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Neoliberalism
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members of labor unions, and un-organized unskilled workers, will sooner or later realize that their government is not even trying to prevent wages from sinking or to prevent jobs from being exported. Around the same time, they will realize that suburban white-collar workers - themselves desparately afraid of being downsized - are not going to let themselves be taxed to provide social benefits for anyone else.
At that point, something will crack. The non-suburban electorate will decide that the
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Under the rules of the Western-run international economy, investors make loans to third world tyrannies, and since the loans carry considerable risk, make high profits. Suppose the borrower defaults. In a capitalist economy, the lenders would incur the loss. But existing capitalism really functions quite differently. If the borrowers cannot pay the debts, then the IMF steps in to guarantee that lenders and investors are protected. The debt is transferred to the poor population of the debtor coun
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― Hopes and Prospects
― Hopes and Prospects
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