Neoliberalism, sometimes known as “market fundamentalism”, is the scourge of our age. It infests our federal politics. Stephen Harper is a disciple. Mulcair and Trudeau may be somewhat less neoliberal but it’s a matter of degree and it ain’t much.
Neoliberalism is a path littered with flawed assumptions and empty promises. It is a cancer that eats away at social cohesion, that drives inequality that itself arises mainly out of privilege and unjust government largesse from tax favouritism to outright gifting of public property. It is the engine of economic feudalism.
Guardian columnist, George Monbiot, has additional insights into the (Read more…)
Modern neoliberalism, of the Hayek and Friedman schools, has been defined as “capitalism with the gloves off.” Today it’s a term associated with laissez-faire capitalism, deregulation and free trade.
Neoliberalism has made deep inroads into our federal body politic. Stephen Harper is a disciple. Our opposition leaders appear less neoliberal than their prime minister but it could be argued that is a matter of degree.
Few dare mention it but the spread of neoliberalism has ushered in the rise of corporatism at the direct expense of social democracy. Nowhere is this more obvious than at our Head Office, (Read more…)
I hope you didn’t miss it. The events of the past month in that distant corner of the world, the mid-east, shone a light of fierce brilliance on our own Canada that exposed an ugly side of our country for all to see who would not look the other way.
What was laid bare was the extent to which neo-liberalism has captured our politics. What we were shown was how the governing Conservatives lead and, worse yet, how the supposedly progressive alternatives meekly fell into line. We witnessed the Liberals and New Democrats fecklessly abandon the very principles they once (Read more…)
It’s relatively common knowledge that employer-run pensions have been scaled back over the past few decades. I’ve decided to dig some data on pensions for this post to see just how this has taken place in Canada, motivated by a just-released analysis of US pension reform that finds contradictions in how US workers have come to take on more and more of the risk for their retirement income.
First, a bit of background. There are two main kinds of employer-administered pension funds: defined benefit (DB) plans – where retirees receive a set monthly income, or defined benefit – and defined (Read more…)
We all know that average Americans have been reeling financially since the Great Recession. We know that the post-recession recovery has gone mainly to the richest of the rich and, this time, it’s pretty clear there’s been no ‘trickle down’ to the plebes.
A new study by the Russell Sage Foundation in conjunction with Stanford University shows the hit ordinary American families have taken since the recession. In 2003, the median American household wealth stood at $87,992. A decade later that figure had plummeted to just $56,335. In other words, ordinary Americans (the median family) became 36% poorer in the (Read more…)
The science on the theory of climate change is not settled. There is a powerful, scientific consensus that anthropogenic or man-made climate change is real, here now and worsening. There is a powerful, scientific consensus that man-made climate change is already triggering natural feedback mechanisms that eventually can become “tipping points” beyond which we will have runaway global warming. Runaway as in all the king’s horses and all the king’s men won’t be able to stop it.
For all of that, the science isn’t settled. That much is obvious from the tsunami of research studies that keep pouring in from (Read more…)
It’s easy to overestimate the importance of the tar sands to the Canadian economy. Tar sands and their pipelines are after all hailed by the ruling Conservatives, sections of the business press and the ever-present oil lobby as this young century’s “nation-building” project. Yet, a survey recently making the rounds highlights the relative unimportance of the tar sands to Canada’s overall economy: while most Canadians overestimate the importance of the tar sands and 41% are guess that the tar sands account for 12 %to 48% of Canada’s GDP, the reality is that they directly contribute a mere 2% to our (Read more…)
EU officials plotted IMF attack to bring rebellious Italy to its knees – Telegraph Blogs.
The revelations about EMU skulduggery are coming thick and fast. Tim Geithner recounts in his book Stress Test: Reflections on Financial Crises just how far the EU elites are willing to go to save the euro, even if it means toppling elected leaders and eviscerating Europe’s sovereign parliaments.
Filed under: Austerity, Crisis, Democracy, Europe Tagged: Democracy, Eurozone Crisis, Italy, neoliberalism
I can’t even imagine what it would have been like to go to a school where there wasn’t a regular community of teachers who knew each other and watched me […]
Filed under: Uncategorized Tagged: Eurozone Crisis, finance, neoliberalism, Spain
As usual, on the rare occasion that the IMF actually understands the destructive nature of austerity policies, it is too little too late.
IMF Urges Redistribution To Tackle Growing Inequality.
Washington – The International Monetary Fund (IMF) is wading strongly into the global debate over the impact of growing income inequality, offering a series of controversial findings that push back on long-held economic orthodoxy – of which the fund itself has long been a key proponent.
The IMF, arguably the world’s premiere financial institution, is stating unequivocally that income inequality “tends to reduce the pace and durability” of economic growth. (Read more…)
Filed under: Austerity, Greece, inequality, Neoliberalism Tagged: Austerity, crisis, Greece, neoliberalism
The New Wave of Financial Instability
by MIKE WHITNEY
Global stocks were hammered on Friday for a second straight day on news of a slowdown in China and turbulence in emerging markets. The Dow Jones Industrials suffered its worse drubbing in more than two years, tumbling 318 points on Friday to end a 490 point two-day rout. Emerging markets currencies were whipsawed by capital flight as foreign investors fled to the safety of U.S. Treasuries. Turkey’s lira and the Argentine peso were particularly hard hit setting record lows in the 48 hour period. The scaling back of the Fed’s (Read more…)
“Privatizing gains and socializing losses” could be the motto for the neoliberal era. Alongside this and “there is no alternative”, few slogans better capture the ideology that has been so successfully diffused throughout the world over the past several decades.
Five years after latest financial crisis, this motto rings true as ever. To say that the losses stemming from the crisis were large is a heroic understatement; indeed, not only were they humongous, their exact size remains a tad fuzzy. Meanwhile, across the world in the aftermath of the crisis, stock markets have rebounded, wealth and income inequalities have grown (Read more…)
Were I of Dr. Pangloss’ rosy outlook and believed that this is the best of all possible worlds, I might have some sympathy for people like Industry Minister James Moore who, as most will probably have heard, recently opined that it is not his job to feed his neighbour’s child, an inapt remark for which he subsequently apologized.
He did add, at the time of his original offending remarks, that “We’ve neven been wealthier as a country than we are right now. Never been wealthier,” and boasted of his government’s job-creation program.
And therein lies the problem. Mr. Moore and (Read more…)
The past few days have not been great for public services in Canada. Canada Post will be phasing out home delivery of mail. Expansion of the Canada Pension Plan was scuttled at the finance ministers’ meeting. In the grand scheme of things, however, these are not extreme cutbacks. It’s not as if Canada Post is to be dismantled completely or our public pension fund to run completely dry. This government has long brought us death by a thousand paper cuts and those from the past days are just a continuation of the strategy.
There is a particular common thread that (Read more…)
Twenty years since its passage, NAFTA has displaced workers on both sides of the U.S.-Mexico border, depressed wages, weakened unions, and set the terms of the neoliberal global economy.
By Jeff Faux, December 13, 2013.
Foreign Policy In Focus is partnering with Mexico’s La Jornada del campo magazine, where an earlier version of this commentary appeared, to publish a series of pieces examining the impacts of the North American Free Trade Agreement (NAFTA) 20 years since its implementation. This is the first in the series.
The North American Free Trade Agreement, or NAFTA, was the door through (Read more…)
Americanized Labor Policy Is Spreading in Europe – NYTimes.com.
While most of the debate over Europe’s response to the financial crisis has focused on the budget austerity enveloping the Continent, the comparatively unheralded erosion of worker protection is likely to have at least as big and lasting an impact on Europe’s social contract.
Filed under: Austerity, Europe, Exploitation, Labour, Neoliberalism Tagged: Collective bargaining, European Union, Labour law, labour relations
The marketisation of our universities: Economic criteria get precedence over what’s good in human terms | British Politics and Policy at LSE.
Business criteria, not education or the public good, drive what marketised universities do, writes Luke Martell. Universities are restructuring for the new era, ploughing money into marketing and glitzy buildings, designed to appeal to applicants as much as function for those that use them. It’s a revolution in what the university’s about, and a counter-revolution is needed.
In 2010 the UK government announced 100 percent cuts to the funding of most teaching at universities. To fill the gap, students’ contributions (Read more…)
The Council of Europe Commission for Human Rights has published a report documenting the various ways in which austerity is negatively impacting on human rights across Europe. I have copied the summary of the report below:
Europeans are living through the deepest economic recession since the Second World War. What began as a meltdown of the global financial systemin 2008 has been transformed into a new political reality of austerity which threatens over six decades of social solidarity and expanding human rightsprotection across Council of Europe member states. The initial government responses to the economic crisis were characterised by unprecedented (Read more…)
Check out @chakrabortty’s Tweet: https://twitter.com/chakrabortty/status/409810696763760640
Filed under: Uncategorized Tagged: Austerity, Conservatism, neoliberalism
In reading Karl Polanyi’s 1944 classic, The Great Transformation, I’ve come across some passages regarding the persistence of the doctrines of economic liberalism (what we would today refer to as neo-liberalism) despite the onset of economic crisis. Despite being written almost 70 years ago, it sounds like it could have been written today:
‘Secular tenets of social organization embracing the whole civilized world are not disloged by the events of a decade. Both in Great Britain and in the United States millions of independent business units derived their existnce from the principle of laissez-faire. Its spectacular failure in one (Read more…)
I came across this gem while reading Hayek’s discussion of private monopoly and competition in Law, Legislation and Liberty. Hayek is discussing the relationship between competition and economic rationality, disputing those who argue that economic rationality or the ‘commercial spirit’ needs to exist for competition to work. In contrast, Hayek argues that the relationship works the other way round: bring in competition and people will be forced to embrace economic rationality in order to survive:
This should be remembered particularly by those who are inclined to argue that competition will not work among people who lack the spirit of enterprise: (Read more…)
Orthodox economists have failed their own market test | Seumas Milne | Comment is free | The Guardian.
From any rational point of view, orthodox economics is in serious trouble. Its champions not only failed to foresee the greatest crash for 80 years, but insisted such crises were a thing of the past. More than that, some of its leading lights played a key role in designing the disastrous financial derivatives that helped trigger the meltdown in the first place.
Plenty were paid propagandists for the banks and hedge funds that tipped us off their speculative cliff. Acclaimed figures in (Read more…)