A Brief Theory of the Market by Ulrich Thielemann, 2000, 21pp

A Brief Theory of the Market – Ulrich Thielemann, 21pp, 2000

Profit making is not profit maximizing. Studying economics today is like brainwashing. The economy must be embedded in society, not society in the economy. These important insights from professor Ulrich Thielemann can be discerned in his early study “A Brief Theory of the Market.”


Carlos Slim among the richest men in an interview to a business and economics publication suggested one-day-a-week work week.

more at www.nextnewdeal.net, www.foreffectivegov.org, www.steadystate.org, www.onthecommons.org, www.storyofstuff.com, www.worklessparty.org, www.progressive-economics.ca, www.therealnews.com, www.freembtranslations.net and www.submedia.tv

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The Abiding Economics of John Kenneth Galbraith

The Abiding Economics of John Kenneth Galbraith by James Galbraith, June 7, 2007

to read the 10-page article by Marc Lee and James Galbraith, June 7, 2007, click on


I want however to speak about Galbraith the economist, and to go a bit beyond the comment I made at his 90th birthday almost nine years back. On that occasion I asserted — what I believe to be true – that as an economist he transcends fame. In the long run, his name will be recorded alongside those of Adam Smith, Karl Marx, Thorstein Veblen, and John Maynard Keynes, among the greatest reform economists of all time…

Like Veblen, Galbraith in my view deserves to be recorded as a transforming figure. Like Veblen, he offers an approach, a manner of thought, a structure — to an economics that manifestly still waits, and greatly needs, to be transformed…

1. From The Great Crash, we have of course the conviction that financial panics affect real activity. No one in the 19th century or with experience of agriculture ever seriously doubted that the economy runs on credit or that real activity depends on banks. Only in the higher reaches of academic life could such a thing be denied. The denial, nevertheless, took powerful hold. The Great Crash is a wonderful corrective. It has remained continuously in print for over fifty years – outselling all of Galbraith’s books into the bargain…

2. The Affluent Society is now remembered for its endearing, enduring phrases, above all the “concept of the conventional wisdom,” and for its evocative passages on private opulence and public squalor, such as the one about the “family which takes its mauve and cerise, air-conditioned, power-steered and power-braked automobile out for a tour [and] passes through cities that are badly paved, made hideous by litter, blighted buildings, and posts for wires that should long since have been put underground…” before going on to “picnic on exquisitely packaged food from a portable icebox by a polluted stream [and spending] the night at a park which is a menace to public health and morals.”…

3. Then we have the theory of economic organization in The New Industrial State. Here Galbraith built on the foundation of Berle and Means, on Joseph Schumpeter and to some extent on Max Weber, on the behavioral formalisms of Herbert A. Simon, and on his own American Capitalism of 1952 and its concept of countervailing power. I love the opening lines of American Capitalism, and used them to open my father’s memorial service a year ago:

“It is told that the such are the aerodynamics and wing-loading of the bumble-bee that, in principle, it cannot fly. It does, and the knowledge that it defies the august authority of Isaac Newton and Orville Wright must keep the bee in constant fear of a crack-up. One can assume, in addition, that it is apprehensive of the matriarchy to which it is subject, for this is known to be an oppressive form of government. The bumblebee is a successful but an insecure insect.”

more at www.freembtranslations.net, www.progressive-economics.ca, www.worklessparty.org, www.therealnews.com, www.onthecommons.org, www.steadystate.org, www.buzzflash.com, www.alternativetrademandate.org

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TTIP Undermines the Constitutional State

TTIP, Transatlantic Trade and Investment Partnership, is a deregulation agreement, a great redistribution project benefiting mammoth corporations at the expense of women and the 99% in Europe and the US. We expect for Europe an intensification of the trend to precarious and atypical forms of paid work. Loud protest prompted the European Commission to suspend negotiations on the investor-state right to sue.

to read the interview with Alexandra Stricker and other articles on the TTIP, click on


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Learning from Roosevelt: HIs “New Deal” by Stephan Schulmeister

to read “Learning from Roosevelt: His “New Deal” by the Austrian economic researcher Stephan Schulmeister, click on


In the first phase Roosevelt concentrated in three areas: firstly, the social-psychological side of depression, combating despondency and despair, secondly, the strict regulation of the financial sector and thirdly, the stimulation of the economy by creating jobs and combating deflation and foreclosures.

The Civilian Conservation Corps helped overcome the basic pessimistic mood in society. Within a few months, 500,000 young persons had hope again. The government should intervene in case of an economic emergency (“widespread unemployment and disorganization of industry”)…The Public Works Administration was the largest New Deal organization…The Social Security Act (1935) introduced unemployment and pension insurance and set up additional measures for the socially weak… The National Labor Relations Board sought to prevent intimidation of employees by employers and promote the process of collective bargaining.

Between 1933 and 1937 the real GDP of the US increased 43%… The unemployment rate fell from 25% to 14%

more at www.nextnewdeal.net, www.foreffectivegov.org, www.onthecommons.org and www.therealnews.com

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Resistance is part of our nature as antibodies are part of our bodies!

The neoliberal model promotes profits, not investments (cf. Nicolaus Kowall, a critical Austrian economist). The financial sector must be shriveled and the public sector expanded. Those are two lessons from the 2008 financial meltdown. Speculation and investment must not be confounded. Otherwise nothing is learned from history. As Albert Einstein warned, the only thing we learn from history is that we don’t learn from history. The bomb changed everything except the way we think.

Nowadays people know the price of everything and the value of nothing. (Oscar Wilde). What is good for Volvo may not be good for Sweden. Economics should be pluralistic, not a monolith. Once 90% of investment was productive and 10% speculative; now that is reversed (cf. Noam Chomsky, Richard Wolff, Naomi Klein and Henry Giroux). GE Capital is more exciting than GE refrigerators! Is the economy part of life or a steamroller crushing self-determination and creativity? Is Canada only a bitumen staple, a void to be filled with pipelines and oil trains, the next stage without alternative after “hunting and gathering” as in Stephen Harper’s dystopia? (cf. www.progressive-economics.ca)

Unlike a chair, an idea can be shared by a whole people. The time is right for alternative economics, for qualitative growth instead of quantitative growth, access instead of excess and enough instead of more!
- See more at: http://www.thomhartmann.com/forum/2014/07/speculation-kills-supply-demand#comment-274681

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Investment Protection at a Crossroads by Pia Eberhardt

The TTIP (Transatlantic Trade and Investment Partnership) currently negotiated in secret by transnational corporations gives foreign investors the right to sue sovereign governments before ad hoc arbitration courts when lost profits occur as a result of political decisions. These decisions cannot be appealed and undermine social, environmental and labor protections. The parallel justice system could attack jobs and end democracy. Public sector jobs, bank regulations, fracking moratoriums, minimum wage laws, health warnings on cigarette packages and closing nuclear power plants could all be attacked as reducing profits. Only foreign investors can sue; states cannot sue investors.

MAI (Multilateral Agreement on Investments) was blocked by public outrage and social movements in 1997. The secrecy and total lack of transparency could invalidate the TTIP for violating all procedural norms and standards. The US Senate, the US public and the European public are all denied access to the documents and the hearings.

Pia Eberhardt is a researcher with Corporate Europe Observatory (CEO). To read her extensive study “Investment Protection at a Crossroads” referriing to 16 court cases (including Metalclad, Vattenfall, Lone Pine, Philip Morris and others), click on


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www.wikileaks.org Memorandum on Leaked TISA Financial Services Text

to read the 17-page “Memorandum on Leaked TISA Financial Services Text” by Prof. Jane Kelsey, faculty of law, University of Auckland, New Zealand, click on


This memorandum provides a preliminary analysis of the leaked financial services chapter of the Trade in Services Agreement dated 14 April 2014. It makes the following points:

The secrecy of negotiating documents exceeds even the Trans-Pacific Partnership Agreement (TPPA) and runs counter to moves in the WTO towards greater openness.
The TISA is being promoted by the same governments that installed the failed model of financial (de)regulation in the WTO and which has been blamed for helping to fuel the Global Financial Crisis (GFC).
The same states shut down moves by other WTO Members to critically debate these rules following the GFC with a view to reform.
They want to expand and deepen the existing regime through TISA, bypassing the stalled Doha round at the WTO and creating a new template for future free trade agreements and ultimately for the WTO.
TISA is designed for and in close consultation with the global finance industry, whose greed and recklessness has been blamed for successive crises and who continue to capture rulemaking in global institutions.
A sample of provisions from this leaked text show that governments signing on to TISA will: be expected to lock in and extend their current levels of financial deregulation and liberalisation; lose the right to require data to be held onshore; face pressure to authorise potentially toxic insurance products; and risk a legal challenge if they adopt measures to prevent or respond to another crisis.

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TTIP: Deregulation, Attack on Jobs and End to Democracy, 42 pp, February 2014

to read the 42-page booklet by John Hilary published in February 2014, click on


The Transatlantic Trade and Investment Partnership (TTIP) is a comprehensive free trade and investment treaty currently being negotiated – in secret – between the European Union and the USA. As officials from both sides acknowledge, the main goal of TTIP is to remove regulatory ‘barriers’ which restrict the potential profits to be made by transnational corporations on both sides of the Atlantic. Yet these ‘barriers’ are in reality some of our most prized social standards and environmental regulations, such as labour rights, food safety rules (including restrictions on GMOs), regulations on the use of toxic chemicals, digital privacy laws and even new banking safeguards introduced to prevent a repeat of the 2008 financial crisis. The stakes, in other words, could not be higher.

This booklet, written by John Hilary, Executive Director of War on Want, explains in short what TTIP is and how it will affect the lives of all of us if it comes into force. The Rosa-Luxemburg foundation tries to cast some light into this secretly negotiated treaty and to encourage resistance, by bringing together experts, civil society and politicians in workshops and conferences in Europe and the USA.

more information at http://www.citizen.org/Page.aspx?pid=183

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