Pure Rationalism Print

Gradually the light and importance fades from each day. Every era has its economic diviners, auguring omens into theory. For half a century, economic rationalists such as Milton Friedman and his followers held sway, extolled free market efficiencies such as exporting manufacturing, en-mass, to the corners of the globe with cheap labour. Embraced by corporations, when viewed through the prism of an individual company’s balance sheet (saved money and increased profitability) the results appear to make sense: provided the macro-economic implications are ignored. As every society contains a natural diversity of workers ranging from the most capable and educated to the least, inevitably many of those affected by the declining employment opportunities are unable to establish new careers. With 50 years of industrial decline and ever-growing numbers of unemployed and under-employed over, the cost has been many-fold. Not particularly voracious consumers, the unemployed can’t facilitate growth. Nor can they contribute to a nation’s commonwealth via taxes. And with the responsibility of supporting them falling upon the rest of society, the decisions of corporations are borne by entire nations. Internationally, the issues compound. Increased imports coupled with the resulting decline of collective wealth has found some supposedly “wealthy” post-industrial nations unable to fund their appetites. To make ends meet they have to borrow from the supposedly “poor” manufacturing countries, who in turn have no choice but to keep lending so they can be paid. The symbiosis of debt and consumption is sustainable only by more consumption - which no one can afford. Laurence Kotlikoff, Boston University Professor of Economics, has likened this Catch 22 to a six decade Ponzi Scheme. As the light fades from the day, on the docks new debt is piled onto old into an ever more unstable tower. Lacking any rational means of support, this teetering edifice is cemented together only by hope - and the fear any deviation will precipitate it all crashing down.

Print:Giclee on Fine Art Paper

Size:10 W x 10 H x 0.1 D in

Size with Frame:15.25 W x 15.25 H x 1.2 D in

Delivery Time:Typically 5-7 business days for domestic shipments, 10-14 business days for international shipments.