anticap.wordpress/2013/09/11/politics-and-economics-of-inequality/ ". . . both major political parties have been captured by a free-market, just-deserts ideology, affluent individuals and large corporations have used their control of money and other resources to wield excessive power over policy-making, and obstacles have been created within the political sphere for others (as individuals and as groups, e.g., in the form of unions) to push the debate in a different direction. All of that makes sense. The remaining problem is in economics, since, . . . in the general public debate, the combination of globalization and technological change continues to be invoked as a deus ex machina to explain growing inequality. What mainstream economists don’t want to do is, first, explain how globalization and technological change are used by those who serve on the boards of directors of large corporations to make decisions that have the effect of creating a more unequal distribution of income and, second, how even prior to that the structure of contemporary economic institutions makes it possible for a few individuals to make the decisions that, in turn, through globalization and technological change, have produced such an unequal—and, after a short hiatus, an increasingly unequal—distribution of income. Perhaps what we need, than, is a real political economy: an understanding not only of how the political system has been captured and negatively affects economic outcomes but how the capturing of the discipline of economics itself undermines the body politic."
Posted on: Thu, 12 Sep 2013 18:59:56 +0000
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