Ed Nell discusses globalization, outsourcing, loss of US economy and financialization
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In this Smart Talk video series, Andrew Mazzone and Dr. Edward Neil discuss globalization, outsourcing, loss of US economy and financialization. They also talk about austerity as the 21st Century version of debtor's prison, and topics of real interest like the whole process on which the Greek bailout loan confrontation with the Germans. Globalization is the tendency of businesses, technologies, or philosophies to spread throughout the world, or the process of making this happen. The global economy is sometimes referred to as a globality, characterized as a totally interconnected marketplace, unhampered by time zones or national boundaries. Financialization refers to the ever greater role that capital markets play in our lives. At an individual level, this has been accompanied (or driven) by the concentration of wealth in the hands of a small financial elite, the social effects of which were partially managed by debt-fueled consumption (and more widespread share ownership) in industrialized countries Dr. Edward J. Nell is an American economist and a former professor at the New School for Social Research (NY). Nell was a member of the New School faculty from 1969 to 2014. He achieved the rank of Malcolm B. Smith Professor of Economics in 1990. He is currently the chief economist for Recipco. Henry George School of Social Science has launched Smart Talk, a series of discussions with leading economists around the world moderated by Andrew Mazzone, president of the HGS board of trustees. We invite you to watch the Smart Talk videos of discussions with some of the most talked-about economic and social thinkers of our times, please visit: http://hgsss.org/smart-talk/ For a full transcript of this Smart Talk episode, please visit: http://hgsss.org/smart-talk-with-andrew-mazzone-and-alan-tonelson/
Comments
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I'm discouraged by the way exiting the Euro is so often dismissed out of hand. It would be ideal for Greece to remain in the Euro, but it should also work towards making itself more economically independent to the point where leaving the Euro would not be disastrous, but survivable and realistic. Otherwise, where's the leverage?? We keep hearing about 'bluffing', but if everybody knows its really a bluff, then its not really a bluff. There has to be a real threat of Greece exiting and that requires Greece to be able to have an internal economy that can reasonably provide the basics for itself, like food, healthcare and education without depending as much on imports. Show Germany that it is willing and able to do that, and they'll fold like a lawn chair.
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Ed Neil is right. Greece will never pay off their debt with the insane unemployment rate.
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Professor Neil describes the situation in Germany as a "labor shortage economy." This probably has something to do with the birth rate among Germans. Public policy in Germany sought to create a system where the trades unions felt they were partners in economic expansion. This accommodation was necessary so that labor would embrace social democracy rather than more interventionist socialist policies. One result is that in Germany innovation is embraced as a nationalist mindset. German workers receive extensive training and retraining.
I suspect that within Germany the multiple of executive compensation to that of other employees in a company is far lower than that experienced by executives of major U.S. corporations. -
Monetary grace the free gift distributed directly to the individual combined with a macro-economic discount on retail prices that is rebated back to participating merchants solves the two "conundrums" of economic theory, namely the chronic scarcity of total aggregate demand and the erosive effects of inflation on profits and wages. There are regulations that will need to go along with the transformation that these two macro-economic mechanisms create, and that is all well and god. However, the transformation must come first or it's stagnation, domination and manipulation by Finance forever and ever amen...and that is if we are lucky and avoid a world war in an age of modern weaponry where no one's life or productive capacity is safe.
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I hate to be critical because there is so little Georgist content on the web but I'd like to hear more about core Georgism, George himself, the history of land reform etc. Also, I'd like each interviewee to state thier stance towards Georgism/geoism - I know that Varoufakis for instance likes Marx - but what exactly does he think about George?
Or have I got it all wrong? Have Georgists learned not to drop the "G" word? If so, why? Also, why does the idea of the Single Tax feature so little? It was once a strong meme, why not use it? -
This is a great piece with Andrew Mazzone interviewing leading economist Ed Nell.
They are discussing the Greek bailout and their German loan deal.
44m 44sLenght
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