Not Nation State or Religion

By Naomi Wolf
They’re fighting a “corporatocracy” that has bought governments, created armed enforcers, engaged in systemic economic fraud, and plundered treasuries and ecosystems.
America’s politicians, it seems, have had their fill of democracy. Across the country, police, acting under orders from local officials, are breaking up protest encampments set up by supporters of the Occupy Wall Street (OWS) movement – sometimes with shocking and utterly gratuitous violence.

In the worst incident so far, hundreds of police, dressed in riot gear, surrounded Occupy Oakland’s encampment and fired rubber bullets (which can be fatal), flash grenades and tear-gas canisters – with some officers taking aim directly at demonstrators. The Occupy Oakland Twitter feed read like a report from Cairo’s Tahrir Square: “they are surrounding us”; “hundreds and hundreds of police”; “there are armoured vehicles and Hummers”. There were 170 arrests.

Read more ...

Democracy in Danger – Has Anybody Learned Anything?

by Thorben Albrecht 

Yet again banks have to be rescued because financial markets have gone wild. And because still no effective rules and regulations have been introduced to make banks pay for the high risks they are taking. It feels like “Groundhog Day”: Everything starts all over again, nobody seems to remember anything. Has anybody learned anything?

Read more ...

Why we need nationalised Banks

by George Irvin 

As things stand, the banks are the permanent government of the country, whichever party is in power.” (Lord Skidelsky, House of Lords, Hansard Citation, 31 March 2011, c1359)

Everybody agrees that the next financial crisis is about to hit us …. bringing another economic crisis in its wake. The general view is that if we were able to prevent meltdown in 2008 by throwing money at the banks, this time the money will be more difficult to find. Unlike the last time, the OECD economies are stagnating, unemployment is high and there’s already much public anger about cuts, joblessness and bankers’ bonuses. [1]

Perhaps we should remember that in 2009, neo-liberalism was pronounced dead and buried. It was thought that a new, more thoughtful era was being born. It most certainly didn’t happen. Instead, European countries became more narrowly nationalistic and xenophobic, while the US gave the world the Tea Party. So there is good reason to believe that, as in the 1930s, economic crisis may strengthen the right more than the left. That’s one reason that progressives need to sloganise less (eg, it’s all due to greedy bankers) and think more about underlying causes.

Read more ...

Connect now

Subscribe

Subscribe to LAWCRIMEPOLITICS.COM

Email address:

Search

Progressing the Social Democratic Agenda