There is a great Hale Stewart diary which is also on bopnews.com. Hale has been pounding an issue for some time: the reactionary economic order doesn't work in practice. It doesn't achieve the results it is supposed to achieve, and it is racking up debt. He's absolutely right.
This diary is the other side of that same coin: reactionary economics isn't just bad practice, it is also bad theory.
You see, an economic order has two parts: one part which creates a surplus and the other side that distributes it. Since the Regan-Thatcher economic order was put in place, Reaganomics and Thatcherism, the claim of the right is that they generate the surplus, and therefore they are best at distributing it. Distributing the surplus is fun and profitable. However, we've reached the point where there is no surplus to distribute.
The left has the goods - not only a theory of how to redistribute surplus, but why our theory of what to do with the money also produces more good for everyone. Some of this goes back to the modern left of the 20th century, some of it is new.
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