Owen Jones meets Ha-Joon Chang | The economic argument against neoliberalism
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Ha-Joon Chang is a professor of economics at Cambridge University and a best-selling international author. I asked him to provide an argument against much of today's prevailing economic thought. Isn't austerity necessary? Do we have capitalism for the rich and socialism for the poor? Is taxation theft? Does welfare encourage laziness and fecklessness? What's wrong with inequality? And can we defeat neoliberlism? Read my column for the Guardian ► http://www.theguardian.com/profile/owen-jones Playlists: Owen Jones talks... ► https://goo.gl/hXr8m3 Owen Jones talk back ► http://tinyurl.com/talksback Owen Jones talks to... ►http://ow.ly/QjZ4M Owen Jones talks at Guardian Live ► http://is.gd/owenjonesGDN
Comments
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More more more!!!! You're such a good interviewer maybe a talk show?! Lol x
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So much time for this. Keep going Owen!
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the rich don't care about public needs, the rich are in control of the country therefore they will use propaganda and misguided news spins to play on workers (workers who are often depressed work way too long hours and dont have the time to research this stuff. We need a reform in our political system, sack the establishment and lets that a revolution
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Owen can you do an interview with Dennis skinner
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Excellent interview.
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Read it, great book for a layperson
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I referenced Chang substantially in my fairly sizeable series on the skepticism of free market economics: http://www.patheos.com/blogs/tippling/2015/02/03/on-the-skepticism-of-free-market-economics-part-1/
Interesting interview - good stuff - Chang should be championed more. -
Owen have you read Wolfgang Streeck's Buying Time? Streeck makes the argument that deficit is more due to reducing taxation of the upper classes, rather than a libertarian "failure of democracy" explanation of the deficit...
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Don't take public ownership of industry?! Why are you interviewing this blairite traitor!
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someone reboot Owen. his normal human head nodding program seems to be stuck in a loop.
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Listening to a tenured professor lecture on the realities of the free exchanges
of goods & services is like going to a monk for advice on being a pick up artist. -
A lot of people have been brainwashed into thinking tax havens are bad, when in fact they just show businesses the carrot while we give them the stick in terms of tax rates.
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Owen, would it be possible to add subtitles on this? I find it quite hard understanding this guy strong accent. Thanks.
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Brilliant. Already messaged on your discussion page. It seems politically the reason given not to do something will mainly be economic. People use money every day but many have no idea how it's created and what the driver of the economy is.
I think South Park did a good job of parodying the system as if it were a deity. -
full interview!
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If you want people like him, you go to the universities where they teach or write...where you DON'T go is anywhere where people actually make their living with daily economic decision making because guess who you don't find there in the places actually practicing rather than just preaching...
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Pity we can't have "experts in their field" in charge of the country, instead of a bunch of self-serving career politicians who know almost nothing about the posts they are assigned to.
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Libertarianism and anarcho capitalism is dead.
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There are 7 stages of wealth that have been in place for centuries, which has been used for centuries to extract wealth from nations and concentrate power to a select few:
1. Good Money -
Every major empire starts out with good money, either gold or backed by gold.
2. Social Programs -
As a country develops economically/socially, it takes on more public works, adding layer upon layer
3.Military Spending -
As a nation’s affluence grows, so does it’s political influence and spends massively on the military
4. Wars -
Nation puts military to use and expenditures explode and nations go to war
5. Fiat Currency -
To fund the wars, the costliest of endeavors, nations start to steal wealth of its citizens by replacing their money with fiat currency (value decreed by government and backed by nothing).
6. Inflation -
Wealth transfer begins as hyperinflation sets in; Results in riots, eg. Egypt. Price of all commodities and goods go up.
7. Wealth Transfer-
Final stage, in mass movement, nation moves out of the currency and into precious metals and other tangible assets. The currency collapses. This results in massive wealth transfer to those who positioned themselves in the right asset class in advance.
This cycle is predictable. This is what happened to the Roman Empire and every other empire. Now we are headed back to the gold standard.
Read more at http://investmentwatchblog.com/here-is-what-i-learned-from-a-millionaire-about-the-7-stages-economies-go-through-and-how-to-profit-like-the-ultra-rich-during-times-of-economic-chaos/#RDHvExZHD8oHeiD3.99 -
Milton Friedman was a crackpot. He and Ayn Rand gave the 1% the green light to justify their greed and away they went. Neoliberalism is economic fascism and 40 years of it has nearly destroyed the world. It is quite simply, the looting phase of capitalism.
Neoliberalism created the gargantuan, unhealthy wealth gap that has been the direct cause of our massive deficit. The gambling addicts on Wall St raided the commercial banks, destroyed pensions, retirement savings and mortgages and now it wants to satisfy its fix by raiding the SS fund. The fraudulent wasteful business model of Wall St is why US hegemony now relies on the narcodollar to extend our "exceptionalism"… in what, we're not so sure anymore. The arms trade keeps us afloat as well, which is why they want their top saleslady as the next president.
The intention has been all along to starve the public sector to the point of dysfunction and then let the private sector vultures swoop in and take it over, leading to rising costs and inferior quality of services. Money is being generated but it's being siphoned into astronomical CEO pay, golden parachutes and capital gains, who then don't even pay their fair share of taxes!
The sad reality is that they would rather plunge countries into chaos and martial law before they would even consider doing the right thing, which they damn well know what it is.
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