Wednesday, July 27, 2011

Are you there Marx? It's me, Louis.

I want to draw everyone's attention to this piece by Joshua Sperber over at Facilegestures.  He takes aim at Joseph Stiglitz' recent critique of austerity plans in the United States, by arguing that:  

...the thinking behind austerity is not without logic, as the government understands that by reducing business costs it can manufacture the profit that the system is otherwise struggling to generate. And a chief cost that austerity aims to reduce is that of labor, as further diminishing the welfare state will encourage an even more desperate labor force that will, out of the necessity of survival, do whatever it takes for the opportunity to work for whatever is being offered...
I appreciate this line of thinking because for a while now I have been trying to make the connection between the policy that the right-wing (and many Democrats) say they want and the policy outcomes.  Krugman recently addressed this in terms of rentiers/creditors vs. producers, but I think Sperber truly gets to the bottom of the dilemma.

All of this is just to ask, what else can Marx tell us about our current plight?

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