Making the market “decisive” means that the Chinese government has decided to place profits before people — and even before that previously invincible talisman, economic growth.
A new kind of social disease has spread from recession in the United States to austerity in Europe to manufactured crisis in Australia. Tenured and emeritus academics should be hoisting the banner of civilization, raising the battle-cry for justice.
Fox News may have failed to have an impact on the outcome of the 2012 Presidential election in the United States, but media organizations controlled by Rupert Murdoch celebrated a victory this year in Australia.
Just like the United States, Australia has a debt ceiling. Australian borrowing bumps up against this ceiling on a regular basis. But there the similarity ends.
The inequality and growth debate is a red herring. It just doesn’t matter. The problem is inequality, and its solution is simple.
Greed is not good, and high inequality is making all of us greedier than we should, or could, be.
If America could eliminate most serious poverty in the United States in the 1960s, surely we could do the same today.
Can you imagine Americans of 1968 settling for a minimum wage standard of living that had been set based on 1924 standards? What about 1880 standards? At some point we should expect low-wage workers to start living better than they used to.
Austerity is going to make Greece a cheap place to visit once the protests die down, and backpacker adventure tourists will make Greece a cooler destination than ever. But for most people, it’s much better to live in a rich social democracy than in a cool adventure tourism destination.