Tuesday, August 16, 2011

'Controlled disintegration' and related matters

Stop Coddling the Super-Rich says Warren Buffett
Roubini: Is Capitalism Doomed?, a discussion in economist's View
The Failure of Individualism Review of Fred Hirsch's 1977 book 'Social Limits to Growth':
"Hirsch shows that the individualism and competitiveness fostered by capitalism will not work in an affluent society in which people’s basic material needs for food, clothing and shelter are met. He sees an economic impasse stemming not primarily from the depletion of the world’s natural resources through unbridled economic growth, but from an unprecedented situation in which the main things people want from the economic system can be had only by a small minority at the top of the social hierarchy.

Capitalism’s great merit has been the goods it has been able to deliver. Each generation could count on seeing its children enjoy a host of new products. The luxuries of one generation became necessities for the next. Society was a column moving steadily forward, with the rich first tasting the fruits that eventually would be conveyed to the mass of humanity. Hirsch maintains that this process, which gave economic inequality its philosophical justification as the best spur for advancing the living conditions of all, is no longer functioning. In the future we can expect to see people competing in an ever more vicious rat race and completing the course frustrated at a sense of having fallen behind their starting point."

In The Econobubble Revisited Yanis Varoufakis recalls the phrase "Controlled disintegration" used by Fred Hirsch and Paul Volcker in the 70s.

The crisis of the global economy. Was it a planned disintegration? , a recent post by Brenda Rosser with some links like

No comments: