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Message: <blockquote data-quote="rickyb" data-source="post: 4827455" data-attributes="member: 56035">[USER=60631]@El Correcto[/USER]World War I changed all that. Already in the late 19th century the landlords and the banks fought back. They fought back largely through the Austrian School of individualism and the English marginalists, and they euphemized it as free markets. That slogan meant giving power to the monopolists, to the oppressors, to violence. A free market was where armies can come in, take over your country, impose a client dictatorship like Pinochet in Chile or the neo-Nazis in Ukraine. Americans call that a free market. The Free World was a world centrally planned by the American military and finance. So, it’s Orwellian double-think. The dynamic of this world is shrinking because it’s polarizing. You’ve seen with the COVID pandemic in the United States, the economy has polarized much more sharply between the 1%, the 10% and the rest of the economy.Well, as opposed to that, you have economies that are not run by a rentier class, and that do not have a banking class and landlord class controlling the economy. The kind of arrangement that you had in Germany in the late 19th century: government, industry and labor coordinated. The question was how to provide the financing for industry so that banks can provide not only industrial capital formation, but public funding to build infrastructure and uplift the population.China is doing just what made America rich in the 19th century, and what made Germany rich. It’s the same logic of industrial engineering. This plan is based on economic expansion, environmental preservation and economic balance instead of concentration, so this is going to be a growing economy. So, you’re having a growing economy outside of the United States and a shrinking economy in the States and its satellites in Europe.Europe had a choice: Either it could shrink and be an American satellite economy, or it could join the growth. Europe has decided unanimously to forego growth and become a set of client oligarchies and kleptocracies. It is willing to let its financial sector take over just as in America. That’s a “free market,” because I’m told by American officials that they can just buy the European politicians, they’re bribable. Being up for sale is what a free political market means.[URL unfurl="true"]https://michael-hudson.com/2021/03/what-flavour-oligarchy/[/URL]</blockquote>

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