Anyone else notice the subliminal message in the video? The hammer and sickle flash over Henry’s image for a nano second.
It may be voodoo but it isn’t Marx and certainly not Lenin. They couldn’t adapt to the idea that capital could be separate from the land it sat on, so essentially they wanted to revert to feudalism but just change who the aristocrats are.
Marx understood the feudal system very well, and understood the transition phase described by Adam Smith, but couldn’t grasp the resulting free market for money, tech, IP, etc., and so like a kid on a bike trying not to hit the lamp post, he went straight back to feudalism with different terms.
What we have also isn’t exactly free market. Smith didn’t require constant growth, the free market is perfectly fine finding a natural equilibrium of value that still allows ongoing economic activity, and George is the culminating expression of removing dead weight rents, which Smith also derided.
We have been taken away by those who twisted Keynes to support monetary sleight of hand to support fiscal irresponsibility, with MMT being the culminating naïve and ridiculous expression of using the dollar as a Ponzi scheme on the whole world. Requiring constant growth isn’t free market economics, it’s cover for debt enslavement and kicking the can down the road.
Georgism is a bit untested, but it stands on firm ground in principle and theory, and is right in line with Enlightenment tradition of eroding aristocracy, encouraging activity and independent risk/ reward, without moving the goal posts on those who are price sensitive in favor of those who can casually reap financial benefit without work, so it has a stronger moral standing than feudalism, socialism, and Keynesian capitalism.
Still not sold on MMT ! A country is not a for profit business or even a family unit that builds
a savings account monthly . Common analogy , that is faulty thinking when applied at macroeconomic level of a country. We have had a expansive monetary policy now for 13 years.
In 2009 or so I would have argued that we would have been in serious inflationary trouble starting
in 2010 or 2011 at the latest. Indeed, we are seeing some inflation now , but I tend to attribute today’s inflation to the world coming out of a pandemic and too much pent up demand. But time, in 6-12 months, should help clear that picture up.
Requiring constant growth
I dunno, economic growth seems like a good objective , though granted it is frequently missed.
Missed for various reasons of nature and man at times.