By David Schweickart

Pdf: two-page test, ocr/fully searchable, now not bookmarked

In After Capitalism, David Schweickart strikes past the conventional arguments opposed to globalizing capitalism to give a contribution anything totally helpful and lengthy overdue—a coherent imaginative and prescient of a workable, fascinating substitute to capitalism. He names the program fiscal Democracy, a successor-system to capitalism which preserves the potency strengths of a industry financial system whereas extending democracy to the place of work and to the buildings of funding finance. Drawing on either theoretical and empirical study, Schweickart indicates how and why this version is effective, dynamic, and better to capitalism alongside a number values.

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But this credit need not come from private savers. It could come from public sources. Therefore, the payment of interest to private . savers is not necessary for economic growth. The Keynesian counterstory makes it clear that private savings are not es­ sential to a modem economy. In fact, it points to an even more shocking conclusion. In an advanced capitalist society, saving rather than consuming can be detrimental to the economy. This is the part of the Keynesian coun­ terstory never mentioned in polite company.

For society as a whole, the causal sequence runs investment � growth � savings. The implications of this story are dra­ money typically have more of it than those who borrow. In a class-polarized matic and unsettling. You don't need savings for growth. So you don't need society, institutions that facilitate the transfer of funds from rich to poor, to be to pay people interest to encourage them to save. (Keynes himself did not repaid with interest, likely make matters worse. "s Nevertheless, in a modern society, so long as the practice does not get out The Keynesian counterstory is counterintuitive.

The issue of compensating investors for risk; here we This is a nice arrangement for me, to be sure, but you have no grounds for complaint, do you? You also gained something, namely, the ability to enjoy a product before you had saved enough to purchase it. ) John Maynard Keynes, the most influential economist of the twentieth century, stared at the wreckage of the Great Depression and realized that the Of course, background assumptions are important here, since this process is not always benign.

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After Capitalism (New Critical Theory) by David Schweickart
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