Therefore everyone should just do as I say and shut up!

The first is that the world did change. The fact is that the banking crisis did signal the end of neoliberalism: whatever it might have promised failed with the queues at Northern Rock and the subsequent collapse of Lehman. It was simply not possible thereafter to suggest that light touch, unfettered market capitalism where competition could supposedly ordain the correct allocation of resources for society was tenable as a basis for organising society.

Still strange that those places which have something akin to this light touch regulated capitalism and markets are the rich places in the world, those doing what some fat porker insists everyone should do are the poor ones.

I offer Sr. Maduro as an example…..

10 thoughts on “Therefore everyone should just do as I say and shut up!”

  1. A bank with a dodgy financing model collapses, and some investment bank over-exposed to dodgy mortgage lending falls over in the US, and suddenly capitalism and freeish markets don’t work any more. At all.

    Meanwhile every Socialist country in history has ended up as a totalitarian economic basket case but THAT DOESN’T PROVE ANYTHING.

  2. @ Rob,

    “every Socialist country in history”. I think you’ll find that the argument now is they were not real socialist countries.

    Whereas its always real capitalism, free markets, neoliberalism, etc… which supposedly fail.

  3. “I offer Sr. Maduro as an example…..”
    And I offer Switzerland (the last couple of years when it started introducing heavy-handed regulation excluded).
    The number of life-saving/-enhancing drugs invented by Swiss companies is far higher per head of the population than anywhere except England; its engineering is world-leading; its CO2 emissions per MWH is one-third of the world average …

  4. Not wishing to diss the Swiss, but it’s not hard to produce lots of (almost) zero-carbon energy if you live in a wet, mountainous country with relatively low population density. See also Norway, Sweden …

  5. @ Chris Miller
    True but Norsk Hydro was a private company (albeit majority-owned by the state for years) and Sweden has to top it up with nuclear.
    Also the comparison is with Venezuela whose hydroelectric production has dropped by 29% since 2008.

  6. More importantly, the disaster that befell the broadly free-ish market countries resulted in a dip in living standards that:
    – took them back the level they were ~10 years beforehand, rather than the 100 or 1000 years that moving to non-free-ish markets will do to you.
    – has been largely recovered. Which does not happen at all in non-free-ish market countries until you let them be free-ish markets.

  7. Murphy wouldn’t last long in Venezuela. They’d take one look at him and turn him into chicharrónes.

  8. You don’t maintain the turbines or the control gear; you live in a socialist shithole so even if you want to do maintenance you can’t get the parts; even if you get them they’re worth more on the black market so they get nicked; you employ someone in good standing with the regime to run the plant rather than an engineer. The ways are manifold.

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