Can capitalists afford economic growth? An animation
from Shimshon Bichler and Jonathan Nitzan
Despite the global dominance of capitalism, growth rates continue to trend downward. Mainstream economists blame the slowdown on various ‘distortions’, but as this animation by Elvire Thouvenot shows, the reality is quite different. Capitalists seek not more income per se, but greater power-through-redistribution, which they achieve by strategically stymying growth.
Leave a comment Cancel reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
Real-World Economics Review
WEA Books
follow this blog on Twitter
Top Posts- last 48 hours
- Lost opportunities?
- The problem with electric vehicles
- There ain’t no libertarians, just politicians who want to give all the money to the rich
- Economics — a dismal and harmful science
- Weekend read - A STIGLITZ ERROR?
- With a modest financial transactions tax, Jim Simons would not have been superrich
- Comments on RWER issue no. 69
- Distribution and redistribution of wealth in USA
- Econometrics and the art of putting the rabbit in the hat
- Reflections on the “Inside Job”
"We cannot solve our problems with the same thinking we used when we created them." Albert Einstein
Regular Contributors
Real World Economics Review
The RWER is a free open-access journal, but with access to the current issue restricted to its 25,952 subscribers (07/12/16). Subscriptions are free. Over one million full-text copies of RWER papers are downloaded per year.
WEA online conference: Trade Wars after Coronavirus
Comments on recent RWER issues
————– WEA Paperbacks ————– ———– available at low prices ———– ————- on most Amazons ————-
WEA Periodicals
----- World Economics Association ----- founded 2011 – today 13,800 members
Recent Comments
- David Harold Chester on Weekend read – A STIGLITZ ERROR?
- David Harold Chester on Weekend read – A STIGLITZ ERROR?
- sackergeoff on With a modest financial transactions tax, Jim Simons would not have been superrich
- CBASILOVECCHIO on Weekend read – A STIGLITZ ERROR?
- David Harold Chester on Weekend read – A STIGLITZ ERROR?
- pfeffertag on Weekend read – A STIGLITZ ERROR?
- CBASILOVECCHIO on Weekend read – A STIGLITZ ERROR?
- Arbo on Economics — a dismal and harmful science
- spamletblog on Economics — a dismal and harmful science
- bckcdb on Economics — a dismal and harmful science
- David Harold Chester on Real-world economists take note!
- Patrick Newman on Real-world economists take note!
- deshoebox on Real-world economists take note!
- felipefrs on The non-existence of economic laws
- Seeker on The non-existence of economic laws
Comments on issue 74 - repaired
Comments on RWER issues
WEA Online Conferences
—- More WEA Paperbacks —-
———— Armando Ochangco ———-
Shimshon Bichler / Jonathan Nitzan
————— Herman Daly —————-
————— Asad Zaman —————
—————– C. T. Kurien —————
————— Robert Locke —————-
Guidelines for Comments
• This blog is renowned for its high level of comment discussion. These guidelines exist to further that reputation.
• Engage with the arguments of the post and of your fellow discussants.
• Try not to flood discussion threads with only your comments.
• Do not post slight variations of the same comment under multiple posts.
• Show your fellow discussants the same courtesy you would if you were sitting around a table with them.
Most downloaded RWER papers
- Green capitalism: the god that failed (Richard Smith)
- Why some countries are poor and some rich: a non-Eurocentric view (Deniz Kellecioglu)
- Debunking the theory of the firm—a chronology (Steve Keen and Russell Standish)
- Global finance in crisis (Jacques Sapir)
- The housing bubble and the financial crisis (Dean Baker)
- New thinking on poverty (Paul Shaffer)
- The state of China’s economy 2009 (James Angresano)
- Trade and inequality: The role of economists (Dean Baker)
- What Is Neoclassical Economics? (Christian Arnsperger and Yanis Varoufakis)
Family Links
Contact
follow this blog on Twitter
RWER Board of Editors
Nicola Acocella (Italy, University of Rome) Robert Costanza (USA, Portland State University) Wolfgang Drechsler ( Estonia, Tallinn University of Technology) Kevin Gallagher (USA, Boston University) Jo Marie Griesgraber (USA, New Rules for Global Finance Coalition) Bernard Guerrien (France, Université Paris 1 Panthéon-Sorbonne) Michael Hudson (USA, University of Missouri at Kansas City) Frederic S. Lee (USA, University of Missouri at Kansas City) Anne Mayhew (USA, University of Tennessee) Gustavo Marqués (Argentina, Universidad de Buenos Aires) Julie A. Nelson (USA, University of Massachusetts, Boston) Paul Ormerod (UK, Volterra Consulting) Richard Parker (USA, Harvard University) Ann Pettifor (UK, Policy Research in Macroeconomics) Alicia Puyana (Mexico, Latin American School of Social Sciences) Jacques Sapir (France, École des hautes études en sciences socials) Peter Söderbaum (Sweden, School of Sustainable Development of Society and Technology) Peter Radford (USA, The Radford Free Press) David Ruccio (USA, Notre Dame University) Immanuel Wallerstein (USA, Yale University)
There is no need to hold money or other forms of wealth in one’s hands, one’s bank account, etc.if one controls how that money is distributed. This is the goal of the CIA, of organized crime, of drug cartels, and of course of the oligarchic wealthy in the US. But this control extends beyond just dollar bills and bank accounts. It extends to intelligence networks, armies, weapons research, charities, etc. Trump’s “deep state” is a myth, or better said a propaganda device. But this one is not. If the government (CIA, etc.) want to take down this shadow government, I suggest they begin with the Koch network.
In 1981 four Wall Street bankers traveled to Wichita, Kansas to offer Charles Koch $20 million to take his company, Koch Industries public. Charles Koch replied thusly, according to the bankers’ memo.
“He does not want this cash,” the memo reported.
Charles Koch calmly explained to them why their offer made no sense. His company was breathtakingly profitable. It operated in vital, deeply complex corners of the American energy industry. During the 1980s, Koch Industries was the largest purchaser and transporter of US crude oil. It owned an oil refinery. It employed teams of commodities traders who bought and sold a wildly diverse menu of raw materials and financial products, from gasoline to paper futures contracts. This might have encouraged most CEOs to take their company public. Koch Industries, however, did not want outsiders to know how much money its traders were earning. Taking the company public would expose too many of its secrets.
Extremely realistic analysis dear colleagues to which one can only add that as the number of pseudo rich psychopathic narcissists (and we all know who they are by now) decreases, the misery of the poor rises. The trend is global. Oil (black gold) is return for arms is the best relationship they could have wished for. And now that democracy itself has literally collapsed globally, one really cannot be too optimistic about the future.