#THREAD
#Neoliberalism has been a cataclysmic failure:
Taxes for the rich have been cut, & regulation reduced or privatized
Worker, consumer & environmental protections have been removed
Deregulation produces not competition, but market concentration
prospect.org/economy/neolib…
#Neoliberalism has been a cataclysmic failure:
Taxes for the rich have been cut, & regulation reduced or privatized
Worker, consumer & environmental protections have been removed
Deregulation produces not competition, but market concentration
prospect.org/economy/neolib…
Economic power has resulted in feedback loops of political power, in which elites make rules that bolster further concentration
Wealth distribution is vastly more unequal, yet economic growth is slower & more chaotic than during the era of managed capitalism
Wealth distribution is vastly more unequal, yet economic growth is slower & more chaotic than during the era of managed capitalism
Daily life has become more of a struggle for hundreds of millions of ordinary decent people
The economic collapse of 2008 was the result of the deregulation of finance, costing the US economy upwards of $15 TRILLION (vastly more globally)
The economic collapse of 2008 was the result of the deregulation of finance, costing the US economy upwards of $15 TRILLION (vastly more globally)
Free-market theory presumes that innovation is necessarily benign. But much of the financial engineering of the deregulatory era was self-serving, opaque, & corrupt—the opposite of an efficient & transparent market
The existential threat of global climate change reflects the incompetence of markets to accurately price carbon & the escalating costs of pollution
The entrenched political power of extractive industries & their political allies influences the rules & the market price of carbon
The entrenched political power of extractive industries & their political allies influences the rules & the market price of carbon
The grand neoliberal experiment of the past 40 years has demonstrated that markets in fact do not regulate themselves
Democracy itself is under threat: increasingly authoritarian & antidemocratic legislation is being introduced in supposedly democratic countries like Britain.
Democracy itself is under threat: increasingly authoritarian & antidemocratic legislation is being introduced in supposedly democratic countries like Britain.
It's not simply the neoliberalism of outsourcing, privatization, & shrinking the state. The US Libertarian-right billionaire project, now playing out in the UK as well as the US, is nothing less than a permanent alteration power relations: dismantle democracy & install #oligarchy
🚨How did Britain get here?
🚨What has been the true cost to British people?
🚨And most importantly, WTAF are we going to do about it?
🚨If we don't take decisive action NOW, it may well be too late.
🚨What has been the true cost to British people?
🚨And most importantly, WTAF are we going to do about it?
🚨If we don't take decisive action NOW, it may well be too late.
https://twitter.com/docrussjackson/status/1359445197113950208?s=20&t=rixiRZuJKG82vRnT9CISNQ
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