Currently Browsing: Political-economics

Goldman Sachs asks a fundamental question about capitalism today.

The secular left is not effective at criticizing capitalism. For the same reason that the so-called “conservatives” and Libertarians are at defending it: Both sides make moral arguments that miss the point – e.g. neither show understanding of the express purpose of the American political system. There are two justifications for capitalism as a system. The Good American Citizen is...

On the Opaque Structure of the Federal Reserve Bank

This short NYTimes Magazine article is one of the best explanations of the purpose behind the diffused structure of the Federal Reserve that I’ve seen. Note the reference to the “hubris” of Alan Greenspan, who this writer claims went against the tradition of the Fed by making himself a focus of attention. Here are some key excerpts: “Journalists try to personify the Fed by talking...

Part I: A Retrospective Interpretation of the American System: Justice as Maximizing Utility for “All Men” Bounded by Kantian Ethical Restraints

A Retrospective Interpretation of the American System: Part I Assumption One: The purpose of a just political system in the Western world is not to realize deep oral values. It is to maximize economic utility and political stability with Kantian ethical restraints. Corollary One: The paradox. Activists are usually motivated by a desire to realize a deep moral value. All political movements that seek...

Wall Street’s Lack of Ethical Care: selfishness as morally normative.

From the article: “Cohn thinks it’s possible, even likely, that the causes of the 2008 financial crisis can be traced in part to this permissive culture. “All the problems that we are seeing in recent times, at least to some degree, might be supported by a norm, or by an environment, that tolerates these kinds of behaviors,” he told me. “They think it’s okay to manipulate interest rates, to...

From the NYTimes, regarding the Trans Pacific Trade pact: “Free Trade is Not the Enemy”

I want to be open to the possibility that the Trans Pacific trade pact may be better than not having it. This is the second argument that makes claims that, if true, are important. Here’s the claim: “But if the TPP passes, the poorer countries in the pact will have to conform more to the standards of the United States, Japan, Australia, Canada and South Korea — all signatories to the...

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