by Will Durant
“In China, such change over the past three decades has been informed by three principles: the lower the level of government, the more democratic the political system; the optimal space for experimentation with new practices and institutions is in between the lowest and highest levels of government; and the higher the level of government, the more meritocratic the political system.”
That was Daniel A. Bell writing in The Atlantic last year about the Chinese ‘model’. This kind of thinking is everything that I loathe about neoliberalism. We’re presented with the idea that economists like Alan Greenspan and Mark Carney are these supreme experts who are just tinkering for the common good. Forget their past careers in multi-national corporations, they’re for the people. You know, like how the ‘Chicago Boys’ were simply working for the people of Chile. Just like the experts in the ol’ PRC right now. It’s not like their advice, enforced by the state, is unreliable or anything. So who needs the popular vote when you can have a few geniuses tinkering the system?
by Matilda Carter
When the right-wing press are not engaging in personal abuse and out of context smearing to discredit Labour’s new leader, they occasionally give their opinion on his policy. The most discussed by far is what has been, slightly unfairly, dubbed Corbynomics. The premise is simple: in recessionary times allow the Bank of England to print money to fund infrastructure projects essentially transferring money from the financial economy to the real economy. It may seem like a silly idea, but the Bank of England has engaged, since the financial crash, in a kind of Corbynomics by proxy: printing money to sure up bank balance sheets, making them more likely to lend and slowly, whilst transferring through several financial institutions, stimulate economic growth and liquidity. That’s called Quantitative Easing.
The biggest objection to Corbyn’s policy from the right-wing (other than laughable comparisons to Zimbabwe) is that by directly politicising monetary policy and creating money out of thin air to build infrastructure, inflation will rise. Mark Carney, the governor of the Bank of England, alongside former Shadow Chancellor Chris Leslie and former leadership candidate Yvette Cooper, have made a logical argument that inflation rises always hit the poorest hardest.Continue Reading