0 Our dysfunctional economy in a picture and a few words.

  • Economy
  • by Adrian Mark Dore
  • 23-02-2023
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This chart depicts how we have transitioned from a functioning to a dysfunctional economy over the past four decades. 

The journey starts with a democratically elected government, which, by and large, serves majority needs, providing balance in serving society and market needs. 

The government is influenced by 10 “INFLUENCERS”, for which I provide a brief description below. 

  1. Revolving Door is where politicians, or high-ranking public employees, leave government to join the private sector or vice versa. In this process, businesses obtain high-level access to government, thereby influencing decisions.
  2. Political Party Funding, and its general poor regulation. Funding implies obligations. There are always “strings attached” to funds.
  3. Lobbying is a substantial multi-million industry. If lobbying did not work, the sector would not exist. Its size tells you how successful it is.
  4. Cronyism, often an extension of the Revolving Door, and “old school tie”, plus numerous other forms of favouritism.
  5. Consulting / Services, where ex-politicians, often Prime Ministers and Presidents, offer their services as consultants. It’s an extension of the Revolving Door, but where they are not employees but independent providers of “services.”
  6. Media. Large private corporations often own the media, which play a critical role in shaping and altering public opinion.
  7. Corruption and other crimes.
  8. Unfair tax systems, where the rich are favoured (e.g. free market economic policies), allow them to increase their wealth and their political influence.
  9. Lack of government transparency.
  10. Political Polarisation means poor political cooperation in limiting corporate control over economic policy.

These 10 INFLUENCERS result in STATE CAPTURE of the government. This is a relatively slow “drip by drip” process, eventually leading to PLUTOCRACY. A state where the wealthy exercise control over the government, dictating economic policies.

This results in the implementation of the TRIAD of EVIL, where Free Market Economic Policies are introduced. In essence, Free Market policies shift the economy’s emphasis away from a balanced approach of serving society and markets to serving markets. This imbalance in favour of markets over society (and the environment) leads to ECONOMIC APARTHEID, hence the alternate name for Free Market Economic Policies. 

The extension of Free Market Economic Policies over global markets lead to Globalisation. A more appropriate name for it is GOBBLISATION, as businesses gobble up international markets for their exclusive benefit, not those of the majority. 

Free Market Economic Policies also lead to the rapid expansion of the Rentier Economy, which can be more appropriately referred to as the BLOODSUCKER ECONOMY. It justifiably earns this name as it extracts wealth from others through no productive input whatsoever. Simply through the ownership of assets, they extract wealth. 

Only ignorance or vested interests (plutocracy) lead to the implementation of the TRIAD of EVIL. The overwhelming evidence that it is responsible for social and environmental decline and the massive wealth growth of the rich is undeniable. Balance needs to be restored. Corporation tax and high-end tax rates must be increased, and tax specifically applied to rental incomes. This is just the beginning of the rebalancing process. We also need to restrict (preferably remove) the 10 INFLUENCERS 

In the UK, like elsewhere, talk is about the “problem” of reducing the deficit. Unsurprisingly, topping government’s list of to-dos is “spending cuts”, yet the solution is obvious to anybody other than a plutocrat. Increase taxes on the groups mentioned above. They are the ones who have benefited hugely over the past four decades. I don’t see the “problem” the government sees. However, I see the problem of continuing down the same old road as yesterday, impoverishing the majority and destroying the environment, so the rich may amass absurd levels of wealth.

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