I mean, it does suggest that something highly disfunctional and weird and contradictory is going on with capitalism, absolutely. But in a way, it's an old contradiction, which is that under capitalism, a full employment and the well being of the working class has always been hostage to a return to the capitalist. And so then they have a sort of interest and a stability, which ultimately depends on, you know, capitalists finding returns that they find satisfactory. I think like the new and sort of poorly understood part of the puzzle is that there's not really any big hard money constituency, right? So if we think about the 18 nineties, ah, there is a hard money constituency so powerful
Inflation is once again at the center of political debate. Dan interviews Tim Barker to put monetary policy in its historical and class war context.
Reading:
Preferred Shares by Tim Barker phenomenalworld.org/analysis/wage-share
email digradiopod@gmail.com for PDFs of the following two articles:
The Vietnam War and the Political Economy of Full Employment by Dean Baker, Robert Pollin and Elizabeth Zahrt
Class Conflict and the "Natural Rate of Unemployment" by Robert Pollin
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