By John Weeks. He is an economist and Professor Emeritus at SOAS, University of London. John received his PhD in economics from the University of Michigan, Ann Arbor, in 1969. He is author of a new book entitled ‘Economics of the 1%: How mainstream economics serves the rich, obscures reality and distorts policy’ (Anthem).
I and many others have argued that the basic EU treaties have flexibility to accommodate most social democratic policies such as those in the 2017 Manifesto of the UK Labour Party. Our argument may soon suffer a decisive blow from the EU parliament.
In March 2012 twenty-five EU national governments signed the Treaty on Stability, Coordination and Governance (TSCG), the “fiscal pact”. By signing national governments “contracted” (the treaty term) to obey its detailed fiscal rules. The TSCG did not achieve unanimous approval, thus could not become part of the de facto EU constitution; i.e., contrary to the intention of the fiscally reactionary governments, it was not incorporated into the Treaty on the Functioning of the European Union (TFEU).
Continue reading National Fiscal Flexibility: EU Parliament Plans A Big Step Backwards
Dr. John Psarouthakis, Executive Editor, www.BusinessThinker.com
Founder and former CEO, JPIndustries, Inc., a Fortune 500 industrial group
We have been in the midst of a fundamental and historic shift of how the economies around the world develop. With the collapse of the centralized and state control model of the economy what we have now, however, imperfect it maybe, is the model of the “Free Market.”
This shift is occurring in parallel with two other sociopolitical expressions:
- Smaller government, though the last few years this seems not to have been happening.
- The need, indeed the demand by our society to provide assistance, protection, and distribution of economic benefits in a “fair” way
What we are witnessing is a major shift on “how we can fulfill our expectations of a humanistic society” while we keep the state’s interventions and control power at minimum.
Continue reading The Business Enterprise and Today’s Society (Reposted)
Dr. John Psarouthakis, Executive Editor of www.BusinessThinker.com, Founder and former CEO, JP Industries, Inc., a Fortune 500 industrial corporation, Adjunct Professor(ret.), Ross School of Business, University of Michigan.
President Trump promised that he will bring back manufacturing jobs that in recent years moved to other more “competitive” countries. That is a great objective for our employment and economic expansion.
I wish him success.
In late 2012 I wrote a book titled “Th Technology Imperative: What Jobs! Jobs! Jobs! Really Means in the 21st Century”
Here are issues addressed in my book. Certain brief summaries have been posted and the others will be posted. The linkages are shown just under the headings.
- Some Things Are Not Reversible http://businessthinker.com/some-things-are-not-reversible/
- To Solve a Problem, First Define It
- Forget planned obsolescence; it will happen, planned or not
- The other elephant in the room (and every room in the whole world)
- Why progress always ‘puts some people out of work’
- Manufacturing, despite all that, remains crucial to our economy
- Education isn’t everything, but it’s close
- So can we ‘define the problem’ now?
- The problem defined
- Avoiding dystopia
- In addition to bringing back jobs here is a suggested solution for expanding our economy and maintaining improving employment:
“The Technology Imperative: What Jobs! Jobs! Jobs! Really Means in the 21st Century”, John Psarouthakis, Gavdos Press, October 2012.
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