Lars P. Syll — Wynne Godley — The Human Who Saw Through The Euro

My comment there:

While the EZ sure enough should flake the euro equally a failed experiment, which was actually an endeavor to impose neoliberalism, elite command together with corporate totalitarianism on Europe, doing together with hence volition non solve the problem, since it is alone business office of the problem.

The underlying occupation is capitalism inwards the feel that "capitalism" way favoring working capital missive of the alphabet formation together with accumulation over the other factors of production — task (people) together with state (environment) — because "growth" together with "efficiency."

Capitalism has morphed into monopoly capitalism for a diverseness of reasons. Economies of scale allow some firms to dominate markets, for example, together with the larger the firm, the to a greater extent than political mightiness it tin give the axe wield inwards capturing government. Market prices create non reverberate truthful cost inwards terms of actual cost owing to socialization of externalities. Rising asymmetry stifles contest together with destroys the foundation of economical liberalism that is used to justify capitalism on the footing of marginalism (just deserts together with all that).

In addition, social, political together with economical liberalism are incompatible based on the electrical current assumptions together with institutional arrangements. Transnational corporate totalitarianism, which is the finish of neoliberalism, is incompatible amongst democracy, for example.

This scheme is no longer working together with this is becoming to a greater extent than together with to a greater extent than obvious. First, the swell leveling equally working capital missive of the alphabet flows across borders together with the developed the world sinks piece the emerging give-and-take rises, but amongst the elites taking the major share. Secondly, climate alter is forcing a reconsideration of both unlimited increment together with socializing the costs of externalities.

Marx famously observed that a way of production that determines the relations of production doesn't alter until its potential has been reached. Well, it seems that the the world is getting some that point. As Olivier Blanchard of late tweeted, what comes afterward capitalism?

Lars P. Syll’s Blog
Wynne Godley — the human being who saw through the euro
Lars P. Syll | Professor, Malmo University

See also

Resillience
Stability without Growth: Keynes inwards an Age of Climate Breakdown

Jason Hickel