The end of progress : how modern economics has failed us by Graeme Maxton

By Graeme Maxton

"We dwell in an Age of Endarkenment. Our monetary, social and political structures have failed us. smooth economics has now not performed what it promised. It has widened the distance among wealthy and negative. It has no longer allotted the world's assets particularly. It has introduced the West to the edge of monetary smash. It has valued non permanent achieve greater than long term growth. It has made us specialize in the person, now not society. The social Read more...

summary: "We reside in an Age of Endarkenment. Our fiscal, social and political structures have failed us. glossy economics has now not performed what it promised. It has widened the distance among wealthy and negative. It has now not allotted the world's assets rather. It has introduced the West to the threshold of monetary destroy. It has valued temporary achieve greater than long term growth. It has made us concentrate on the person, now not society. The social outcomes are effortless to determine. a lot of the realm is weighted down with debt. Our planet is being scraped fresh of the assets wanted through destiny generations. technology and know-how are exploited for revenue, now not social development. The cult of big name, upward thrust in worldwide greed and trust that info is wisdom are proscribing our imaginations. we're ill-equipped to reply to those demanding situations. we have now been dumbed-down. our legislators became self-serving. They play on our fears, computer screen us with no justification and advertise conflicts for his or her personal pursuits. China's upward push will make those difficulties worse. with no reconsider, we are facing many unwelcome adjustments. Poverty will develop. criteria of healthiness will decline. source shortages will swap our lifestyle. Tensions among peoples will develop. throughout the Age of Enlightenment our societies flourished, propelled by way of the beauty of recent discoveries, radical principles for monetary and social improvement and a feeling that all of us had a accountability to enhance our global. we have to step again from the Age of Endarkenment. we have to learn our values. we have to figure out what humankind rather wishes. whether it is not only approximately simply funds and Twitter and Oprah, what's it? during this thought-provoking, vigorous and wonderful e-book, Graeme Maxton seems at what introduced us to this country and what we will be able to do approximately it"--Publisher's web site

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It was this thirty-year consumption and borrowing mania that led to the financial crisis in 2007. That this happened is largely the responsibility of modern-day economists. They were the source of the notion that markets should be minimally regulated. They encouraged politicians and regulators to step back and let the invisible hand do most of the work. They were responsible for the world adopting the strategy of the cancer cell, for leading us to believe that growth should be a purpose and not an outcome.

Modern-day economists like to talk about the laws of economics because they want all of us to see their subject as one with hard-and-fast rules. They want us to think that there are economic certainties. They want to be seen as clever, trusted experts with their mastery of complex concepts and baffling theories. For thirty years, they told Western governments to let the market allocate resources, set prices and ensure supply met demand. Smith’s invisible hand would ensure that the system was self regulating, they said.

Assuming these reach $1 trillion, they add another seven percentage points to America’s federal debts, taking the ratio to 108 percent of GDP in 2011. Nor do the government’s figures include federal guarantees for mutual funds, banks, and corporations. 9 trillion12 at the end of 2009. To get the full picture, we also need to include state and local government borrowing. 6 trillion, or $50,000 per US citizen. There is, as yet, no serious plan to cut this. By 2020, the government’s debts will exceed $22 trillion, four times the level in 2000.

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