NAKED CAPITALISM | TO ~ YVES SMITH | [ET AL] | ~KARL POLANYI'S THE GREAT TRANSFORMATION | ~SOMETHING THAT CHANGED MY PERSPECTIVE

But as Polanyi demonstrates, the market economy isn’t a beautiful self-correcting machine, as neoclassical economists would have you believe. It instead voraciously consumes the society and natural environment in which it sits unless it is curbed. But this process isn’t orderly; the trajectory is more like a barely controlled fall in which the market system grinds onward until it becomes so destructive in terms of stability as to rally opposition. The Great Depression and World War II were sobering enough experiences for social democracies to remain intact for about 30 years.

The combination of perceived failure due to large fiscal deficits when the economy was at full employment in the 1960s generating the stagflationary hangover of the 1970s gave considerable impetus the efforts of well-funded, radical conservatives* to roll back New Deal and New Society social welfare programs. That counterrevolutionary project is now well advanced.

And in contrast to the implosion that began in 1914, not only is the social order at risk, but so to is the environment on which we depend. The first time around, the struggle between market forces and social opposition was relatively novel, and some of the pushback came from businesses themselves. Now, we seem to have the veneer of democracy while in fact moving strongly in the direction of an authoritarian business-state combine, an improved version of Mussolini-style corporatism. Even though it seems unlikely that this system will unravel, the dissolution of a much more successful-looking world order was simply minconceivable in the summer of 1914. Highly-integrated cross-border market systems are more fragile than they seem, and we are stressing this one in far more ways than was the case a century ago.

>>http://www.nakedcapitalism.com/2015/01/something-changed-perspective-karl-poliyani.html<<

[SIDEBAR:

Naked Capitalism, Yves, Et Al, we have been living in a place where the truth isn't.  Begin with INN OF COURT, / INNS OF COURTS.  When that set-up happened, there was no such idea:  America the free.

Inns of Courts was from our colonial owner that to this day owns America and the State of Israel is how this is done, see BIBLE AND SWORD, Barbara Tuchman.

>>http://theartof12.blogspot.com/2013/11/barbara-w-tuchman-bible-and-sword.html<<

Thomas Jefferson went to our colonial owner and was in the Inn of Court to learn how to be a REAL LAWYER.  To argue as did OTIS JAMES.  And then what happened to Otis James is truly the crime that happens to all Americans who do really want to be free of the criminally insane.

Inns of Courts, have names.  IE OWEN M. PANNER, ROBERT J. BRYAN, Et Al.  What happens is Freud's nephew BERNAYS has had control of the American "imagination", since FREEDOM STICKS were lit as cigarettes to of course get more consumers addicted to tobacco.

PAVLOV and BRAINWASHING.  That was the real power in the modern time slave owners' dossier.

Inns of Courts have specific scripts that are to be learned via LAWYER CLASS, to keep the SOCIETY in tow, after a fashion, so to speak.

In considering your next book, INNS OF COURTS.  Do your best to get into one of the sessions, see how the PRO SE are considered UNCLEAN in society.

CITIZENS' LAWYERS.  That is what was taught at William and Mary's where JEFFERSON attended school.

Thomas Jefferson:  AMERICANS TO KEEP THEIR CONSTITUTIONAL REPUBLIC, CITIZENS' LAWYERS.

Inns of Courts are the real place that has destroyed the idea of a Constitutional Republic for the people, by the people and of the people.  EYES WIDE SHUT, Cruise-Kidman movie is our secret undone.

>>http://theartof12.blogspot.com/2014/02/the-bewildered-herd-updated-1pub11613.html<<