Two Americas
An interesting
post summarizing recents reports in the Wall Street Journal and from investment institutions about who has benefitted from the economic recovery, and analyzing the potential for a return to the "Old Deal." This analysis is interesting, because it points out not only the social consequences of a divided (economic) United States, but offers a view of the kinds of politics that might be associated with the economic world envisioned by the Bush administration. This is a welcome difference from one of the problems with popular coverage of 'starve the beast' economics: no thought given to the effect on grassroots politics. Many of the favorable interpretations - and some of the unfavorable ones - of this economic model gloss over the potential for political upheaval, and assume that democratic stability will not suffer. As Billmon points out, a return to the 19th Century in economic terms generates all kinds of political consequences. Some of those consequences might undermine the very political system - and its stability - upon which markets rely. Of course, had everyone read and understood her or his
Polanyi...
Posted by binky at July 21, 2004 02:15 PM
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