Nobel Peace Prize Laureate Prof Joseph Stiglitz- former Chief Economic Advisor to President Bill Clinton and World Bank) has claimed that globalisation has been discontents, so He has suggested the way of Making Globalisation Work. In his words: The Washington consensus had paid too little attention to equity. (17) Global warming has become a true challenge of globalization. (17) Economic... Continue Reading →
"We see balatant use here of Malthusian population theory,' too many people and not enough food' ... and Monasanto's technologies are an essential ingredient of any solution" -(Young, 2012, p78-79) Quite interesting book.
Problems such as an ageing population, environmental damage and inequality can be overcome in a society of abundance and exponentially rising productivity and innovative activity, according to Mason. The abundance of information can become what Marx, in a fragment contained in his Grundrisse, called the ‘general intellect’ or social knowledge. As the most important factor of production, as opposed to the land, labour and capital traditionally emphasised by economics, this can be seen in the increasing importance of the internet in modern society. Through the latter, there are fewer barriers to the accumulation of knowledge by networked individuals in society. The ‘internet of things’, in which technology makes goods, services and capital increasingly intelligent, will also be revolutionary.
Humans using information intelligently as a factor of production is not new. Every technology requires particular knowledge and intelligence to use it in a way that generates profitable output. Information misused will be less productive. The difference today is that information is more abundant than ever, as Mason argues, so he is at least half right. Perhaps our awareness of this phenomenon is also becoming more widely appreciated.
I said I would post something on Paul Mason’s thought-provoking book, Postcapitalism – a guide to our future, which has just come out in paperback. It makes a good read, and contains a wealth of ideas from economics, political economy, and futurism, all mixed together in the author’s aim to inspire a progressive transition beyond capitalism, but not to socialism, which he admits has been a huge failure for the left. Instead, he calls his utopian vision ‘postcapitalism’.
Mason starts by describing the current political economic paradigm, neo-liberalism, as having reached its limits with the crisis of 2008 and the subsequent tepid, or in many cases absent, recovery. There has been sluggish output and productivity growth, alongside wage rises for those at the very top of the income distribution but barely any change for the middle and bottom. In fact, these trends were only temporarily overcome by the excessive expansion of credit prior to…
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China will have the largest economy in the world, the USA second and India will be third by 2035. Brazil, Russia, India and China (BRICs) will be economically most powerful nations by 2050. GES, GSDEER and other economic indicators have been used to measure the economy. China and India need to develop a more positive dialogue.
To abandon globalization is neither feasible nor desirable. The problems are not with globalization, but with how it has been managed. IMF, World Bank and WTO have served the interest of the advanced industrialized countries particularly narrow mind-sets rather than developing world. He believes globalization can be reshaped to realize its potentials.
Capital in the Twenty-First Century is all about income inequality over several hundred years. Super managers, wolf of Wall Street, footballers and billionaires who are competing, i.e. ill competition or conflict, to increase their income from property and assets but majority of the people are looser. This is the meritocratic extremism. This is an absolute form of theft ...
Piketty’s work raises fundamental issues concerning both economic theory and the future of capitalism. He documents large increases in the wealth/output ratio. Piketty’s research suggests that the 1% and the 99% enshrined by Occupy are not an anomaly of our time; it’s a structural feature of capitalism.