Saturday, September 17, 2011

Economic Words and 9/11

To have peace and not war, the drift toward a war economy, as facilitated by the moves and the demands of the sophisticated conservatives, must be stopped; to have peace without slump, the tactics and policies of the practical right must be overcome. The political and economic power of both must be broken. The power of these giants of main drift is both economically and politically anchored; both unions and an independent labor party are needed to struggle effective"
C.Wright Mills


Eventually production recovered to a respectable 2.8 percent growth, but it became clear that high unemployment was a permanent feature of the British economy. Eventually, the Bank of England came under overwhelming pressure to abandon monetarism, which it did in 1986. The experiment was such a failure that not even conservatives abroad wish to repeat it.No monetarism, is Stone-dead.


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