Note to Nancy Pelosi: Challenge Market Fundamentalism
Allison Stevens, a contributor to Women’s enews, a news service which too few good men bother to read, has just reported that the hugely expanded bipartisan Congressional Caucus for Women's Issues now has the power to put women’s issues on the national agenda. The caucus, which Stevens says may end up outnumbering the so-called “Blue Dog Coalition, a caucus of 44 fiscally conservative Democrats, and the New Democrat Coalition, a group of 63 pro-business Democrats,” also has the support of Speaker Nancy Pelosi, who was a member of the caucus, which was founded in 1977.
Among the issues on their “wish list” according to Women’s Enews, are women’s health, educational equity and sex trafficking, women in prison, and international domestic violence.
All are important but will go nowhere if they don’t challenge Market Fundamentalism, the exaggerated belief and faith in the ability of markets to solve problems that have dominated our national political debate for a generation. Without directly challenging Market Fundamentalism, they will ultimately fail to improve the lives of ordinary American women and their families.
Put it this way: What do catastrophic climate change, the widening gulf between the wealthy and the poor, America's obesity epidemic, and our society’s lack of care for the young and the elderly have in common? Each has powerful special interests who insist that we need to let the market work its private magic and that government action would create more problems than it would solve. These interest groups also block any effort to enlist the government by invoking the arguments of Market Fundamentalism: privatize everything, rely on yourself and expect nothing from your government.
Market fundamentalism has become like the air we breathe; we hardly notice it. Every time George W. Bush argues for more tax cuts, he relies on the unquestioned assumption that we all embrace Market Fundamentalism. Through constant repetition, the American public has been bullied into believing that private spending is rational and efficient while public spending is always wasteful and unproductive. (Tell that to people in New Orleans.)
Progressives and liberals have assumed that Americans would eventually turn against these ideas, much as they become disillusioned with the Iraq War. But the truth is, neither the women in Congress nor progressives outside of D.C challenge Market Fundamentalism directly. Two decades of the reign of Market Fundamentalism have impoverished both the language and aspirations of progressive Democrats.
So what they generally do is try to work around Market Fundamentalism; they try to gain support for their cause without directly attacking the 800 pound gorilla that sits in Congress, in our deteriorating schools, and at the bottom of the gulf between those who hold stocks and those who wait for their next minimum-wage paycheck.
Ideas that are not challenged or questioned become even more deeply entrenched. We have private “security guards” who are doing the work of soldiers in Iraq, but who are not accountable to the military. When Hurricane Katrina tore through New Orleans, many of us imagined that the Bush Administration’s callous and incompetent failure to rescue the people of New Orleans and to provide the leadership to rebuild the city would lead to massive disillusionment with the Administration’s market-oriented rhetoric.
But has it? I think not. Many people seem to view it as one more example of the government’s incapacity to solve problems.
This is a huge problem for liberals and progressives. Even if a decent Democrat wins the White House in 2008, his or her ability to offer compelling leadership and to propose new progressive solutions will be limited if Market Fundamentalist ideas remain unquestioned. Ditto for the women in Congress who think they will push women’s issues on to the national agenda.
So, it’s necessary—no,urgent—that we immediately challenge Market Fundamentalism every chance we get. I hesitate to suggest conversations around water coolers because as most of you already know, most water fountains no longer work; there is great profit in selling water to thirsty people.
But every conversation, wherever it takes place—on blogs or among political progressives---should be viewed as an opportunity to explain to others why this exaggerated faith in markets is so dangerous and misplaced.
Fortunately, there is now a resource to help us make these arguments. The Longview Institute, a progressive think tank with which I am affiliated, has just launched a Market Fundamentalism resource page, designed to help people recognize and refute these arguments. Take a look: www.longviewinstitute.org. Longview’s Fred Block, a sociologist at U.C. Davis, has long been articulating the dangers of Market Fundamentalism. The plan is to steadily add new arguments and new material, but what is already there provides plenty of fodder for a collective assault on the ideas that support Market Fundamentalism.
Market Fundamentalism—this is what prevents us from having universal health care, mass transit, affordable housing, trains that cross the nation, subsidized care for the young and elderly, and government efforts to reduce carbon emissions. The list, of course, is endless.
Aside from ending the war in Iraq, there is nothing more important we can do to improve our domestic future. Ending the reign of Market Fundamentalism is a precondition for every kind of progressive cause. If we don’t attack the effort to privatize every public service that belongs to “the common good,” we will ultimately fail to move this nation in any progressive direction.


Ms. Rosen, you repeat the phrase "market capitalism" as a threatening mantra, but I don't think you've made your case.
You define the phrase as "exaggerated belief and faith in the ability of markets to solve problems that have dominated our national political debate for a generation."
For me this isn't a functional definition. It has always seemed to me that arguments of that sort are disingenuous. People who make them don't actually believe that markets have the ability to solve problems; they just think that government should not be involved in the problems and talks of markets are one way of articulating their deeper views. The deeper view would be something like free, private social organization is to be preferred over public social organization. Other examples would be religious and other private associations.
So, I think you get closer to the mark when you say that the relevant belief is "that private spending is rational and efficient while public spending is always wasteful and unproductive."
With that said, however, I don't see how New Orleans fits into your arguments. You say,
Those are disconnected ideas in my view. I personally did not think that the administrations incompetence would reflect on their market rhetoric, because there wasn't a whole lot of market rhetoric involved in the hurricane. I don't recall anyone saying that private search and rescue corporations should be relied upon to extract stranded survivors. The administration's incompetence in addressing the disaster simply reflects poorly on the administration.But, in all fairness, at this point, I'm getting tired of a lot of faraway pundits offering their opinion on New Orleans. People who live in Washington, D.C. and Berkeley, California really have no connection to the issue at this point, and are not affected by it. Somehow Katrina and New Orleans have become watchwords for many progressives that they care about . . . something. But I don't know what those people care about. I don't know what the watchwords are supposed to signify. I would like to know, so if you would mind explaining your view, I would appreciate it.
A lot of the other issues you mention do not seem to me to be related to claims about markets, and you state the market fundamentalism informs an "endless" list of issues. Is there anything that market fundamentalism doesn't inform? Can any governmental projects be successful without throwing off this yoke? If informs everything, then isn't that the situation we would find ourselves in if market fundamentalism wasn't that pervasive? And don't we then need to simply make our arguments on a case by case basis? In short, why is market fundamentalism the fundamental assumption we need to overturn?
It just does not seem that important to me.
January 28, 2007 7:45 PM | Reply | Permalink
I don't recall anyone saying that private search and rescue corporations should be relied upon to extract stranded survivors.
Your memory is faulty. Not only did people SAY that; the government DID it. FEMA relied on private companies to bring buses to evacuate the city. (They never showed up.) To the extent that the gov't didn't rely on private contractors, it relied on the military - the only government institution conservatives seem to want to insert everywhere, even where its competences are not appropriate.
It is accurate to say that the failure of government in New Orleans, from the failure to fund levee upgrades to the downgrading and cronyization of FEMA, reflected the administration's general lack of enthusiasm for the basic functions of government. Where I have my doubts is what any of this has to do with specifically women's concerns.
"All governments lie, but disaster lies in wait for countries whose officials smoke the same hashish they give out." - I.F. Stone
January 29, 2007 2:45 AM | Reply | Permalink
Nawwwwww.
Our health care is a disastrous mess precisely because it is neither market oriented nor government run. The revival of interest in Hillary Clinton's health plan misses the point that the lady would have managed to make a disaster catastrophic. Nothing was better proof of your underlying thesis, which I think is perhaps badly stated.
What we have is the usual welfare for the rich and empowerment for the poor.
Conservatives are big spending, big government addicts. Liberals rightly fear the power of governemt but recognize the need to use it wisely. Clinton's plan to funnel money through the insurance companies paid for by a sin tax promised a frankenstein monster of immense proportions.
I agree with your thoughts that "the market" as an omniscient, all-powerful deity is a crock. It is a concept that does not exist in real life.
Best, Terry
January 29, 2007 3:17 AM | Reply | Permalink
I think the appeal of market fundamentalism is based on the superior efficiency of private business over public government action in CERTAIN situations. For programs such as local garbage collection, proponents of market fundamentalism can cite actual numbers to justify their tendencies.
But, if efficiency is the basis of the support, I think it can be proved that some programs currently operated by a limited set of corporate entitites would be more cost effective if they were administered by the government. They don't necessarily need to be operated by the government, but they could be regulated to force a level of parity that would benefit more people.
I suspect that health care falls in this category, but I don't really know enough to have an informed position. I believe that publically financed campaigns would be the most effective way of debunking the notion that unfettered markets are always the best solution.
January 29, 2007 5:48 AM | Reply | Permalink
Market Fundamentalisim? You appear to be trying to trot out a perjorative term for "Freedom" in the marketplace. Fundamentalism? You make it sound like Free market Economics is a Faith-based Religion like Scientology or Socialism.
Capitalism is Science. Don't dam the river, let it flow.
January 29, 2007 6:54 AM | Reply | Permalink
My example was slightly off, but your point does not go to the heart of the issue.
What I should have written is that no one argued that the need for stranded individuals to be rescued should be treated as a market for private corporations to respond to. Or in other words, that the government should not act to rescue people because market forces would produce rescues. The fact that FEMA used private companies does not correspond to the creation of a market for rescues. FEMA using private companies is the opposite of a market--it is government action or interference effectuated through a specific manner.
January 29, 2007 6:56 AM | Reply | Permalink
Um, do you track any Radical Rightwing news sources? I saw that arguement in dozens of venues in the weeks after Katrina. Most notably the Wall Street Journal editoral page, but all over the place really.
sPh
January 29, 2007 7:14 AM | Reply | Permalink
Some argue for unfettered markets, emphasizing the natural intelligence of the system. This is countered by the many situations where markets are not free but manipulated by the large players (see health, defense).
A better "fundamentalism" would be to accept that markets happen, are difficult to suppress, and must be acknowledged as factors in policy. Black markets fit this definition, as does the current struggle between downloaded music and CDs.
Markets can solve problems, with the caveat that those problems are only the ones solvable by market. Markets can't solve problems of common use, such as clean rivers and air, or broadcast spectrum allocation. Markets did not solve New York's water problems in the early 20th century--that took a long-term construction plan.
Markets can't see very far into the future; of course no one can, but we have to make decisions on the future, anyway. Energy is an example---given that mined fuels must eventually become difficult, the nation that sets up alternatives earlier may be the leader in the future. Another good example of non-market economics leading to economic success would the transcontinental railroad.
January 29, 2007 7:19 AM | Reply | Permalink
Where I have my doubts is what any of this has to do with specifically women's concerns.
Because Bush's policy was, apparently, to push out the poor. I remember his administration calling them "economic refuges," not "americans" or "new orleanians."
It's about time that we start being more feminist and care about families again...
January 29, 2007 7:47 AM | Reply | Permalink
enews, a news service which too few good men bother to read
isn't that sort of an "over the top" speculation?
... has just reported that the hugely expanded bipartisan Congressional Caucus for Women's Issues now has the power to put women’s issues on the national agenda
AND
Without directly challenging Market Fundamentalism, they will ultimately fail to improve the lives of ordinary American women and their families
I don't think that all women would want to do this so I think your posting is weak because it sterotypes women.
Madeline Albright, for example, suggested that "500,000 dead Iraqi children were worth the price" and Condelezza Rice chair leads for the neocons.
So the Women's caucus will be as much a mud wrestling match as carrying the torch for humanity.
There are good men out there and plenty of evil women and there are good women out there and plenty of evil men.
Just like the dollar, "in god we trust" to give us "good men and women."
January 29, 2007 7:53 AM | Reply | Permalink
Give me a link.
January 29, 2007 8:11 AM | Reply | Permalink
What do you mean "capitalism is science?" The power and legitimacy of economics as an academic discipline seem wildly overblown to me.
January 29, 2007 8:16 AM | Reply | Permalink
A very important part of the push-back against Market Fundamentalism will be to beat the drum for government success stories, be they the National Weather Service, the National Institues of Health, air traffic control, or even the Army and Marines taking down, in weeks, what was the 9th or so Army.
The government actually does quite a lot quite well. Its not all the Motor Vehicle Bureau; sometimes it does provide a satisfying customer service experience.
And the out-sourced governmental services gone bad need more publicity too.
The ultimate point must be that gov't doesn't deserve to be drowned in Grover Norquist's bathtub.
January 29, 2007 9:43 AM | Reply | Permalink
Those are all very good examples. Some economists refer to Utilities that you mentioned like Water delivery and electrical utilities as natural monopolies. Some are more so than others. It is possible to deliver these services to market without making them a natural monopoly run by the public sector.
Defense is sometimes refered to in this regard as well to avoid multiple armies vying for the patronage of the government. The colonials supplied militias as a compliment to the continental army.
Downloaded music and the like is a private property concern. Private property needs to be protected in order that people are free to exchange labor and services at prices they choose to negotiate. It is a function of a limited government to protect Life, liberty and property. A person should be able to own a tract of land without others tresspassing or stealing their land. That includes protection from the government stealing your property.
Markets can see into the future, but maybe not in the way some might like. You mentioned mined fuels. This year was the first year in 25 years that people have chosen to drive less, even though they have more money to spend. They are driving less, because it is more expensive to do so. The market is working. There will always be oil. There will never be a situation where someone is willing to spend 10 million dollars to drill for the last barrel of oil, if a driver is willing to spend only 20 dollars a gallon. The reason Bush is pushing alternative fuels is not primarily for enviromental reasons, it is a national security issue for him. He wants to make the trade imbalance with the middle east irrelevant.
The Railroad issue is similar to the broadcast spectrum. The IEEE, a non governmental standards body brings together commercial industry players to agree on standards such as 802.11 G for wireless internet devices. The governments sell spectrum to cell phone companies when the standards guilds could easily do the same.
The Railroads were laying tracks in different gauges. A standards body can solve that, the problem is having the rights of way that the government allows. This again is a private property issue. They botched that too, by allowing the Railroads to get free land along the tracks. California in its early days was run by Crocker, Huntington, Stanford, and Hopkins, because they had been given the monopoly by the governemnt through the railroads.
I'm not saying there are not places where the government shouldn't play a part, just that usually the market can do it better and when the government gets involved it should be to protect private property rights, because the little people usually get hurt. The Kelo case is a good example.
January 29, 2007 9:50 AM | Reply | Permalink
This belief of yours regarding Science is based on empirical analysis or faith based feelings.
January 29, 2007 9:51 AM | Reply | Permalink
What?
January 29, 2007 10:00 AM | Reply | Permalink
Kelo is common cause for libertarians and liberals alike. Only machine politicans and connected developers won on that one.
There are times to invest in advance of, or in expectation of developing a market. Companies do this, governments do this, indviduals do this. This is one of those times, regarding energy in particular. We can let the world energy market find its best solution but we may not like it, if it rewards some other country. And climate is a slow process not amenable to direct market forces, since one can't refuse to buy or take one's business to another planet.
Enabling higher education is not market-mediated but worthwhile for all. Of course, as I point out, a market develops anyway, with salaries and tuitions climbing at colleges, mainly due to easy availability of tuition loans.
Health is not a natural market (insurance polices are, but not the point). This because demand for lifesaving intervention is not elastic, so market forces produce paradoxical results (people purchase services they have no hope of paying for). And it's well known that regular checkups and early therapies save money for both providers and patients, but the natural tendency is for people to avoid doctors until a condition is severe.
January 29, 2007 10:58 AM | Reply | Permalink
Everything in Ruth's post is right on the 'money'. New Orleans is the best example of a rising tide that does not lift all boats, especially for those that are boat-less in the first place.
Do we want to live in a society that protects private property but lets its citizens drown on their rooftops?
I love deadlines. I like the whooshing sound they make as they fly by. Douglas Adams
January 29, 2007 11:10 AM | Reply | Permalink
Most people who advocate "market solutions" are in a position to rig those markets, not to put too fine a point on it. Take insurance companies, who tout "free market" solutions to health care, so long as they are allowed to exclude people who have a good chance of needing health care from their risk pools. Requiring community risk pooling is "interfering with the markets," read interfering with their profits.
Global warming is going to be the proof that "market solutons" don't really work. It is the quintessential issue that requires some sacrifice for the common good. But too many people are profiting from things as they are, and they have the clout to torpedo genuine solutions.
Of course the fundamental problem is the notion that individual material prosperity is and should be the goal of life and the standard for judging people. The best things in life aren't things.
January 29, 2007 11:22 AM | Reply | Permalink
"Capitalism is science" is a category error, and makes no sense. "Economics is a science" makes sense.
The free market is fetishized in a religious fashion by people who do not understand rather simple concepts like "externalities". And "don't dam the river, let it flow" is a particularly idiotic thing to say in a thread that partly addresses the flooding of New Orleans.
"All governments lie, but disaster lies in wait for countries whose officials smoke the same hashish they give out." - I.F. Stone
January 29, 2007 11:37 AM | Reply | Permalink
Economics, in the service of Capitalism, is not a science. The models used by neo-liberals all too often depend on perfect conditions or ceteris paribus, which means "all other things being the same." These conditions do not take into account the facts on the ground where all other things are not the same.
Morgan Stanley's chief economist wrote a short article on the failures of the model, called All Other Things Are No Longer Equal.
The movement against flawed economic models has already started in Europe.
I love deadlines. I like the whooshing sound they make as they fly by. Douglas Adams
January 29, 2007 11:39 AM | Reply | Permalink
It is accurate to say that the failure of government in New Orleans, from the failure to fund levee upgrades to the downgrading and cronyization of FEMA, reflected the administration's general lack of enthusiasm for the basic functions of government.
*******************************************
I think you're mis-stating the basic problem, which was that work on the levees over a period of 40+ years had been poorly engineered and construction did not meet specifications. That was through administrations liberal and conservative and a congress run mostly by Democrats. That's more of a USACOE performance issue than the Bush Administration's lack of enthusiasm.
January 29, 2007 11:48 AM | Reply | Permalink
You said, "...What do you mean "capitalism is science?" The power and legitimacy of economics as an academic discipline seem wildly overblown to me."
Do you base this belief on empirical analysis? Do you base this belief on having studied, analyzed, examined with measurement and scientific methods...etc?
Or are you just not feeling good about this branch of Science. What do you base your belief on?
January 29, 2007 12:10 PM | Reply | Permalink
Help me out then. How might someone "fetishize" in a religious fashion the free market? Not trying to be "idiotic" here?
January 29, 2007 12:14 PM | Reply | Permalink
Can someone explain how Market Fundamentalism is in some way associated with international domestic violence?
The sons of the prophet are noble and bold,
and quite unaccustomed to fear.
But the bravest by far in the ranks of the Shah
was Abdul Abulbul Amir
January 29, 2007 12:28 PM | Reply | Permalink
You might as well say, Climatology in the service of global warming is not science.
Capitalism exists as a concept and it is studied by economics. It can be proven by scientific methods that Capitalism exists and has a scientific methodology to it that makes it a subset of the Social Sciences.
The lackluster growth in Socialist economies of western Europe continue to have pathetic growth. The best thing for them to do is turn away from leftist economic models.
January 29, 2007 12:29 PM | Reply | Permalink
That doesn't do anything to answer my question, TJ. What did you mean when you said "capitalism is science"?
Do you base your belief that "capitalism is science" on empirical analysis? What hypotheses have you developed to test that belief? Did you attempt to falsify it? How so?
Look, all I wanted was an explanation of what you meant, but if you want to go round and round challenging the bases of each other's beliefs, well, I guess we can do it.
January 29, 2007 12:33 PM | Reply | Permalink
Capitalism is a market infrastructure that is made up of a set of economic policies. It arguably depends more on the state than the state depends on it. In your own words, the state has to protect private property from force and fraud and also protect the system from foreign invasion, enforce contracts and coin a uniform currency and weights and measures, among other duties.
Lackluster growth of what in which European economies? By what measures are you measuring those economies and relative to what other countries and systems?
I love deadlines. I like the whooshing sound they make as they fly by. Douglas Adams
January 29, 2007 1:35 PM | Reply | Permalink
Add to that how is "market fundamentalism" connected to women's equality in education. Right now there are more women that men earning college degrees in America. This author moved into a cave about 1969.
January 29, 2007 3:28 PM | Reply | Permalink
January 29, 2007 4:51 PM | Reply | Permalink
and many more women, apparently, are going for tougher degrees-- those in math and science.
personally, I think it's because there is less "hands on" practice for men.
I went into computer science because that is what I played with as a kid, on the old Apple IIe.
I'm just learning how to play with math and it's a lot of fun and I now have a piano and taught myself more than I learned as a kid because now I'm playing.
When I was at the university of minnesota, I learned to hate school because I felt like I was in jail... After my last graduate level math class there, I decided that the teacher was like a taxi cab: he cared about my progress as long as I put money in the meter. That realization led me to find more stimulating environments and be more dedicated to literacy.
Learning at home is what women used to do. It'll be interesting to see if women maintain the edge or men take over if men start going back to the basics... and stop being co-dependent on a learning environment that is powered with quarters.
January 29, 2007 4:56 PM | Reply | Permalink
This is what the Trotskyites of the 30's--all those earnest CCNY left-wingers who later became neo-cons-- would have sounded like if laptops had been invented by then. Please get real. This country is not going socialist in the lifetime of anybody on this board, so figure out how government can harness the power of the market to achieve desirable social ends. Capping and trading emissions permits is one way; government subsidies for people to buy health insurance is another. Unless you taking this blog for college credit, don't waste people's time on sterile theories.
January 29, 2007 5:46 PM | Reply | Permalink
Now one thing I was wondering about just the other day... I wasn't born then so I don't know much about it but how did we get out of the 70s stagflation if not by turning to Market Fundamentalism?
What non-Market Fundamentalist actions could we have taken and why would they have worked? Or conversely why didn't they?
January 29, 2007 6:31 PM | Reply | Permalink
I was not stating that Capitalism MUST depend on those things. I said different goods,services and relationships lend themselves more to what some economists call "natural monopolies". Their argument is, and it is not my argument, is that having many electric companies wanting to string cable down one street to deliver electricity would be a problem for some. The market has solutions for that too. People would choose to live in a community that does not do that.
As I stated militias in the colonial period are a form of having more than one producer of military services and security. Protecting property, We have second amendment because we do not trust the government to always be there to protect our property.
I also gave examples of how industrial organizations, guilds and standardizing bodies can come to agreements on how the producers will operate. Uniform currency, who needs cash? Believe me where currency is involved, without a government making money people can create their own internet currency, and they have.
I am not advocating no government, I just think your statement that Capitalism depends more on the government than government depends on Capitalism is an extremely profoundly interesting, yet mistaken statement. The reason why we believe in limited government is for the very reason that government has an uncontrollable instinct to engulf free market economies and must be reined in constantly. Government feeds off of it. As I stated earlier, the Kelo case before the Supreme court is a perfect example of that. Many on the left and right agree on the danger of the decision. A city government that craves tax dollars, condemns poor people's homes, kicks them out through imminent domain to allow a fat cat developer to build a private development that will bring in more tax dollars. Robbing poor Peter to pay rich Paul. Private property rights be damned. In his dissenting opinion, Clarence Thomas, said in the 50s and 60s this type of abuse of eminent Domain was called "negro removal".
Government can't live with out an economy, but an Economy can live with little or no government.
What did the Soviets and the Chinese turn to when they saw the government struggling to compete with the Capitalist world, they begrudgingly admitted they had to free up parts of their economy to create wealth so the government would have something to feed off of. They could have survived off of the old stand by, ...rape and pillage, but with the free world acting as a counter weight to their rape and pillage, it became too costly. They lost.
Government exists because we the people give our consent to allow it to exist.
In answer to your Western European question, for the last full year, 2005, as a percentage of GDP, here is western Europe with their 2 month mandatory vacations, bloated welfare programs and confusing regulatory schemes.
France 1.2, Germany 0.9, belgium 1.5, italy 0.0, netherlands 1.5, portugal 0.4.
Even Iraq has a faster growing economy.
The Eastern European countries that are more philosophically aligned with the US model their economies on growth oriented principles like stable monetary policy, export-oriented trade policies, low flat-tax rates. This has given many of them growth rates of 8-9%. They also happen to be strong supporters of Military operations in the Middle east. The Economic map of Europe is stagnant west, robust east.
Thanks for your response
January 29, 2007 8:26 PM | Reply | Permalink
In arguing with serious market-oriented thinkers, health insurance offers a good example of a failure of market fundamentalism. A deep advantage of markets, typically, is their effective use of information. For example, markets typically work better when buyers and sellers have more information about each other -- buyers can choose better products, and sellers can do a better job of providing them.
Now consider health insurance -- sellers with better information about buyers can do a better job of matching premiums to each buyer's expected medical costs. If insurance sellers had perfect information, everyone's premiums would exactly cover their own future medical expenses, and might as well be put in a bank instead. That is, with perfect information, insurance would be perfectly useless. (Fears of getting better medical information via genetic testing are part of this perverse syndrome.)
This observation both punctures the balloon of market fundamentalism and provides a deep argument for intervening to restructure the market along the lines of universal coverage.
January 29, 2007 9:17 PM | Reply | Permalink
The Economic map of Europe is stagnant west
Sorry, but you are repeating myths here. Western Europe's economies are not as anemic as the Economist, Financial Times, Wall Street Journal, etc. frequently claim.
GDP growth is not the lone deciding factor of economic prosperity. The fruits of a country's wealth should ideally result in a happier population: You mention long vacations, and let's add to that higher average wages, universal healthcare, and more job security. In the U.S., GDP growth (3.2% annually) is for the most part being felt by the richest 10% of the population. Widening economic disparities translate into power disparities, and that is not healthy for democracies. Growth just for the sake of growth means nothing as far as prosperity is concerned. Even the anti-social-spending Economist ranks nine Western European countries ahead of the U.S. on its quality of life index: link
If, however, you want to get hung up on GDP, a little math shows that most Western European countries' GDP per capita is growing at a faster rate than that of the U.S. Compare if you wish the U.S.' 3.2% annual GDP growth rate for 300 million residents to France's 1.2% for 60 million residents.
They also happen to be strong supporters of Military operations in the Middle east.
This is a good thing per se?
January 29, 2007 11:41 PM | Reply | Permalink