Naked Capitalism has published the article Trumpism Has Dealt a Mortal Blow to Orthodox Economics and ‘Social Science’.
Second, there is financialization, which led to increasing disconnection between stock market performance and the real economy, with large rewards going to firms that undertook asset stripping, outsourcing, and offshoring. The combination of globalization and financialization produced a new plutocratic class of owners, managers and those who serviced them in global cities, alongside gentrification of those cities, proleterianization and lumpenization of suburbs, and growing insecurity and casualization of employment for the bulk of the middle and working class.
Financialization also led to the near-abandonment of the ‘national’ industrial economy in favor of global sourcing and sales, and a handsome financial rentier economy built on top of it. Meanwhile, automation trends led to shedding of jobs everywhere, and threaten far more.
Maybe I just like this article for the wordsmithing. There is nothing new here that I have not observed over my 40 year career in high tech and my 10 years of retirement.
One thing I have observed almost from the beginning of my career is that the “casualization of employment for the bulk of the middle and working class” has been climbing up the economic ladder to reach the upper ends of the middle class. I have been warning people at this upper end to not feel so smug about their own presumed safety. It may have been a leap of faith to predict this in the late 1960s as I did. However, it is becoming so obvious now, I have to feel sorry for those who still cannot see it coming.
The New York Times has the article Why Does Education Translate to Less Support for Donald Trump? This is unknowingly an almost perfect example of the stories the over-educated tell themselves to stave off the realization that th e oligarchs are coming for them next.
I found The New York Times article on Randy Katz’s Facebook page.