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February 25, 2010

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Straus

On the second objection – what has been the effect of the influx of 1.5m economic migrants from Eastern Europe in keeping the under-employment figures so high? The slightly unique combination of circumstances in which uncontrolled immigration was allowed from a number of countries with considerably lower living standards than the UK would appear to have had the effect of cementing a higher than expected bedrock of unemployed and underemployed in this country. This might mean that you are being unduly pessimistic about the general capacity for growth to impact upon underemployment.

Gaw

Did you see Evan Davies' programme last night 'The Day the Immigrants Left' (probably available on the iPlayer)?

Its implicit suggestion was that one reason there is a structurally large level of underemployment is the able-bodied but feckless are able to choose not to work by living off benefits. Immigrants simply do the manual jobs the native born don't want to do and don't have to do.

Er, what do you think?

Alex

Sorry, but what social democrats are arguing for "full employment", at least the way you've defined it? Well do we know that pushing for that caused inflation. Social democrats understand that we can't push under the NAIRU.

Also, if "co-operative capitalism" is impossible, then how do you explain Scandinavia?

Finally, the Savings Glut problem is mainly caused by high savings in China, Germany, some OPEC countries, South Korea , Japan. Surely you know that the problem from that is caused by the policies/demographics of those countries? It is not the fault of UK policy, or a problem for the left, if other countries are badly organized such that cheap credit flows into these shores (it is though our fault what then happens to that credit).

Something that may help, is Keynes' proposal for an "International Clearing Union", to deal with trade imbalances:

http://en.wikipedia.org/wiki/International_Clearing_Union

I'm sure China won't go along with it, just like the US didn't at Bretton Woods, but surely we can push for this as an EU institution, as Germany is the main problem for us in terms of trade imbalances.

David Morson

I think that things are even far worse than this but a major reason for all this being happening is spending of too much capital in useless wars of Afghanistan and Iraq. These wars are just in vain and economies are sinking due to these stupid wars.

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