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Alternative Economics

Reversing Stagnation


Author: Marc Batko, more .. less ..
Cover by: Ben Gregory
eBook
Pages: 40
Language: English
Publication date: 04/05/2020
3.53 €
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According to the neoliberal myth, higher profits would lead to more investments and more jobs. In truth, higher profits led to corporations buying back their stock and speculation on foreign currencies
The latest financial market crisis with the intensified signal of the Lehman Brothers insolvency on September 15, 2008 led to deep shocks or shockwaves in politics and the economy. At least in politics, the ideology of unfettered financial markets generating prosperity was first abandoned. Market fundamentalist policy that rejected creative state interventions fell in this suction. Bailout programs in the billions for the banks and previously tabooed economic programs with labor market stipulations were put on the table. Even the market-optimistic majority-media suddenly switched over to the crisis susceptibility of the financial system.

The deficient reporting about early crisis signs before 2008 was part of the failure of the media. For that reason, the Lehman Brothers bankruptcy could only be seen as a completely unexpected fateful blow appearing from nowhere. Prevailing mainstream economics could not be shaken in its neoliberal ideology by the shock of collapsing financial markets.

The great euphoria about financial markets misunderstood as ultra-stable prevailed when this dependence on private capital supply was legally created. Experiences with the crisis susceptibility of financial markets over ten years teach that legal security systems must be freed from dependence on capital markets. As the concept of the social market economy teaches, social risks arising through no fault of our own that cannot be overcome from our own strength must be governmentally cushioned in a wage-centered society.

Is there a way out of the dynamic of the financial market crisis? Yes; wealth and income must be reduced through redistribution. Real economic production through consumption could be strengthened, particularly by low income persons along with the urgently necessary expansion of public investments. The pressure of the financial streams on the financial markets could be reduced by a far-reaching redistribution on one hand and strengthening sustainable
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I was overcome by Jurgen Moltmann’s idea that hope sets us apart from all creation in that we can go beyond everything present and past in the power of the coming, the power of the promise (cf. “Theology of Hope”)

Born in 1946 in Chicago, Illinois, I attended Northwestern University and graduated from the University of Wisconsin. After completing one year at Rutgers School of Law, I moved from Newark to San Francisco and worked as a desk clerk in a small hotel in Berkeley from 1980 to 1999. In 1999 I moved to Portland, Oregon and have been an active contributor to www.portland.indymedia.org. Nearly 1200 translated articles await you at www.freembtranslations.net.

The German philosopher Jurgen Habermas said that instrumental rationality threatens to colonize all life, relationships and dialogue. Professors lament that they are often only asked whether the question will be on the test and whether it will put money in our pockets.

The future must be open and dynamic, welcoming and dynamic, self-critical and intercultural. The future must be anticipated and protected in the present, not extrapolated from the present (cf. Jurgen Moltmann, Theology of Hope). The Zapatista vision of one world where many worlds fit and where everyone has a place could free us from fatalism, cynicism and one-dimensionality, the bitter fruits of vulgar materialism (cf. Ernst Bloch) and the self-healing market.

Baptized in St. Marks Lutheran Church in San Francisco, I am a Jewish Christian who finds prophetic liberation Christianity as the completion not denial of Judaism. I think of myself as a Kierkegaardian and Bonhoefferian enamored of the wonders of contemplation. Life is full of super nova explosions where stars remain invisible until they find their partner star. Life is full of play, exuberance, and mystery and the future could be full of community centers, free Internet books and soft power.

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