We make a living by what we get, but we make a life by what we give. The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries. We contend that for a nation to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle. The whole history of the world is summed up in the fact that, when nations are strong, they are not always just, and when they wish to be just, they are no longer strong.
Beyond the speculative and often fraudulent froth that characterizes much of neoliberal financial manipulation, there lies a deeper process that entails the springing of __he debt trap_ as a primary means of accumulation by dispossession. Crisis creation, management, and manipulation on the world stage has evolved into the fine art of deliberative redistribution of wealth from poor countries to the rich. I documented the impact of Volcker__ interest rate increase on Mexico earlier. While proclaiming its role as a noble leader organizing __ail-outs_ to keep global capital accumulation on track, the US paved the way to pillage the Mexican economy. This was what the US Treasury__all Street__MF complex became expert at doing everywhere. Greenspan at the Federal Reserve deployed the same Volcker tactic several times in the 1990s. Debt crises in individual countries, uncommon during the 1960s, became very frequent during the 1980s and 1990s. Hardly any developing country remained untouched, and in some cases, as in Latin America, such crises became endemic. These debt crises were orchestrated, managed, and controlled both to rationalize the system and to redistribute assets. Since 1980, it has been calculated, __ver fifty Marshall Plans (over $4.6 trillion) have been sent by the peoples at the Periphery to their creditors in the Center_. __hat a peculiar world_, sighs Stiglitz, __n which the poor countries are in effect subsidizing the richest.
A Brief History of Neoliberalism
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Beyond the speculative and often fraudulent froth that characterizes much of neoliberal financial manipulation, there lies a deeper process that entails the springing of __he debt trap_ as a primary means of accumulation by dispossession. Crisis creation, management, and manipulation on the world stage has evolved into the fine art of deliberative redistribution of wealth from poor countries to the rich. I documented the impact of Volcker__ interest rate increase on Mexico earlier. While proclaiming its role as a noble leader organizing __ail-outs_ to keep global capital accumulation on track, the US paved the way to pillage the Mexican economy. This was what the US Treasury__all Street__MF complex became expert at doing everywhere. Greenspan at the Federal Reserve deployed the same Volcker tactic several times in the 1990s. Debt crises in individual countries, uncommon during the 1960s, became very frequent during the 1980s and 1990s. Hardly any developing country remained untouched, and in some cases, as in Latin America, such crises became endemic. These debt crises were orchestrated, managed, and controlled both to rationalize the system and to redistribute assets. Since 1980, it has been calculated, __ver fifty Marshall Plans (over $4.6 trillion) have been sent by the peoples at the Periphery to their creditors in the Center_. __hat a peculiar world_, sighs Stiglitz, __n which the poor countries are in effect subsidizing the richest.
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Price controls almost invariably produce black markets, where prices are not only higher than the legally permitted prices, but also higher than they would be in a free market, since the legal risks must also be compensated. While small-scale black markets may function in secrecy, large-scale black markets usually require bribes to officials to look the other way.
People are not embracing collectivism because they have accepted bad economics. They are accepting bad economics because they have embraced collectivism.
What ranks above all else for economic and political reconstruction is a radical change of ideologies. Economic prosperity is not so much a material problem; it is, first of all, an intellectual, spiritual, and moral problem.
Monopoly is a market, or part of a market, reserved to the exclusive possession of one or more sellers by means of the initiation of physical force by the government, or with the sanction of the government. Monopoly exists insofar as the freedom of competition is violated, with the freedom of competition being understood as the absence of the initiation of physical force as the preventive of competition. Where there is no initiation of physical force to violate the freedom of competition, there is no monopoly. The freedom of competition is violated only insofar as individuals are excluded from markets or parts of markets by means of the initiation of physical force. Monopoly is thus a market or part of a market reserved to the exclusive possession of one or more sellers by means of the initiation of physical force. It is thus something imposed upon the market from without__y the government. (Private individuals__angsters__an initiate force to reserve markets only if the government allows it and thereby sanctions it.)Thus, monopoly is not something which emerges from the normal operation of the economic system, and which the government must control.