Tag Archive for Occupy

Guest Post: The Economics Of Social Democracy

This guest post is authored by noted US/UK political economist and friend of CPEG John Weeks. Weeks is an economist and Professor Emeritus at SOAS, University of London. This article is a cross-post from the European Social Journal website.

In a recent article in the Social Europe Journal, Shayn McCallum develops in some detail his interpretation of the “political economy” of social democracy. Central to his approach is the work of Karl Polanyi, and specially the famous Chapter 6 of The Great Transformation, “The Self-regulating Market and the Fictitious Commodities: Labor, Land, and Money”. This chapter, obviously influenced by Karl Marx who is not cited, provides the basis for developing the “economics” of social democracy.

I specifically seek to distinguish the economic policy framework of social democracy from that of “liberalism” as that term is used in the United States (for a longer discussion see Chapter 10 of my new book, The Economics of the 1%). US-style Liberalism under different names has characterized the policies of the left of center parties in most of Western Europe.

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CPEG Endorses Chicago Global Teach-In for a 99% Economy

The Chicago Political Economy Group is among a huge number of organizations supporting and endorsing the upcoming Global Teach-In, an event being held simultaneously in seven countries around the world, in an effort to build a new global economy for the 99%.

The Chicago Teach-In will take place from 11am, to 3pm on April 25th at Columbia College, 600 S Michigan, in room 101 at Ferguson Lecture Hall. The event will feature key speakers from around the world and will focus on three major principles; creating global democracy networks, green jobs and planning, and building a new financial system that benefits the 99%.

For more information visit globalteachin.com.

Neoclassical Economics is Immoral – Essay and Workshop

At the recent Occupy Chicago Spring Event in Grant Park, participants in CPEG’s workshop didn’t just have the opportunity to focus on the problems facing the world economy, they got to design their own! The workshop included both an essay authored by CPEG’s Ron Baiman which points out the “deep immorality” of traditional mainstream economics, and an exercise called “Design Your Own Utopia”, a workshop developed by “radical” economics graduate students at the University of Massachusetts in the 1980’s but perhaps even more relevant today.

In particular, the essay argues, though it pretends to be a value-free and objective “science”, Neoclassical economics is actually a thinly-veiled, blatantly immoral social system, and thus clearly an ideology rather than a school of thought that represents a reasonable and meaningful value-based “economic science”.

Download the Essay and Workshop Instructions (PDF)

Image: ddpavumba / FreeDigitalPhotos.net

Wall Street Journal Columnist Cites CPEG Study as Financial Transaction Tax Gains Momentum

The idea of a Financial Transaction Tax (FTT), a small tax on financial transactions that could generate $537 Billion annually for the ailing economy, has been steadily gaining momentum. Recently, it’s been championed by Labor Unions, the Occupy Movement, and some Democratic Lawmakers. But on January 5th, the FTT found support in a very unlikely place.

The Wall Street Journal, not exactly a clearinghouse for progressive ideas, published an online column entitled “To Reclaim the Envy of the World, Wall Street Must Pay“. Written by WSJ online’s David Weidner, the column cites our study in it’s call for a Financial Transaction Tax, which it points out would “create new forms of revenue for cash-strapped regulators and gently apply the brakes to trading run amok in the markets.

Read the Full Column

CPEG to Join Occupy, Community, and Labor Groups at #Occupy the AEA

The American Economic Association, which for decades has been the academic force behind the economic theories of the 1%, will be holding it’s 2012 annual meeting in Chicago, January 6-8th. CPEG will join the occupy movement, labor, community, and other groups in protest of the disastrous free-market ideology, championed by prominent members of the AEA, that has wrecked our economy for all but the wealthiest Americans.

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