Countering neoliberalism: A new life for Labor?

[A variation of The Lost Left, published today at Independent Australia.]

The way forward for progressives is to argue against the self-serving neoliberal ideology of the fatcat and for prudent and sensible management of the markets, writes Dr Geoff Davies.

Opposition leader Bill Shorten saysLabor needs new policies.

He’s not wrong there.

For three decades, while Labor has focussed on being merely a slightly paler imitation of the Coalition, its membership has plummeted, inequality has risen, it has repeatedly capitulated to wealthy bullies and, it seems, there is no policy too degrading for it to adopt as it races the Coalition into the depths of fear and negativity.

… read more

Sack the Economists on Steve Keen’s Debtwatch

Steve Keen has generously allowed me a guest post on his popular Debwatch website.

Read­ers of this blog will have encoun­tered the idea that near-equilibrium neo­clas­si­cal eco­nomic the­ory is irrel­e­vant to dynamic, far-from-equilibrium, real mod­ern economies, and that the body of the­ory built around the neo­clas­si­cal assump­tions is full of incon­sis­ten­cies. You will also be famil­iar with the idea that money and debt play cen­tral, dynamic roles in mod­ern economies.
Yet it can be argued there are other equally fun­da­men­tal flaws in the broader stream of the­ory and prac­tice that might be called main­stream eco­nom­ics.
– See more at: Debtwatch

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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