Class Warfare Blog

August 3, 2016

The Wisdom of Ordinary People

A comment made regarding a post on the Naked Capitalism blog (Brexit Realism: Maybe Voters Were Not Dumb by David Miles, Imperial College Business School) shows a great deal of wisdom and the danger associated with the current states of our economies. The comment was in regard to the Brits exiting the European Economic Union (Brexit):

When people say the ‘economy’ will be harmed by an action, I’ve taken to asking – and it applies to Brexit – whose economy ? Before neoliberalism allowed Capital to hoover up all the gains in productivity and keep it, wages and productivity were at least loosely coupled. If I don’t get any more of the pie, why should I care if the pie is bigger? Most if not all economists only talk about the economy of Capital, giving scant regard to the economy of Labour. I think some Brexiters couldn’t see how dewealthing some rich people was going to hurt them – especially if they are on social welfare or benefits.

The commenter used a tag rather than his/her name so it is hard to give credit. (Why do people hide behind a nom de plume? Fear of retribution?)

The danger is those left out of the “gains of the economy” have no vested interest in its general welfare. Clearly capitalism has no checks and balances built it (as are so often claimed as in phrases like “But a corporation would not do that as it would harm their reputation …”) to restrain greed and greed has brought us to the point that a vast majority of Americans (and Brits and …) couldn’t care less about the “economy” because they are not part of it. They have been excluded by those seeking wealth by any means. Soon, throwing another plutocrat on the fire to stay warm is going to sound like a good idea.

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5 Comments »

  1. The measures we use are, truly, woefully inadequate. I have no idea how it’s calculated, but I’ve always been fond of Bhutan’s Gross Happiness Index. We could do with a little of that grounding in our western economies.

    Comment by john zande — August 3, 2016 @ 6:42 pm | Reply

  2. But if the oligarchs/plutocrats valued happiness, it would have a price on it … that you and I couldn’t afford.

    Comment by Steve Ruis — August 3, 2016 @ 8:34 pm | Reply

  3. Yup. couldn’t agree more… and your comment above. Who cares about a club to which you are not invited?

    Comment by theeditorsjournal — August 5, 2016 @ 8:13 am | Reply

    • Your comment brings to mind our political parties, They are “clubs to which we are not invited.” It is strange that those “clubs” consist of people who simply declare they are members. There are no initiation fees, or rites, or oaths or minimum qualifications. And they never ask us to “join”. Everybody else pitches the value of membership and asks us to join their organization, but not our political parties. They are, indeed, strange ducks.

      Comment by Steve Ruis — August 5, 2016 @ 9:26 am | Reply


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