Economy Class Crow

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Where they at?!!?! Would you believe it?! Today is the 2 year anniversary of birdstrips!! You can find them available on a sliding scale at the link in my bio, or at shop. I try to go easy on myself when I have less time or energy.

I go small sometimes when I have to, and I go big when I can. Everybody needs breaks. How did you give yourself a break today?

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Happy to see you. You can find it at the link in my bio! You might not recognize the bird in the picture… the first thing I put up is a cheeky valentine that only appeared on Patreon! Suddenly I have way more control over things like prices, sales, and site layout; it lets me keep a blog, or add your reviews, or even start a newsletter! It is simply wishful thinking to believe that some deep natural processes drive liberal causes. They have to be fought for, over and over and over again. Politically, the challenge is to reassert the authority of government over the market, not in order to cramp competition but in order to see it flourish.

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The corruption of government by powerful businesses is not a weird anomaly. It is precisely where market incentives lead; the currency of political economy is not money but power. Writing in the pre-dawn of the second world war his essay was published in , Russell delineated various kinds of power: economic power, priestly power, hereditary power, power over opinion, naked power, and so on.

Searching for the Origins of the Racial Wage Disparity In Jim Crow America

A free society, Russell insisted, requires institutions and cultures that keep each one of these forms of power in check, and stop them being converted easily one to the other. If economic power or priestly power can be readily turned into political power, for instance, we should be wary of the likely result. Democracies have to be constantly patrolling the borders between different sources of power. Separation of powers is a political principle, not just a constitutional one.

Russell was concerned about power because he was a liberal.

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The concatenation of political and economic power, especially in the US, is intrinsically damaging, as Matt Stoller showed in this series. The airline industry is a case in point.

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Muscular regulation is often required to ensure genuine competition — but all too often, the political right has a knee-jerk reaction against regulation, and the political left has a knee-jerk reaction against competition. A competitive free market is a good thing.

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  • But like tabby cats, it does not exist in the wild. Once again, what matters here is power. Democratic political systems and capitalist economic systems share an important and attractive feature, of diffusing power. When every vote counts equally, politicians are obliged to serve the people. When every dollar counts equally, companies are obliged to serve the people, too. At heart, both are massive power-sharing agreements.

    Capitalism works best when it acts in a centrifugal manner to disperse power, less well when it tends towards concentration. Right now, capitalism in many nations, including the US, is tending more towards centripetal than centrifugal capitalism — as many of the essays in this series have shown, including from Ganesh Sitaranam. Economic power is being concentrated geographically. Today 25 cities, most of them on the coasts, account for more than half of the US economy.

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    Between and , economic activity was dispersing across regions, reducing spatial inequality. Since , the trend has been the other way, with activity becoming more concentrated in the coastal cities. Neighborhoods are becoming more economically distinct, too: if you are rich, your neighbors are more likely to be rich than in the past — likewise, if you are poor. Poorer neighborhoods are increasingly cut off, socially and geographically, from the sources of economic prosperity. In terms of policy, the liberal consensus that growth would automatically spread and be shared has been shattered.

    New measures of distributional growth, as proposed by Heather Boushey , are badly needed. The potential for well-structured, centrifugal capitalism to bring prosperity and choice continues to be demonstrated on a global scale.

    But this potential is not being realized within many of the countries that currently dominate the international economic scene. Capitalism in its liberal variant is under serious pressure. But an inwards turn, away from markets, away from trade, away from competition, away from dynamism, would spell dark times indeed, not least for the very people currently most attentive to the bugle call of retreat from the populist movements of left and right.

    Capitalism may be broken, at least in places.

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    But it is not beyond repair. Facebook Twitter Pinterest.

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    Topics Inequality Broken capitalism. Reuse this content. Most popular.

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