Bill Mitchell — The case for re-nationalisation – Part 2

In the first part of this blog (July 13, 2016) – Brexit signals that a new policy paradigm is required including re-nationalisation – I suggested that re-nationalisation of certain sectors has to return as a key industry policy plank for any aspiring progressive political party.

Bill Mitchell – billy blog
The case for re-nationalisation – Part 2
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Neil Wilson — What the Trident Debate taught us about government spending

It is time to refuse to speak in terms of numbers, and start talking only in terms of people and resources required to get things done.

Medium — Neil Wilson
What the Trident Debate taught us about government spending
Neil Wilson

Bill Mitchell — Towards a progressive concept of efficiency – Part 2

This is Part 2 of my discussion of how a progressive agenda can escape the straitjacket of neo-liberal thinking and broaden how it presents policy initiatives that have been declared taboo in the current conservative, free market Groupthink. Today, I compare and contrast the neo-liberal vision of efficiency, which is embedded in its view of the relationship between the people, the natural environment and the economy, with what I consider to be a progressive vision, which elevates our focus to Society and sees people embedded organically and necessarily within the living natural environment. It envisions an economy that is created by us, controlled by us and capable of delivering outcomes which advance the well-being of all citizens rather than being a vehicle to advance the prosperity of only a small proportion of citizens.…

Bill Mitchell – billy blog
Towards a progressive concept of efficiency – Part 2
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Bill Mitchell — Towards a progressive concept of efficiency – Part 1

Before I present the second part of my discussion about the relevance of re-nationalisation to what I would call a truly progressive policy agenda, we have to take a step backward. I note after the first part – Brexit signals that a new policy paradigm is required including re-nationalisation – there were a few comments posted (and many more E-mails received – apparently readers are happier berating me personally rather than putting their ideas out in the public domain) that I was advocating a return to the ‘bad’ old days of nationalisation where cronyism, inefficiency and trade union bastardry were the norm. The obvious next point was – how can I claim that is progressive and part of the future. In this two part blog (the second part will come tomorrow), I offer a framework for assessing these claims. Today’s blog foscuses on the neo-liberal vision of efficiency and reveals how narrow and biased towards private profit it is. In Part 2 (tomorrow) I will present the progressive vision and how it conditions the way we think of efficiency. Once we break out of the neo-liberal constructs and refocus our attention on Society rather than the individual then the way we appraise policy options also changes – it becomes enriched with new possibilities and understandings. We enter the progressive world and leave behind the austerity nightmare that neo-liberalism has created. We are then able to see how our old conceptions of nationalised industries or public sector job creation are tainted with these neo-liberal biases. And we are then able to see how policy initiatives that invoke scorn from the conservatives and many so-called modern progressives (obsessed with post modern constructs) have a vital role to play in a truly progressive manifesto. I split the discussion into two parts because the blogs are too long as they are.

This blog is part of Part 3 of next book (with co-author, Italian journalist Thomas Fazi), which is nearing completion. Part 3 will present what we are calling a ‘Progressive Manifesto’ to guide policy design and policy choices for governments that are struggling to see a way beyond the neo-liberal macroeconomics which we posit blights any hope of mounting a progressive agenda.

We also hope that the ‘Manifesto’ will empower community groups by demonstrating that the TINA mantra, where these alleged goals of the amorphous global financial markets are prioritised over real goals like full employment, renewable energy and revitalised manufacturing sectors is bereft and a range of policy options, now taboo in this neo-liberal world, are available.…

Bill Mitchell – billy blog
Towards a progressive concept of efficiency – Part 1
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Andrea Terzi — Connecting the Dots: Debt, Savings and the Need for a Fiscal Growth Policy

Longish post or short article.

Private Debt Project

Connecting the Dots: Debt, Savings and the Need for a Fiscal Growth Policy
Andrea Terzi, Professor of Economics, Franklin College, Switzerland

Geoff Coventry — Ending Fiscal Stimulus: A Case For Sensible Fiscal Policy

The case for economic policy based on MMT.

It's The People's Money

Ending Fiscal Stimulus: A Case For Sensible Fiscal Policy
Geoff Coventry

World Economic Review No 7, July 2016 – Worldwide Fiscal Crisis: Fact or Fiction? [MMT]

World Economic Review

WER No 7, July 2016 – Worldwide Fiscal Crisis: Fact or Fiction?

Worldwide Fiscal Crisis: Fact or Fiction? John T. Harvey	1 – 2
Taxes are for Redemption, Not Spending L. Randall Wray	3 – 11
The Debt Ratio and Sustainable Macroeconomic Policy Scott T. Fullwiler	12 – 42
Eurozone Groupthink and Denial on a Grand Scale William Mitchell	43 – 55
Austerity in Mexico: Economic Impacts and Unpleasant Choices Ahead Juan Carlos Moreno-Brid, Noel Pérez-Benítez, Héctor J. Villarreal	56 – 68