Notre Dame undergrad (math); JD, Indiana University at Bloomington; 1st Lieutenant, US Army.; private practice in corporate and securities law; Assistant AG in Tennessee for consumer protection and securities; Blue Sky Securities Commissioner, Tennessee; private practice, bankruptcy and corporate law.
I have had a lifelong interest in economics. For most of my career, that interest was practical, focused on the problems in front of me. Lately I have been more interested in economics as a theory, especially its impact on the lives of people like those I met in my bankruptcy practice, and on the politics of money in the US. I also enjoy reading philosophers, starting in college and steadily expanding my reading ever since. I wrote at FireDogLake for a number of years.
Generally, I think the problem facing the US is the dominance of neoliberal discourse. I think it clouds the vision, and limits the kinds of problems that can be identified and solved. For example, the existence and danger of climate change can easily be identified in a scientific discussion. However, the problem does not fit the neoliberal discourse because science insists that the pursuit of individual and corporate self-interest will lead to devastation. In neoliberal discourse, the pursuit of self-interest always leads to Eden.
The neoliberal project has two prongs. One is the police function of crushing dissent and alternative views. The police function is provided by government agencies and private and institutional actors. The counterpart is the economic system , which is operated by government and by private and institutional actors. Some of these actors operate in both spheres. I focus on the second prong.
The last chapter of Hannah Arendt’s The Origins of Totalitarianism is devoted to discussion of the totalitarian regime, which comes when the totalitarian movement has taken power. Arendt says that totalitarian movements don’t offer a specific program for government. Instead, they propose to operate under a “scientific” program. For the Nazis, this was the law […]
Most economists supported NAFTA, and then spent years justifying their support with models and econometric studies they claimed showed that it had little effect. They continued to support trade treaties when China entered the World Trade Organization. They supported the KORUS deal and most supported TPP. Meanwhile, manufacturing job losses increased from the allegedly minor […]
Paul Krugman has been walking back his nearly unbridled support of trade treaties lately. In this blog post, he says “I think I’ve never assumed away the income distribution effects.” Those distributional effects are, he says, predicted by the standard models. In the Foreign Affairs article I’ve discussed in the last two posts in this […]
Paul Krugman begins his 1993 defense of NAFTA by insulting its opponents gratuitously and wrongly. Then he offers the readers of Foreign Policy the defense of trade treaties they love. The truth about NAFTA may be summarized in five propositions: • NAFTA will have no effect on the number of jobs in the United States; […]
As I pointed out in this post, conservative elites have completely lost their minds. But liberal elites have problems as well. The problem is more complex with liberals, and it will take several posts of reasonable length to get into it. To make things concrete, I’m going to begin with the liberal approach to trade, […]
Only the mob and the elite can be attracted by the momentum of totalitarianism itself; the masses have to be won by propaganda. P. 341. As we saw in Part 5, the elites were neutralized by violence against the Marxists and Communists. That removed a major obstacle to the growth of the totalitarian movement in […]
This post will be updated with all posts on The Origins of Totalitarianism by Hannah Arendt. Here’s a copy of this book. All page numbers correspond to that version Posts in this series: The Origins of Totalitarianism Part 1: Introduction. The Origins of Totalitarianism Part 2: Antisemitism The Origins of Totalitarianism: Interlude on the Tea […]
The Origins of Totalitarianism: Interlude On the Twilight of Conservative Elites Previous posts in this series: The Origins of Totalitarianism Part 1: Introduction. The Origins of Totalitarianism Part 2: Antisemitism The Origins of Totalitarianism: Interlude on the Tea Party The Origins of Totalitarianism Part 3: Superfluous Capital and Superfluous People The Origins of Totalitarianism: Interlude […]
Previous posts in this series: The Origins of Totalitarianism Part 1: Introduction. The Origins of Totalitarianism Part 2: Antisemitism The Origins of Totalitarianism: Interlude on the Tea Party The Origins of Totalitarianism Part 3: Superfluous Capital and Superfluous People The Origins of Totalitarianism: Interlude on The Commons Capitalism Versus The Social Commons (published at Naked […]
In an article in The Guardian, Thomas Piketty says that Bernie Sanders represents a real hope for the adoption of the tax policies Piketty lays out in Capital in the Twenty-First Century. Piketty calls for higher and steeply progressive income taxes and a high estate tax, which he thinks will lead to a reduction in […]