Tag Archives: inequality

The chasm between the society we are offered and the fair go we want

[Posted at Pearls and Irritations, 20 July 17.]

Fair go?There is widely perceived to be a gap between our stumbling political system and the wishes of the Australian people. However those who look a little deeper into our Australian hearts see not just a gap but a yawning chasm.

In a 2016 study by social researcher Richard Eckersley, published in Oxford Development Studies, people were asked which of two possible futures came closer to what they expected, and which of the two they preferred.

  • Scenario one was ‘a fast paced, internationally competitive society, with emphasis on the individual, wealth generation and enjoying the good life’. Three quarters expected a future along these lines.
  • Scenario two was ‘a greener, more stable society, where the emphasis is on cooperation, community and family, more equal distribution of wealth, and greater economic self-sufficiency’. 93% preferred this scenario.”

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Brexit, Trump and a Rigged System

Louis' Page, https://lagill6.wordpress.com/2017/01/29/abstract-a-fractured-society-january-2017/

Louis’ Page, https://lagill6.wordpress.com/2017/01/29/abstract-a-fractured-society-january-2017/

Economist Ian McAuley has written a series of articles called Brexit, Trump and the Lucky Countryon John Menadue’s site Pearls and Irritations. The analysis is good as far as it goes, but there are more fundamental factors at work.

The neoliberal program never achieved more than mediocrity and overall it has failed even on its own terms. Worse, it has corrupted government, fractured society and visited destruction upon the Earth. This failure flows from two false premises at the heart of neoliberalism: the libertarian claim that people should be rugged individualists, and the neoclassical claim that free markets usually will automatically optimise an economy.

Behind the votes for Brexit and Trump lies a simple perception: the system is rigged in favour of the rich. That perception is accurate. People may lash out at scapegoats and follow false prophets, but their disgust and alienation are quite justified. Trump promised to break up the cozy club at the top, and many people said Yes.

Two extracts published at Pearls and Irritations, here and here.

Full essay here.

More Effective Remedies for Inequality than Piketty’s

[A new book by Thomas Piketty, Capital in the Twenty-First Century, is drawing a lot of comment – here and here.  My own comment on it is now posted on Real World Economics Review blog.]

I have read only reviews of Thomas Piketty’s Capital in the Twenty-First Century, but clearly it is valuable for documenting the nature and history of inequality over the past century or three, and for highlighting the excessive political power that flows from super-wealth.  Yet he frames it in terms of capital and capitalism and, for all the quality of his diagnosis, his main prescription evidently is just to tax the wealthy, through income and inheritance taxes.

The trouble is, capital and capitalism are very ill-defined.  To speak of capitalism is to invite an un-constructive shouting match.  Capitalism has caused great harm to people and the world!  Yes but capitalism is what has made us rich!

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The Pope on Inequality and Unfettered Markets

By Sam Pizzigati

In plain yet powerful language, Pope Francis is challenging the givens of our deeply unequal world — and helping inspire resistance to it.

A new exhortation from Pope Francis offers a wide-ranging condemnation of the economic gaps that divide us.
A new exhortation from Pope Francis offers a wide-ranging condemnation of the economic gaps that divide us.

Sometimes you don’t have to say anything “new” to make news. Consider, for instance, the “apostolic exhortation” the Vatican released last Tuesday.

This statement from Pope Francis, observers note, didn’t really break any bold new theological ground. But the Pope’s exhortation, the first all his own since he stepped onto the world stage last March, still made front pages the world over — and fully merited all that attention.

What makes this new papal statement so significant? No global religious figure has likely ever before denounced economic inequality with as wide-ranging — and as accessible — an assault.

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