By Jerry Mander
Within the vein of his bestseller, Four Arguments for the removing of Television, nationally famous social critic Jerry Mander researches, discusses, and exposes the momentous and unsolvable environmental and social difficulties of capitalism.
Mander argues that capitalism isn't any longer a manageable process: “What could have labored in 1900 is calamitous in 2010.” Capitalism, totally depending on endless financial development, is an most unlikely absurdity on a finite planet with constrained assets. weather switch, including worldwide meals, water, and source shortages, is just the start.
Mander attracts recognition to capitalism’s obsessive have to dominate and undermine democracy, in addition to to decrease social and financial fairness. Designed to function freed from morality, the procedure promotes everlasting warfare as a key financial technique. Worst of all, the issues of capitalism are intrinsic to the shape. Many enterprises are already looking forward to the breakdown of the procedure and are operating to outline new hierarchies of democratic values that admire the sporting capacities of the planet.
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Extra resources for The Capitalism Papers: Fatal Flaws of an Obsolete System
The Federal Reserve Board is further removed from democratic control than any other institution of the federal government, with the possible exception of the Supreme Court. Nothing symbolizes this lack of accountability better than the Fed‟s budget. In contrast to the Supreme Court, which must have its budget approved by Congress, the Fed draws up its own budget. , interest on holdings of government debt, fees from check clearing and foreign exchange clearing) and the major categories of spending.
Remarkably, as the housing bubble was growing ever larger and the quality of mortgages continued to deteriorate, the government responded by loosening regulation. There had been several important moves toward deregulation in the Clinton years, most importantly the repeal of the GlassSteagall Act, which allowed for the merger of investment banks and commercial banks, and the Commodities Futures Modernization Act, which restricted the regulation of derivatives. In the same vein, the Securities and Exchange Commission (SEC) in 2004 changed its rules on valuing assets (its “net capital rule”) by allowing investment banks to value assets using their own modeling methods rather than standardized procedures.
One aspect of the weak recovery is the pattern followed by the trade deficit. Usually the trade deficit shrinks in a downturn, as the country buys fewer imports along with less of everything else. The trade deficit declined modestly in 2001, but it began to rise rapidly in 2002 and continued to rise until 2006. This outcome was more fallout from the overvalued dollar. The turnaround that eventually allowed the economy to grow fast enough to create jobs was primarily due to the growth of the housing bubble.
The Capitalism Papers: Fatal Flaws of an Obsolete System by Jerry Mander