Beyond the Profits System: Possibilities for the by Harry Shutt PDF

By Harry Shutt

ISBN-10: 1848134185

ISBN-13: 9781848134188

For the reason that 2008, we've got chanced on ourselves faced by way of an historical monetary holocaust that global leaders have struggled to return to phrases with. All have willfully neglected its long term, systemic reasons and are hence not able to chart the way to survival. As defined by means of Harry Shutt – who used to be virtually by myself in foreseeing this kind of catastrophe within the Nineteen Nineties (in The hassle with Capitalism) their persisted denial stems from a vested curiosity in conserving a capitalist earnings process which isn't purely as damaging because it used to be within the Thirties yet as outdated as feudalism used to be in 1789. therefore it will possibly now basically be sustained by means of an expanding reliance to legitimate incorrect information, giant felony fraud and the ever higher dependence of personal enterprises on nation subsidy.

This booklet makes transparent why the determined inn of Western governments to 'extraordinary measures' to attempt and evade financial cave in is certain to fail. It additionally forcefully demonstrates why our basically wish of reversing the tide is to desert the normal monetary common sense of forever increasing construction in favour of responding to the aspirations of standard humans. any such transformation, argues Shutt, may make attainable the allocation of assets to extra socially fascinating ends, together with the peace of mind of uncomplicated financial safeguard for all with no consideration of citizenship.

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Extra resources for Beyond the Profits System: Possibilities for the Post-Capitalist Era (New Economics)

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E. for more than relatively short periods) are several.  In consequence a structural surplus of both these factors of production is likely to blight the capitalist model permanently. If that is so it would seem likely that future business cycles will be increasingly brief, with upswings being marked by more rapid lapses into largely speculative investment and consequently greater market volatility, such that over time there would be a growing perception of the chronic riskiness of asset values.

Hence it is safe to infer that if an accurate estimate could be made of the utilisation of available manpower resources (labour time) in paid employment or self-employment it would show a steady long-term rise in excess capacity. Moreover, this surplus would be all the greater to the extent that account was taken of rising longevity – and consequent possible extension of the age used to define the upper limit of the workforce, traditionally 65 – in a still growing world population. While the highly imperfect statistics may seem inconclusive, there is a mass of anecdotal evidence to lend strength to the view that the global demand for labour is in long-term decline – relative to the supply, if not in absolute terms – due to the effect of rapid technological change on productivity.

For capital markets and the hugely rich and powerful financial services industry the implications of such an evolution of the economy could hardly be more menacing. This is because it would pose a clear danger that the confidence of investors in the long-term case for investing in either equities or fixed interest corporate securities could be undermined permanently.  Such a prospect – which has been widely canvassed in recent years by leading . See Shutt, The Decline of Capitalism, ch. 3. .

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Beyond the Profits System: Possibilities for the Post-Capitalist Era (New Economics) by Harry Shutt

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