Monday, May 10, 2010

Slouching towards neofeudalism

from The Economic Populist. 

This well argued and supported article that our economic system is leading ordinary Americans into ever increasing debts and poverty illustrates how left political thinkers in the US are unable to name the real economic system. Here it is called by various names: neo-feudalism, peonage, and serfdom. The author came closest when he made reference to "globalization", the current phase of capitalism. 

Whether such authors understandably do this to protect their careers or are simply in denial that the capitalist system could lead to such undesirable effects is not clear.