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  1. Last 7 days
  2. Oct 2020
    1. These changes are not, on the whole, the fault of globalisation, that scapegoat of the populist insurgency, but of technology-driven changes combined with policies that have reinforced the underlying forces of divergence.

      +1 this is precisely argument of open revolution.

    1. James Bronterre O’Brien, told the people:‘Knaves will tell you that it is because you have no property, you are unrepresented. I tell you on the contrary, it is because you are unrepresented that you have no property …’16

      great quote

    2. A thousand years ago, the world was flat, economically speaking.

      I don't think we have to go back even this far. If I recall correctly, even 150 years ago the vast majority of the world's population were subsistence farmers. It's only been since the 20th century and the increasing spread of the industrial revolution that the situation has changed:

      Even England remained primarily an agrarian country like all tributary societies for the previous 4,000 years, with ca. 50 percent of its population employed in agriculture as late as 1759.

      --David Christian, Maps of Time (pp 401) quoting from Crafts, British Economic Growth, pp. 13–14. (See also Fig 13.1 Global Industrial Potential from the same, for a graphical indicator.

    1. This is not to say that there are not rich people and poor people in the United States, or that the gap between them has not grown in recent years. But the root causes of economic inequality do not have to do with the underlying legal and social structure of our society, which remains fundamentally egalitarian and moderately redistributionist, so much as with the cultural and social characteristics of the groups that make it up, which are in turn the historical legacy of premodern conditions.
    1. Piketty, however, sees inequality as a social phenomenon, driven by human institutions. Institutional change, in turn, reflects the ideology that dominates society: “Inequality is neither economic nor technological; it is ideological and political.”
    2. For Piketty, rising inequality is at root a political phenomenon. The social-democratic framework that made Western societies relatively equal for a couple of generations after World War II, he argues, was dismantled, not out of necessity, but because of the rise of a “neo-proprietarian” ideology. Indeed, this is a view shared by many, though not all, economists. These days, attributing inequality mainly to the ineluctable forces of technology and globalization is out of fashion, and there is much more emphasis on factors like the decline of unions, which has a lot to do with political decisions.
    1. Long, H., correspondentEmailEmailBioEmailFollowEmail, H. L., Dam, rew V., Fowers, rew V. D. focusing on economic dataEmailEmailBioEmailFollowEmailAlyssa, visualization, A. F. reporter focusing on data, data, analysisEmailEmailBioEmailFollowEmailLeslie S. S. reporter focusing on, & storytellingEmailEmailBioEmailFollowEmail, multimedia. (n.d.). The covid-19 recession is the most unequal in modern U.S. history. Washington Post. Retrieved October 2, 2020, from https://www.washingtonpost.com/graphics/2020/business/coronavirus-recession-equality/

  3. Sep 2020
  4. Aug 2020
  5. Jul 2020
    1. A new paper by Atif Mian of Princeton University, Ludwig Straub of Harvard University and Amir Sufi of the University of Chicago expands on the idea that inequality saps demand from the economy. Just as inequality creates a need for stimulus, they argue, stimulus eventually creates more inequality. This is because it leaves economies more indebted, either because low interest rates encourage households or firms to borrow, or because the government has run deficits. Both public and private indebtedness transfer income to rich investors who own the debt, thereby depressing demand and interest rates still further.
  6. Jun 2020
  7. May 2020
    1. The pursuit of profit and greater efficiencies has led to the invention of new technologies that replace people, which has made companies run more efficiently, rewarded those who invented these technologies, and hurt those who were replaced by them. This force will accelerate over the next several years, and there is no plan to deal with it well.

      This is huge - this is the essence of open revolution. Though he phrases it as a choice. The choice is in the rules we create.