Posts Tagged ‘Economic Development’

“None are more hopelessly enslaved than those who falsely believe they are free.” – Johann Wolfgang von Goethe A cliché, and yet so pertinent. So many people think that the struggle against the New World Order is about preventing becoming their slaves. But we ARE their slaves! The essence of Slavery is that someone else […]

via From Chattel Slavery To Capitalism — Real Currencies

 

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This is a piece from 2017, by TruthOut.org. Putting aside the kind of doomsday/beware: the robots are coming type scenario, I would like to direct readers to the impact and consequences discussed for wealth inequality, productivity and earnings in this new era, which in turn has significant consequences for debt;

http://www.truth-out.org/news/item/40495-the-robot-economy-ready-or-not-here-it-comes

 

Note the historical parallel to contemporary Chinese and Middle Eastern dominance of US assets and currencies and their recycling of dollars back into the US dominated global economy….

An excellent history of the workings of global central banking, seen through the economic history of Japan. The Asian financial crisis, Long Term Capital Management and the recent Euro debt crises are also explored and together brought into contemplation….highly recommended

 

Too much Finance?

Posted: October 8, 2018 in Economics
Tags: ,

A worthwhile article found recently in the Independent

https://www.independent.co.uk/news/business/news/finance-curse-uk-economy-sector-city-of-london-loss-financial-services-a8571036.html

In the UK, the vast sums of money being created as banking, fund managers and other financial businesses boomed has created a brain drain that pulled people from other industries

Against perceived wisdom, this research under-covered here is a direct throwback to the free marketers who believe industrial policy should never be directed in any way by non market forces, and that deregulation should be embraced. If true, there are real consequences to following through with this logic……

https://topdocumentaryfilms.com/escape-cult-materialism/

An exploration of our pervasive culture of consumption.

I noted the following well made points illustrated in this piece;

• The materialist dream is not practically possible for all humanity, therefore this will always necessitate leaving large parts of the world behind, keeping them poor and chasing an impossible reality. This level of inequality is inbuilt, and intentional. It is the modus operandi of consumerism

• Violence and warfare are integral aspects of this cult. In order to secure power, competitive advantage and gain access to markets for supply and demand components, an active military is fundamental

• When attempting to find linkage between different facts and truths in order to uncover the greater truths, one part of this documentary was particularly appealing. View from 34:16;

“Wasteful inefficiency, broken social system, toxic pollution, drug addiction, perpetual violence, misery….”

Please find enclosed a copy of Benedikt Koehler’s text on the application of market based principles extensively throughout out the early and later eras of Islam.

I hope to write more about this enlightening piece in a later post, but meanwhile, please do download a copy and read all about the history you never knew

Early Islam and the Birth of Capitalism – Benedikt Koehler

Also view the following presentation delivered in the City of London at the Legatum Institute, which includes a Q&A

The profound concept of what value is and what value society should try to attain is explored in this worthy documentary.

I would like to highlight a number of the take home messages which I found to be praiseworthy and challenging of conventional wisdom;

  • ‘Not all profits are created equal’ implying certain gains could potentially be more worthy than others, the simple metric that something is profitable should not be an absolutist criterion. Profit should be based on sustainability not success
  • The components of the Value Chain should be continually assessed not for whether they are profitable but for what real value they provide the wider society, what positive aspects do they contribute?
  • Price, a key market signal, does not reflect the true cost to society or the environment, therefore how ‘profitable’ are certain activities
  • Our environment governs our behaviour therefore is there is any such thing as free choice, do we even have the freedom to make a choice?
  • The rewards we have currently have in a market economy incentivise us to make potentially harmful choices, not the beneficial choices
  • Contrast the theory that markets allows us to allocate resources adequately with the knowledge that this allocation may be to detrimental activities
  • Some say society at large has never been more prosperous nor peaceful, but the point of how fractured it is bears contemplating
  • The final scene where the following advice was given had much resonance with me, ‘…it’s time. Serve’ This could also be interpreted as in order to serve (society/the natural world order, and therefore establish justice to ourselves and others) we must SUBMIT…the basis of the concept of Islam