“The disposition to admire, and almost to worship, the rich and the powerful, and to despise, or, at least, to neglect persons of poor and mean condition is the great and most universal cause of the corruption of our moral sentiments.” ~Adam Smith, Scottish political economist (1723-1790)
"It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion." Adam Smith "I certainly do think it fair and reasonable that the general policy of the State should favour the diffusion rather than the concentration of wealth." John Stuart Mill
Neoliberalism is OUTDATED. Rather, for the past four decades, it's been fiat currency for the .01% and gold standard straitjacket ideology for everyone else. "The mainstream view is no longer valid for countries issuing their own non-convertible currencies and only has meaning for those operating under fixed exchange rate regimes, ‘The two monetary systems are very different. You cannot apply the economics of the gold standard (or USD convertibility) to the modern monetary system. Unfortunately, most commentators and professors and politicians continue to use the old logic when discussing the current policy options. It is a basic fallacy and prevents us from having a sensible discussion about what the government should be doing. All the fear-mongering about the size of the deficit and the size of the borrowings (and the logic of borrowing in the first place) are all based on the old paradigm. They are totally inapplicable to the fiat monetary system’ (Mitchell, 2009). We might now consider the opportunity afforded by the new monetary reality, effectively modelled by MMT. A new socio-political reality is possible which throws off the shackles of the old. The government can now act as a currency issuer and pursue public purpose. Functional finance is now the order of the day. For most nations, issuing their own fiat currency under floating exchange rates the situation is different to the days of fixed exchange rates. Since the gold window closed a different core reality exists - one which, potentially at least, provides governments with significantly more scope to enact policies which benefit society. However, the political layer, in the way it interacts with monetary reality, has a detrimental effect on the power of democratic governments to pursue public purpose. In the new monetary reality political arrangements that sprang up under the old regimes are no longer necessary or beneficial. They can largely be considered as self-imposed constraints on the system; in short the political layer contains elements which are out-of-date, ideologically biased and unnecessary. However, mainstream economists have not grasped this situation - or perhaps they cannot allow themselves to- because of the vice-like grip that their ethics and ‘traditional’ training has on them. MMT provides the best monetary models out there and highlights the existence of additional policy space acquired by sovereign states since Nixon closed the gold window and most nations adopted floating exchange rates. We just need to encourage the use of the space to enhance the living standards of ordinary people." Heterodox Views of Money and Modern Monetary Theory (MMT) by Phil Armstrong (York College) 2015
If Noam is a linguist, he wouldn't discredit himself with the phrase "State-capitalist model"-there is a word for that which Chomsky is well aware. It's called: FASCISM!
My thumbs down isn't for the channel or the video.. but for Chomsky's pollution and non-sense. If the video was titled, "Chomsky exposed as a fascist apologetic", I'd have given a thumbs up.
somewhat true in Victoria II, but it's still the best one because it allows you to build, subsidize, and expand factories and railroads, while also allowing capitalists to build their own factories. So it's best in the early game because there aren't that many capitalists, laissez-faire is kinda crap overall because the capitalists build random factories with products that don't make sense to the RGO
