One writing collective recently referred to the ongoing global financial crisis, with notable acuity, as akin to a ‘dull explosion’. Into this vacuum, whose intellectual environment can only be characterized as one of inert propulsion, the interpretative tools of policy makers and the majority of academic economists alike simply no longer make sense. Subsequently we have seen the unsurprising resort to orthodox ‘supply-side’ solutions and yet more neo-liberalism, namely reducing deficits through the contraction of state spending, lowering corporation tax to attract foreign investment, extending the market in educating the labour force and systematically attempting to repress labour costs.
Forget the ‘golden age’ of capitalism: there’s no return, and our future can be better by Aaron Peters
- Article published: