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Four underlying problems of Anglo Liberal capitalism.

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  • [VIDEO] Four underlying problems of Anglo Liberal capitalism.

    For anyone who has an interest in finding out some of the issues with the current economic system, this lecture focuses on the United Kingdom and has some interesting points on private debt. This lecture was given by Dr Andrew Baker head Politcal Economist at my university. Enjoy

    Regards
    Graeme
    WE HAVE YOU COVERED

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  • #2
    Re: Four underlying problems of Anglo Liberal capitalism.

    Fascinating. I've been watching this in bits and pieces. 70% GDP of public debt.... 400% GDP Private debt. And the sad thing is those 'people' (businesses in the UK) got off largely free.
    Last edited by Ytman; 11-27-2012, 02:55 PM.

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    • #3
      Re: Four underlying problems of Anglo Liberal capitalism.

      Capitalism is little more that a very efficient method for transferring wealth from the collective to the privileged few. The symbolic defensive of this process, the ideological component of capitalism, is the subject of my next book.
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      • #4
        Re: Four underlying problems of Anglo Liberal capitalism.

        Are you saying that this is the goal of capitalism in general or just a result of modern, post industrial, capitalism?

        The issue, I'd wager coming from completely elective based learning, is when scale of industry out paces majority of the potential good makers.

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        • #5
          Re: Four underlying problems of Anglo Liberal capitalism.

          What we are seeing is the playing out of Adam Smith's worst nightmare, the business classes and their monopolizing nature. Smith noted the need for the economy to strike a balance between 'oikonomia' and 'chremetistics' and work for the good of society as it was essentially a social construction based on exchange mechanisms.
          The meta-narrative which have been placed on our society in the form of neo-classical economics are dominating the upper echelons of the business classes, the 20th century saw a revival of classical political economy however, numbers and greed are very much dominant today.
          What I believe is occurring here today is a serious break in moral, social and political ethics due to extreme individualism forced upon us by neo-realist narratives of 'threats everywhere'. This paranoia is manifesting itself through the monopolizing nature of such things as 'securities' why are they called that? Who or what are they secure from, the answer is from everyone else, because we see them as a threat.
          E-Male that is a great topic, one thing I have noticed is the renaming of my universities School of Economics to the School of Management, we have apparently given up on alternatives to Capitalism, and instead try to manage it instead.
          For me the issue of value and utility is very important when it comes to capitalism. Here we begin to cross the bounds into Psychology and I do not want to go there, lol.
          But, people attach a value to items on the markets, neoclassical economists due away with the labor theory of value, that an items value is based on the amount of labor that is put into it, the result of this is that people pay more for diamonds than they do cars, they have assessed that the utility of the car is less than that of the diamond even though the diamond was only dug out of the ground. Essentially the producers are now fixing the prices rather than the consumers, because the consumers believe that the utility of the item is worth it. Utility is basically the satisfaction that one gets from having the item.
          With the internet revolution, the need for social connectivity has increased massively, as a result we have started to see a blurring of the clear cut lines of utility and value, the 'need' to have the latest gadgets means that we start to buy mobile phones because we need them to work etc. Couple this with the monopolizing and commercialization of things such as the internet and computers and you have rampant capitalism in which all assets will go to huge corporations which have bought up all the competition and thus can manipulate the prices as they wish.
          Competition was the bases of capitalism and it is being eroded, by corporations by tax havens and by an unlevel playing field, we have recently seen massive lawsuits particularly with Apple, Microsoft and Google as they try to dominate the competition is order to muscle out the undercutters.

          Apologies that was quite a long winded rant, but I would need to talk about it , rather than write it :/

          Regards

          Graeme
          WE HAVE YOU COVERED

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