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View Diary: Socialism — what it isn’t (117 comments)

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  •  that's a result of financialization (1+ / 0-)
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    84thProblem

    The banking cartels have pretty much run amok there; but don't worry, it's on its way here soon enough....

    The "extreme wing" of the Democratic Party is the wing that is hell-bent on protecting the banks and credit card companies. ~ Kos

    by ozsea1 on Thu Apr 04, 2013 at 07:48:14 PM PDT

    [ Parent ]

    •  It started here. Not Europe. (4+ / 0-)
      Recommended by:
      unfangus, wasatch, sfbob, JosephK74

      Wall Street set the dominoes falling all across the globe, and American started the neoliberal wave in the early 70s as well, pushing for financial deregulation on a massive scale.

      IOW, America set the cancer in motion and pushed organizations like the World Bank and the WTO to push austerity and anti-labor practices.

      Yeah, we had help. But the prime movers were on Wall Street.

      •  The banking cartels are global in scope (1+ / 0-)
        Recommended by:
        unfangus

        Wall St is just one of their many "enterprises"......

        The "extreme wing" of the Democratic Party is the wing that is hell-bent on protecting the banks and credit card companies. ~ Kos

        by ozsea1 on Thu Apr 04, 2013 at 11:13:00 PM PDT

        [ Parent ]

        •  Starting here. (1+ / 0-)
          Recommended by:
          sfbob

          Global in scope. Which is what I said. Wall Street is just a tag to use instead of trying to name all of the banksters, etc.

          But American capitalists started this disaster and push it on others.

          We're the first great power in the modern era to be economic imperialists. Conquering countries wasn't enough for us. We felt (and still feel) the need to force our economic theories on them, much to their detriment.

          We're drug pushers of the worst kind. And the drug is capitalism.

          •  Capitalism as such isn't the problem (2+ / 0-)
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            mftalbot, sargoth

            It is UNREGULATED capitalism which really is to blame...and the philosophy according to which ALL regulation will choke economic growth.

            There's nothing wrong with having a market economy--nothing at all. However it is a game and games need rules as well as ways of enforcing those rules. A completely unregulated market will eventually destroy itself so, in order for it to function as well as it possibly can for the largest number of people, it needs to be regulated by an entity outside of it, namely government.

            Those economists whose views control the way our market economy currently works are extremely resistant to any form of external regulation at all and will tolerate it only when they believe they have no choice but to accept it.

            This view is severely deficient in that it results in the extreme concentration of wealth among a small number of the most greedy. Such as situation cannot possibly be healthy for long-term stability or survival.  Also at work here is the assumption that there is no civil society as such and no social contract and that each individual is or should be effectively on his or her own. Should any misfortune take place well, too bad. Once again, this is not a recipe for long-term stability.

            Both portions of the above create a situation wherein there exist a relatively small number of extremely wealthy individuals, hellbent on protecting their wealth at all costs and an increasingly large number of impoverished and very angry people. We last faced such a situation in the US at the outset of the Great Depression. The reason FDR was so successful in carrying out his program is that he understood that the alternative to redistributing wealth while maintaining a market economy was a revolution, the ultimate results of which would be far beyond anyone's ability to control.

            •  The problem is capitalism itself. (1+ / 0-)
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              ozsea1

              Its very structure creates economic apartheid, unless seriously checked by democracy.

              Which means it's a stupid and irrational vehicle to have in place. It requires endless checks. Smarter to find a vehicle that doesn't need those checks in the first place, one with social justice baked into the pie.

              Also, because of its structure, it redistributes power and wealth to the top of the pyramid. And who controls governments? Those at the top of those pyramids. So, in theory, one could at least make a weak case for having a regulated capitalist system, but in practice, this is impossible. Because the people who own government are capitalists and their interests are to keep those democratic checks at a minimum -- if they allow them at all.

              We had one very brief time when we got some of those checks, and it happened after a major disaster (the Great Depression) and because of that disaster. The further we got away from it, the more traction capitalists got for undoing those checks. In short, we don't get to keep those checks for long, and we only get them after a massive disruption.

              Rinse and repeat.

              We can do better. It's the wrong system from the getgo.

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