Friday, December 12, 2008

Well, nuncle, this plainly won't do

We would urgently need a coherent theoretical framework to replace the crude market faith that is currently becoming more and more obsolete. Well, actually intellectually it has always been obsolete, it was born obsolete, but immense concentrations of power will support and create belief structures around them. We can see this reflex in the immense cohorts of semi- or partially educated market enthusiasts on the Web. (Not to talk about the hate filled American right wing talk radio whose main role in the world is I guess to keep corporate interests safe, never mind the unborn fetuses or Darwin in the last analysis.) However wrong, power speaks loudly - and in the context of market economy, it is not even completely wrong. Strictly regulated markets do work (and are not too unstable to create overwhelming social backlashes). So, what is needed is a subtle, intellectually flexible approach - a sane middle way. Now should I hold my breath?

3 comments:

Gard A Tuur-Eggesbø said...

While the titles are in Estonian, the foredrag is in English. :)

http://etv.err.ee/arhiiv.php?id=88365

Gard A Tuur-Eggesbø said...

The foredrag (I just can't remember the English word today!) is by Catherine Austin Fitts about the "ecology" of financial systems. She used to be the big nose of finances in the Bush administration, for which she understands that SHE had become the stupid ass that she had been hating all these years. Anyway, go watch the video (which tends to work only occationally...)

stockholm slender said...

The quality was excellent actually - it is all that cod fish that harms your undersea cables!

Fascinating stuff, we seem to have more and more of these insiders that come up with really telling insights. I believe there is lot to be learned about the system, a lot that is not well understood yet, but one wonders would a thorough reform be even possible. I would settle just for the social democratic compromise but I guess that makes me quite a conservative among my friends...