Not to argue for a return to the gold standard, but what global market economy are you referring to?
The global economy is the very one you mention that has been devastated by the republican deregualtion and free market imbecility.
You have no idea what a shithole we would be in right now if the rest of the world had not dispersed that Bush era risk globally.
It seems like the past 12 years (and counting back every day) of economic activity has been wiped out summarily as a consequence of the inability of the global market economy to safely disperse risk and raise living standards.
So-called globalism and "free trade" combined with the financialization of the US economy, where finance moved from a vehicle for lubricating capitalism to the center stage of capitalism itself were the economic scripture put in place by Ronald Reagan, the prophesies of which have been proven incorrect.
Bingo. top of the class.
The problem is this extremist notion republicans have succumbed to that 'free market' means a totally 'unregulated' market.
It doesn't. A free market is no different than a free society- one regulated by law and POLICED for compliance.
We've seen our good paying jobs offshored, productive real economy hollowed out all while standards of living have fallen in the US over the past 25 and 10 years. Globalization has allowed capital to penetrate into formerly subsistence agrarian societies such as Mexico where the promise of quick wealth has lead to the rise of a gangsta class there.
Agreed, but that is hardly an argument against a global economy. It is not as if Mexico has not ALWAYS had a culture of mordida, graft, corruption, black markets and crime.
The problem has been the lack of regulation of globalization. The US for example, should not be allowed to offshore jobs any faster than jobs are being created.
And I totally agree that the inclusion of DEBT as a form of 'product' is the fundamental culprit.
Government must act to spur the reserach and business investment that will result in new technologies and manufacturing based 'GNP'. And it must place a governor on the pace of globalization.
But, in truth, nothing can stop globalization of the economies of the world.
And the the fact is that countries that are economically inter-reliant do not war against each other.
Some of us were alive and politically and economically conscious before Reagan. We know that there are other ways to organize an economy. Just as it took some time in Russia for the chattering classes to acknowledge the fall of the Soviet Union, our own chattering classes are issuing sound bytes based only on that with which they feel comfortable.
While the demise of US economic hegemony is almost certainly nigh, I would not count it out entirely.
Capitalism has actually been a very effective tool for improving the lifespan and quality of life for billions of people.
It has done wonders in China and India.
But it is entirely reliant on the concept of ever growing markets and ever growing demand.
With industrialization on its current arc, By mid century world population will peak at around 11.5 billion and start a long and inexorable decline.
At that point, with industrialization global, the ponsi scheme of capitalism will have to end.
What the US and much of western europe is facing is the fact that we need to start developing, NOW the economic models for a Post-growth world.
While temporarily painful...I am optimistic that this kind of economic upheaval will force people to start to realize that a Greed driven economic model is inherently flawed... and must give way to a more enlightened and intelligently planned economy.
But what we are really seeing right now is the other shoe dropping signaling the true end to the cold war and bi/uni lateralism. Without the compliant resource rich third world under colonial rule, not compelled to provide the global northern economies with cheap raw materials, the chance for a 1950s style industrial recovery in the US are even more remote.
This is what happens when religion supplants science in politics and economics.
Amen to that, brother- especially when you realize that conservative capitalist free marketeerism qualifies as a religious belief unfounded in evidence nor science.