The Trouble with Capitalism: An Enquiry into the Causes of by Harry Shutt

By Harry Shutt

The hot cave in of the banking procedure and instability within the monetary markets has dramatically shaken self assurance within the international fiscal order. Is the present version of 'free market' capitalism relatively sustainable?

The difficulty With Capitalism - initially written, with awesome prescience, in 1998 - anticipates any such improvement and explains the underlying monetary fragility it has printed. instead of being only a brief blip within the march of capitalism, Shutt argues forcefully that the on-going predicament has arisen because of primary fiscal difficulties, stemming from the transforming into redundancy of either labour and capital because the Seventies.

In doing so, he exposes the sham of the laissez faire prospectus, exhibiting that kingdom strength and capital are more and more getting used to prop up capital whereas pretending that the purpose is to roll again the frontiers of the country. the consequences of the author's startling end (re-examined in a brand new foreword) - that the maximisation of revenue needs to stop to be the most foundation for allocating assets - are profound.

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Additional info for The Trouble with Capitalism: An Enquiry into the Causes of Global Economic Failure (2nd Edition)

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Indeed when historians wrote, as many were to do during the generation after World War II, that even by the late 1930s the world had passed beyond the point of no return to laissez faire,14 this scarcely seemed a controversial claim. We shall see in the next chapter how in that period ‘mixed-economy’ capitalism based on still more pervasive state intervention became progressively more entrenched in the industrialised world and why for so long it seemed to offer the ultimate remedy to the problem of capitalism’s inherent instability.

The result was the creation of the International Monetary Fund (IMF) and the World Bank in 1946 and subsequently of the General Agreement on Tariffs and Trade (GATT). Besides seeking to ­promote Economic Dispensation in the West  closer consultation and cooperation among member states in ­matters of economic management, these institutions established rules for (a) the management of national currencies intended to ensure the maintenance of relatively stable (‘fixed but adjustable’) exchange parities and to avoid unnecessarily disruptive devaluations, and (b) for the conduct of trade based on the principles of minimum protection and non-discrimination.

Such a commitment was obviously based on a premiss which was quite revolutionary in terms of the early capitalist ideology of a hundred years ­ earlier, namely that the goal of official economic policy was at least as much social as it was that of promoting the ‘wealth of nations’. It was also made in the belief that the judicious application of macroeconomic policy instruments could indeed assure a level of economic activity compatible with full employment more or less indefinitely. 4 In thus sanctifying Keynesian doctrine, Western governments gave a significant hostage to fortune.

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