{"id":16407,"date":"2014-06-22T15:44:28","date_gmt":"2014-06-22T15:44:28","guid":{"rendered":"http:\/\/rafaelfajardo.com\/portfolio\/let-markets-work-you-say-so-that-capital-and\/"},"modified":"2014-06-22T15:44:28","modified_gmt":"2014-06-22T15:44:28","slug":"let-markets-work-you-say-so-that-capital-and","status":"publish","type":"post","link":"https:\/\/rafaelfajardo.com\/portfolio\/let-markets-work-you-say-so-that-capital-and\/","title":{"rendered":""},"content":{"rendered":"

Let markets work, you say, so that capital and labor can rapidly reallocate to create new fields and jobs. Well, we\u2019re three decades into an era of systemic deregulation and financialization. The result? Global recession, lingering structural unemployment, and an accumulation of capital at the top of the economic pyramid.<\/p><\/blockquote>\n

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In this climate, capital has indeed \u201crapidly reallocated\u201d\u2026 into hard-to-tax, hard-to-regulate asset classes like fine art. Small business loans are still crunched and austerity reigns while tens of billions in corporate profits sit in off-shore tax shelters.
From Alex Payne\u2019s unmissable open letter<\/a><\/strong> to Marc Andreesen<\/em><\/p>\n<\/blockquote>\n

The next wave on tumblr || Danger: Markets at work<\/a><\/strong>\u00a0<\/p>\n

This is not capitalism. Rather, it is deception, avarice and feasting on the Commons by those who can.<\/p>\n

Lottery economy<\/h2>\n

I know something is very wrong when people like Dinesh D\u2019Souza, a supposedly arch conservative and\u00a0laissez faire<\/em> fan, is more concerned about market inefficiency and structurally embedded unfairness for labor than economists at the University of California at Berkeley. D\u2019Souza described the current situation, with no end in sight, as the lottery economy<\/strong>.<\/p>\n

Due to a variety of factors<\/a><\/strong>, not solely political, the incentives required for a functional economy, and society, are vanishing. Specifically, it is no longer possible to work hard, save money, be responsible and thus afford a home, healthcare, support a family etc.<\/p>\n

He isn\u2019t complaining about taxes being too high, thus disincentivizing the \u201cjob creators\u201d and innovators.\u00a0He isn\u2019t referring to taxes at all. No, he\u2019s referring to the dismal prospects for most Americans without inherited wealth. He\u2019s saying that it won\u2019t make a difference how hard they work, that without privilege or accidentally blundering into something lucrative<\/strong><\/a>, the majority will remain an entrenched underclass.<\/p>\n

(via dataanxiety<\/a>)<\/div>\n","protected":false},"excerpt":{"rendered":"

Let markets work, you say, so that capital and labor can rapidly reallocate to create new fields and jobs. Well, we\u2019re three decades into an era of systemic deregulation and financialization. The result? Global recession, lingering structural unemployment, and an accumulation of capital at the top of the economic pyramid. In this climate, capital has […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"quote","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[10],"tags":[],"class_list":["post-16407","post","type-post","status-publish","format-quote","hentry","category-words","post_format-post-format-quote"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p6PWot-4gD","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/rafaelfajardo.com\/portfolio\/wp-json\/wp\/v2\/posts\/16407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rafaelfajardo.com\/portfolio\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rafaelfajardo.com\/portfolio\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rafaelfajardo.com\/portfolio\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rafaelfajardo.com\/portfolio\/wp-json\/wp\/v2\/comments?post=16407"}],"version-history":[{"count":0,"href":"https:\/\/rafaelfajardo.com\/portfolio\/wp-json\/wp\/v2\/posts\/16407\/revisions"}],"wp:attachment":[{"href":"https:\/\/rafaelfajardo.com\/portfolio\/wp-json\/wp\/v2\/media?parent=16407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rafaelfajardo.com\/portfolio\/wp-json\/wp\/v2\/categories?post=16407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rafaelfajardo.com\/portfolio\/wp-json\/wp\/v2\/tags?post=16407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}