By Thomas Byrne Edsall
One of our so much prescient political observers presents a sobering account of the way pitched battles over scarce assets will more and more outline American politics within the coming years—and how we would steer clear of, or not less than mitigate, the wear and tear from those ideological and financial battles.
In an issue of simply 3 years, a sour fight over restricted assets has enveloped political discourse at each point within the usa. Fights among haves and have-nots over future health care, unemployment merits, investment for personal loan write-downs, fiscal stimulus legislation—and, on the neighborhood point, over cuts in police security, rubbish assortment, and within the variety of teachers—have ruled the controversy. Elected officers are being compelled to make zero-sum choices—or worse, offerings without winners.
Resource pageant among Democrats and Republicans has left both sides made up our minds to guard what it has on the fee of the opposite. the main problems with the following few years—long-term deficit relief; entitlement reform, particularly of Social safety, Medicare, and Medicaid; significant cuts in protection spending; and hassle in financing a continuation of yankee foreign involvement—suggest that your-gain-is-my-loss politics will necessarily accentuate.
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Extra info for The Age of Austerity: How Scarcity Will Remake American Politics
Example text
The G7/8 has already been superseded by the G20 which includes China, India, Brazil, Mexico, Turkey and South Africa. The economics profession for the most part slept into the crisis. ” The argument – expressed in the admittedly extreme terms of a Wall Street Journal editorial entitled “Keynes really is dead” – is that: [G]overnment spending is less efficient, and thus less productive, than private spending. The government tends to spend on items (welfare, subsidies) that produce less economic growth than private investment does.
A way out necessitates the forging of a new social contract around effective budget reform that will have to include more taxes on the rich through property taxes and more effective, broader provision of public services. Concomitantly, supra-national action will be needed to relax some of the constraints stemming from economic globalization; for example, collective action is needed to overcome the perilous budgetary effects of inter-country competition for foreign direct investment. ). Exploring an economic alternative 13 Gus Van Harten’s chapter complements the preceding ones in Part III and shows how, because of a lack of legal capacity, interfacing with economic globalization can be problematic as low-income countries get overwhelmed by the litigation investment treaties expose them to.
Part IV of the volume is devoted to case studies of pro-active government using new developmentalist prescriptions. Kevin Gallagher and M. Shafaeddin show that China’s industrial development is occurring at an unprecedented rate, as evidenced by the increasing level of value added in its products and its export competitiveness. The policies and performance of China stand in stark contrast to those of Mexico, where China’s development is seen as “threatening” Mexican manufactured exports and development.