We all know that the ex-music teacher doesn’t know a rabbit’s fart about economics. But it’s fun enough to see him mobilising the masses, getting the would be Wolfie Smiths all orgasmic at overthrowing The Man. And then he descends into something actually dangerous:
The free-market economic model, combined with a globalised labour market, has produced a kind of reverse industrialisation.
because the entire economic system is geared to distributing the proceeds of globalisation upwards and its costs downwards.
the response of policymakers has been to prescribe simply more of the things that caused it: more free markets and more globalisation.
Carney is the first person with significant power in the western world to say that the medicine cannot work. It delivers slow growth, stagnating wages, falling productivity and rising inequality.
Call it what you will, it would no longer be globalisation as we know it, and it would reverse 30 years of free market labour reforms.
So in a situation where global growth is stagnant, providing your own population with decent jobs means attracting them from somewhere else.
That, in turn, will mean enacting a controlled, limited and reluctant step back from freemarket globalisation.
A new kind of capitalism, whose aim is to put the cheap labour exploiter out of business and promote high wages, will provoke howls of indignation from the economics profession and the asset-rich classes of the West. They revelled in the race to the bottom, as long as they got the upside of it. To unleash technology and revive productivity will take a big and careful rethink, above all about what redistribution policies work best in a highly complex and individualised consumer economy.
The flaccid little cunt.
Look, saying you’re going to tax me a little more, or a lot more, in order to raise the booze allowance on the dole is tiresome but not actually dangerous, even if you get to enact it it’s just tiresome, not dangerous. Shouting that there should be more investment, stronger unions, blah, blah, blah.
But you go messing with free market globalisation and you’re being dangerous. And we will look for you, we will find you, and we will kill you.
Because it is that free market globalisation which is bringing industrialisation to those peasant economies out there. Which, in turn, is what is lifting the tail end of humanity out of peasant destitution. As Branko Milanovic has pointed out the people who have really benefited from this process are the global poor. Which is why the past few decades of this free market globalisation have led to the largest fall in poverty in the history of our entire species.
Now the suggestion is that we, here in one of the richest countries in the world, where just the fucking dole (and it is just the fucking dole too, this is without any other benefit like housing, kiddies, whatever) puts you into the top 25% of global incomes, we should prevent, stop, reverse, this process just because there’re people working at hand car washes?
Fuck you Mason and the ideology you rode in on.
And if you really do try to slow down this free market globalisation thing I really will hunt you down. Jeebus man, the best thing that’s ever happened in the global economy and you want to stop it?