As I have been suggesting in the past hundred blogs, we are living in a highly uncertain era in which our future is rapidly evolving with minimal planning or careful consideration. Nowhere is this more evident than in our approach to economics where we are reluctant to confront the many challenges facing us. I am selecting a few of these in the hope that the discussions and debates they may provoke will result in the examination of plausible alternatives to the shambles into which we might otherwise plunge. Creating a better world has been at the basis of this blog.
We are currently experiencing global economic chaos. Since the end of the gold standard in the 1930s economists have been unable to come up with an effective substitute.
We are reluctant to recognize that the globalized free flow of capital was designed for corporations to evade taxes and the burden of social legislation. Free market economics are creating universal and sinister levels of inequality.
We hesitate to accept that we are at an end of a period of growth and higher living standards for the majority of people in what used to be the “advanced economies.”
We remain reluctant to admit that with ever improving technology and robotics we are reducing the opportunities for workers to find jobs.
We fail to grasp that the entire banking system with its near-to-zero interest rates has become redundant. In the age of computerized accounting and transfers, one National Bank per country would suffice.
We cannot come to terms with the reality that the globalization of tax evading corporations has undermined the social structure of democracies. Corporations have brought in rules that restrict what governments can and cannot do in terms of interfering with corporate interests which focus on profits not human beings.
We are unwilling to face up to the corruption of civil society by the dynamic greed of capitalism. The power of money rules almost all contemporary economic scenarios .For example, from a recent newspaper comment: “Britain has become a power base for a legalized financial mafia that strips the assets of healthy companies, turns the nation’s housing into a roulette table, launders money for the drug cartels and terrorists, then slashes the gains beyond the reach of police and tax inspectors.” [@georgemonbiot, June 15, 2016]
If the global markets implode, what follows? We have no contingency planning.
Plan B, please.