Guardian UK: Monetarists claim way to boost growth is to abolish labour laws

[marmar]

from the Guardian UK:



You've got to hand it to the Chicago school of monetarists. From what seemed like almost certain defeat 30 years ago, they are back in business.

In the 1980s, there was the failure of Geoffrey Howe's first two budgets, only rescued by a jumble sale of under-invested state assets and ultra-low commodity prices. In the 1990s, they championed faster and purer markets, unencumbered by regulation. They claimed every area of economic life could be virtually self-regulating, especially exotic financial products.

After the financial crash, precipitated largely by this flawed theory, instead of slinking away, they had another solution. Now austerity has run into the ground two years after its adoption (largely by the rightwing governments of Europe). Again no apology, just a pitstop for refuelling and a new proposal.

......(snip)......

It is alarming how easily monetarist ideas have prevailed. Without much competition from left-leaning thinktanks and academics, monetarists have convinced working people they are the reformers and that social democrat parties are a conservative barrier to recovery. Social democrats only seek to preserve the privileges and outmoded practices that got us into trouble, they argue. ...................(more)

The complete piece is at: http://www.guardian.co.uk/business/2012/may/13/economic-growth-abolish-labour-laws

[Lefty Thinker]

1. Maybe check out Modern Monetary Theory

Those economists haven't been able to make much of a splash, but maybe that's because the commodity monetarists (a.k.a. Neo-liberal economists) control the "distinguished" publication channels and professorships. I follow Bill Mitchell at Billy Blog, and he really seems to have a consistent handle on the state of the world economy. I've learned a lot on that site! But nothing helps like spreading the word.

[malaise]

2. All the empirical evidence shows that this shit has failed

It's about looting public property and privatizing the public good.

Fuck them - the people of the planet will chase them out of town soon and very soon

[Taitertots]

3. "Growth", defined in the most shortsighted and counterproductive metrics

Putting millions to work in slave labor camps might temporarily increase GDP too. That doesn't mean we should advocate it.

[Chan790]

4. It's like the failed theory that won't die.

It failed. Friedman's underlying assumptions were proven to be false.

How many times do they have to be wrong before there is acceptance that their theory is not credible?

[socialist_n_TN]

5. They won't ever admit to failure..........

because it's not just an economic theory to them, it's Dogma (with a capital "D&quot . This is a religion, not a science.

[socialist_n_TN]

6. And this is surprising to anyone?..........

This is the goal all along. They want to abolish ALL LABOR LAWS!

Think about that for a second. No 40 hour week and consequently no overtime pay. No child labor laws. No employer offered health insurance. No OSHA for unsafe workplaces and conditions. I could go on, but you get the picture.

If anybody tells you that unions aren't necessary anymore because of the labor laws in place, remind them that laws can and WILL be repealed if the owners get their way.

[Sea-Dog]

7. They can fuck right off

[Egalitarian Thug]

8. It would "boost growth" of their control over everybody else. K&R. n/t

[xchrom]

9. Du rec. Nt

[Starry Messenger]

10. Tumor growth.

No thanks.