Comments on: The state of capitalism today II http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/ Life, Culture and Politics from BrisVegas Tue, 14 Feb 2012 07:02:53 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Hal9000 http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210777 Hal9000 Tue, 14 Oct 2008 21:40:18 +0000 http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210777 Back to Bretton Woods Mark 2 - as I recall it a central element of Keynes's proposal was the establishment of an International Clearing Union as a world central bank, but the realpolitik of 1944 ensured the US Dollar was made the world reserve currency. Bretton Woods collapsed when the Johnson and Nixon administrations printed dollars to pay for the Great Society and Vietnam War programs, and the rest of the world eventually decided to stop paying premium rates for the effectively devalued currency. Perhaps it's time to revisit Keynes? Back to Bretton Woods Mark 2 – as I recall it a central element of Keynes’s proposal was the establishment of an International Clearing Union as a world central bank, but the realpolitik of 1944 ensured the US Dollar was made the world reserve currency. Bretton Woods collapsed when the Johnson and Nixon administrations printed dollars to pay for the Great Society and Vietnam War programs, and the rest of the world eventually decided to stop paying premium rates for the effectively devalued currency. Perhaps it’s time to revisit Keynes?

]]> By: Katz http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210776 Katz Tue, 14 Oct 2008 21:19:12 +0000 http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210776 Perhaps Bush may salvage something from the wreckage of his presidency by winning the Nobel Prize for Economics for his contribution to the theory and practice of centrally planned economies. It'd only be fitting... Perhaps Bush may salvage something from the wreckage of his presidency by winning the Nobel Prize for Economics for his contribution to the theory and practice of centrally planned economies.

It’d only be fitting…

]]> By: Bingo Bango Boingo http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210775 Bingo Bango Boingo Tue, 14 Oct 2008 13:59:44 +0000 http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210775 Adrien, the institutions are different. The Nobel Peace Prize is a proper Nobel Prize, one of the five instituted by the will of Alfred Nobel. The granting institution for the Nobel Peace Prize is the Norwegian Nobel Committee (which is appointed by the Norwegian Parliament). By contrast, the co-called "Nobel Prize in Economics" is not a proper Nobel Prize; it is a late-60s invention of the Swedish central bank. The granting institution is the Royal Swedish Academy of Sciences (which, incidentally, also selects laureates for the proper physics and chemistry Nobels). BBB Adrien, the institutions are different. The Nobel Peace Prize is a proper Nobel Prize, one of the five instituted by the will of Alfred Nobel. The granting institution for the Nobel Peace Prize is the Norwegian Nobel Committee (which is appointed by the Norwegian Parliament). By contrast, the co-called “Nobel Prize in Economics” is not a proper Nobel Prize; it is a late-60s invention of the Swedish central bank. The granting institution is the Royal Swedish Academy of Sciences (which, incidentally, also selects laureates for the proper physics and chemistry Nobels).

BBB

]]> By: Adrien http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210774 Adrien Tue, 14 Oct 2008 08:38:05 +0000 http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210774 <i>You can have Krugmann’s Nobel Prize when he is finished with it.</i> . No thanks. I have serious doubts as to the veracity of any award granting institution that'd give Henry Kissinger a peace prize - seriously. You can have Krugmann’s Nobel Prize when he is finished with it.
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No thanks. I have serious doubts as to the veracity of any award granting institution that’d give Henry Kissinger a peace prize – seriously.

]]> By: Adrien http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210773 Adrien Tue, 14 Oct 2008 08:33:39 +0000 http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210773 Razor - I admit I'm using the word mercantilism a little loosely but I think it applies: . Definition: The theory and system of political economy based on national policies of accumulating bullion, establishing colonies and a merchant marine, and developing industry and mining to attain a favorable balance of trade. . Except for the accumulation of bullion I think the arrangements installed in the name of 'free trade' can be considered a kind of mercantilism. A controlled trade system favourable to those states that wield such. . If my description of this is inaccurate or lacking in some way I would sincerely like to hear about it. Razor – I admit I’m using the word mercantilism a little loosely but I think it applies:
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Definition: The theory and system of political economy based on national policies of accumulating bullion, establishing colonies and a merchant marine, and developing industry and mining to attain a favorable balance of trade.
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Except for the accumulation of bullion I think the arrangements installed in the name of ‘free trade’ can be considered a kind of mercantilism. A controlled trade system favourable to those states that wield such.
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If my description of this is inaccurate or lacking in some way I would sincerely like to hear about it.

]]> By: Razor http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210772 Razor Tue, 14 Oct 2008 07:38:12 +0000 http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210772 Adrien obviously likes being at the cutting edge of political economy - giving it a whole new meaning and applying it to a completely different time than when Mercantilism (as commonly taught in unergraduate economic history courses) thrived. You can have Krugmann's Nobel Prize when he is finished with it. Adrien obviously likes being at the cutting edge of political economy – giving it a whole new meaning and applying it to a completely different time than when Mercantilism (as commonly taught in unergraduate economic history courses) thrived.

You can have Krugmann’s Nobel Prize when he is finished with it.

]]> By: Adrien http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210771 Adrien Tue, 14 Oct 2008 05:43:58 +0000 http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210771 BBB - It's <i>realpolitik</i>. Any American or European politician who tried to do the right thing would be tossed out. Simple as that. . It's one instance where enlightened monarchy would be better than democracy. Actually enlightened monarchy is the best form of government as Aristotle said. The trouble is enlightened monarchs come around about once in every 10 000 years and are usually strangled in the cradle. :) BBB – It’s realpolitik. Any American or European politician who tried to do the right thing would be tossed out. Simple as that.
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It’s one instance where enlightened monarchy would be better than democracy. Actually enlightened monarchy is the best form of government as Aristotle said. The trouble is enlightened monarchs come around about once in every 10 000 years and are usually strangled in the cradle. :)

]]> By: Lefty E http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210770 Lefty E Tue, 14 Oct 2008 05:40:23 +0000 http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210770 Repeat after me: regulation is GOOD, regulation WORKS. Repeat after me: regulation is GOOD, regulation WORKS.

]]> By: RobWindt http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210769 RobWindt Tue, 14 Oct 2008 00:57:28 +0000 http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210769 The "crash course" series at http://www.chrismartenson.com/ seems to offer a comprehensive view of the trends that got us here and why, or am I missing something obvious? The “crash course” series at http://www.chrismartenson.com/ seems to offer a comprehensive view of the trends that got us here and why, or am I missing something obvious?

]]> By: Bingo Bango Boingo http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210768 Bingo Bango Boingo Mon, 13 Oct 2008 09:42:11 +0000 http://larvatusprodeo.net/2008/10/13/the-state-of-capitalism-today-ii/#comment-210768 Fair enough, Adrien. If the position is that the US extols the virtues of free trade while it goes about protecting well-heeled producers from foreign competition (in a range of sectors, but most obviously agriculture), you'll get no argument from me. It's disgusting. The massive government failure that this represents is quite literally killing people. And there's more than enough blame to share around on that: the so-called social democrats of Europe have turned screwing third-world agriculturalists into a fine art. Is there any more grotesque a policy than the CAP? BBB Fair enough, Adrien. If the position is that the US extols the virtues of free trade while it goes about protecting well-heeled producers from foreign competition (in a range of sectors, but most obviously agriculture), you’ll get no argument from me. It’s disgusting. The massive government failure that this represents is quite literally killing people. And there’s more than enough blame to share around on that: the so-called social democrats of Europe have turned screwing third-world agriculturalists into a fine art. Is there any more grotesque a policy than the CAP?

BBB

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