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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThomas Frank: Plutocracy Without End
http://readersupportednews.org/opinion2/277-75/22866-plutocracy-without-endWhat hit me that day was the possibility that my happy, postwar middle-class world was the exception, and that the plutocracy we were gradually becoming was the norm. Maybe what was happening to us was a colossal reversion to a pre-Rooseveltian mean, and all the trappings of ordinary life that had seemed so solid and so permanent when I was youngthe vast suburbs and the anchormans reassuring baritone and the nice appliances that filled the houses of the working classwere aberrations made possible by an unusual balance of political forces maintained only by the enormous political efforts of its beneficiaries.
Maybe the gravity of history pulled in the exact opposite direction of what I had always believed. If so, the question was not, When will we get back to the right order of things, but rather, Would we ever stop falling?
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None of this is to deny, of course, that concentrated wealth will have certain predictable social effects, in addition to the brutal primary effect of screwing you and yours permanently. Inequality will most definitely bring further corruption of our political system, which will in turn lead to further deregulation and bailouts, which will eventually allow epidemics of fraud and failure. It will definitely bring an aggravated business cycle, with crazy booms and awful busts. We know these things will happen because this is what has happened in our own time. But that doesnt mean the situation will somehow cease to function as a matter of course, or that leading capitalists will be converted to Keynesianism en masse and start insisting on better oversight of Wall Street.
The ugly fact that we must face is that this thing can go much farther still. Plutocracy shocks us every day with its viciousness, but that doesnt mean God will strike it down. The middle-class model worked much better for about ninety-nine percent of the population, but that doesnt make it some kind of dialectic inevitability. You can build a plutocratic model that will stumble along just fine, like it did in the nineteenth century. It requires different things: instead of refrigerators for all, it needs bought legislatures and armies of strikebreakersplus bailouts for the big banks when they collapse under the weight of their stupid loans, an innovation of our own time. All this may be hurtful, inefficient, and undemocratic, but it wont dismantle itself all on its own.
That is our job. No one else is going to do it for us.
RainDog
(28,784 posts)octoberlib
(14,971 posts)Piketty believes that the rise in inequality cant be understood independently of politics. For his new book, he chose a title evoking Marx, but he doesnt think that capitalism is doomed, or that ever-rising inequality is inevitable. There are circumstances, he concedes, in which incomes can converge and the living standards of the masses can increase steadilyas happened in the so-called Golden Age, from 1945 to 1973. But Piketty argues that this state of affairs, which many of us regard as normal, may well have been a historical exception. The forces of divergence can at any point regain the upper hand, as seems to be happening now, at the beginning of the twenty-first century, he writes. And, if current trends continue, the consequences for the long-term dynamics of the wealth distribution are potentially terrifying.
Eventually, Piketty says, we could see the reëmergence of a world familiar to nineteenth-century Europeans; he cites the novels of Austen and Balzac. In this patrimonial society, a small group of wealthy rentiers lives lavishly on the fruits of its inherited wealth, and the rest struggle to keep up. For the United States, in particular, this would be a cruel and ironic fate. The egalitarian pioneer ideal has faded into oblivion, Piketty writes, and the New World may be on the verge of becoming the Old Europe of the twenty-first centurys globalized economy.
http://www.newyorker.com/arts/critics/books/2014/03/31/140331crbo_books_cassidy
I haven't read it yet but it's next on my list.
eridani
(51,907 posts)reformist2
(9,841 posts)Oakenshield
(614 posts)It won't stay reformed. Better to lock it up and throw away the key.
reformist2
(9,841 posts)Nice post