Milton Friedman said that (economic) policy shouldn't be measured by its intentions but rather by its results. 40 years after Friedman's ideas were put into policy by Ronald Reagan, the results are clear and they are pretty shit: Rampant inequality, uncoupling of per capita productivity and real wages accelerating a gradual redistribution of wealth from the bottom to the top, vastly exaggerated private profit interests are distorting democratic processes, societal interests (like in a livable planet and a stable eco-system) are pushed back by short term profit interests of private corporations. Neoliberalism is inherently incapable of tackling the two most urgent issues of the 21st century: Climate change and inequality. Neoliberalism is undermining democracy, by justifying systemic frameworks that allow large accumulations of capital to exert extremely disproportionate political influence. And the single argument that works for Neoliberalism, which is that it produces exceptional levels of growth, has fallen apart in the face of China achieving high and consistent growth without adhering to Neoliberal economic policy. Neoliberal ideas have turned out to be shit, they generated respectable growth for some time, but in the process eroded democracy, heavily weakened the middle class, and accelerated cumulative, very physical existential threats like climate change and created ways for private corporations to influence politics to such an extent that they can prevent solutions to such existential threats out of short term profit interests. At the end of the day, Neoliberalism just creates a new form of economic monarchy in which it isn't blue blood that identifies royalty/the ruling class, but rather extreme wealth. Nothing left of initial promises of a rising tide lifting all boats. But thankfully we now see a paradigm shift in academia as well as in policy advice. The Neoliberals have proven incapable to solve modern problems with their set of ideas revolving around a dogmatic belief in an ominous "free market" - Pure mythos that for a long time wasn't recognized as such as it hides behind the faux objectivity of numbers and charts. Instead, new generations of economists(and other academics) and political advisors go ahead and move into crucial positions in our political and academic systems. These new generations realized that economics can't function without ecology. That sustainability is a crucial requirement of all economic systems. That the economy should work for the welfare of society and not the other way round. Neoliberalism rejected humanist values in favor of a dogmatic belief in mythological market properties that would lead to more desirable results even without humanist intentions. This hypothesis was proven wrong time and time again over the past 40 years. But old power structures cling to this status quo and fight tooth and nail to keep their wealth and power. Fuck em.

@@JamanWerSonst Seen it all before. Same talking points, same half-truths and falsities about wages, inequality and productivity, and same talking in generalities. You would benefit from the Austrian perspective, which is equally critical of the crony status quo. I can agree there is a definite left-turn in academia, public discourse and policy advice related to economics, but this hasn’t involved the usurpation of any old paradigms at all, just their critique - usually as an ad hoc justification for expanded government spending, regulation and power by obfuscating what the economic effects are according to marginalist economic theory, since we apparently can’t use it. But now I’m speaking in generalities too.

@@fatpotatoe6039 Come on, it is not that complicated. We had Neoliberal policies dominating western Democracies for 40 years. It started with Ronald Reagan in the US, Margarete Thatcher in the UK and culminated in even social democratic parties in Germany and the UK (Tony Blairs Labor govt and Gerhard Schröders red-green govt) adopting neoliberal dogma in their policies by the late 90s. And the results, so the very thing even neoliberal icon Milton Friedman said we should pay attention to, are bad. Corporate influence on politics has grown so rapidly that democracies have decayed into oligarchies. It is no longer the general publics' opinion that decides, but elite opinion. "Big money interests" as some like to call it. The decoupling of productivity and real wages has disenfranchised the middle class, who saw their wages and wealth stagnate and even shrink, while a tiny minority of mega-rich increased their wealth and power by ridiculous amounts. The financial crisis of 2008 was a clear consequence of a lack of government regulation of the market. The slow bounceback after the crisis was a clear consequence of a lack of ambition in government spending. Both things resulted from neoliberal dogma about government regulation and spending being generally "bad". The climate crisis is constituted by a blatant conflict between the general human interest in a stable global ecosystem and the private short-term profit interests of corporations with fossil business models. The international monetary fund calculated that we(as in humanity) are currently spending 4-6 trillion $ dollars a year globally on subsidizing fossil fuel-based industries. 4-6 trillion are more than 5% of the global gross product. In other words: Humanity spends more than 5% of all the wealth it produces in a year in order to keep business models afloat that are quickly destroying our planet. So much for "rationality" and a "self-regulating markets". The market's self-regulation doesn't work when the negative consequences of a business model are delayed by a century (like with fossil fuels and climate change). The damages aren't priced in and the entire self-regulation thing collapses. And now finally, after decades of failure, neoliberals are losing their positions of power in academia and politics. They lost the academic argument long ago, and with Biden in the US the also their political standing. The biggest difference between Biden and Obama is, that Obama was relying almost exclusively on neoliberal economic advisors, while Biden has consulted people with better and up2date ideas. We now need to prepare for the challenges of the 21st century. By investing. The main challenge here is obviously climate change and the only way we can tackle it is by quickly investing in the most ambitious technological transformation since the invention of electricity. This must come with massive government spending in order to decarbonize the US economy as quickly as possible. The market has shown over the past 30 years that it is unable to achieve this transition on its own. Also: Considering the consequences of catastrophic climate change, these investments are the safest investment imaginable. Every gram of greenhouse gas we avoid will spare us some of the astronomical costs of climate change.

got a term test tomorrow rip

@@mohamedissa9676 well if u studied and listened to her in class ur blessed if not gg

@@animeandstuff5377 GG

@@mohamedissa9676 lol shoulda studied the class is actually interesting if u listen u got 3 years left bro, assuming ur 1st year, should get that GPA up or u will regret it later. Unless u doing art or something