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  • Technorati: graph / links

    Read Will Hutton


    by Shariq on 17th February, 2009 at 6:39 pm    

    I’ve adopted Hutton as my go to writer for analysis on the state of the world economy and what should be done about it. You can do a lot worse than going through his column archive from the last few months.

    Highlights include his conversation with David Cameron, an analysis of Keynesian v Monetarist responses to the crisis, the future of the global car industry, a review of Martin Wolf’s ‘Fixing Global Finance’ and perhaps most intriguingly an argument of adopting Roosevelt’s policies of getting people into work during the Great Depression.

    A common theme to his work is making the case for a more European style, Social Democratic Capitalism which I wholeheartedly agree with. Hopefully we remember the lessons of unfettered capitalism in the future, but at the same time don’t regress to an economy in which countries stop trading with each other and where the govt stifles enterprise and innovation.



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    26 Comments below   |   Add your own

    1. comrade — on 17th February, 2009 at 7:10 pm  

      A voice from the past:

      Commerce is at a standstill, the markets are glutted, products accumulate, as multitudinous as they are unsaleable, hard cash disappears, credit vanishes, factories are closed, the mass of the workers are in want of the means of subsistence because they have produced too much of the means of subsistence, bankruptcy follows upon bankruptcy, execution upon execution.” (F Engels, Socialism: Utopian and Scientific, 1876)

      So what’s the solutin to boom and bust?

    2. Riz — on 17th February, 2009 at 7:34 pm  

      Thanks for the links Shariq. I haven’t read Hutton’s stuff for a while.

      Comrade - easy, they don’t need a ’solution’. Simply make everyone responsible for their actions and let them be free. Liberty of individuals, liberty of the market!

    3. Bert Rustle — on 17th February, 2009 at 8:25 pm  

      In my opinion, the Ruling Class as a whole is corrupt, not just a few facets of it.

      For example, America vs. the Oligarchs … former IMF Chief Economist and MIT … professor Simon Johnson’s premise is that the big Wall Street banks represent an oligarchy that is exerting undue influence and control on our government and the economy. They are turning this crisis to their advantage, and circumventing the democratic process…. …

      There is a partial transcript and video of

      Bill Moyer’s Journal - Interview with Simon Johnson

    4. Matthew Cain — on 17th February, 2009 at 8:45 pm  

      There’s a real need for proper, serious economists. This behavioural economics fad was fun for a while but they fiddled while the future of world stability is at stake: http://blog.matthewcain.co.uk/behavioural-economics-a-fad/

    5. Rumbold — on 17th February, 2009 at 9:01 pm  

      Tim Worstall’s the man for me on economics:

      http://timworstall.com/

    6. Rumbold — on 17th February, 2009 at 9:09 pm  

      Not incidentally, we had a complex regulatory system, which had money lavished on it and laws created every day. But it failed. So anyone who thinks that the answer lies in more regulation doesn’t really understand what happened in the first place. Better, not more regulation is needed.

    7. comrade — on 17th February, 2009 at 9:29 pm  

      Riz
      Comrade - easy, they don’t need a ’solution’. Simply make everyone responsible for their actions and let them be free. Liberty of individuals, liberty of the market

      How do we make everyone responible in a system based on profits and pure greed in this so called liberty of the market. We, the people at the bottom want to know, why we are loosing our jobs and houses and the bankers are being awarded bonuses for putting us in the shit? If I stole, I expect to be punished and not awarded

    8. dismal_scientist — on 17th February, 2009 at 10:21 pm  

      Three top links for those of you who want to get a better handle on the crisis.

      Krugman’s blog in the NYT
      http://krugman.blogs.nytimes.com/

      Martin Wolf and John Gapper’s columns in the FT op-ed page
      http://www.ft.com/comment

      Jerome a Paris in DailyKos
      http://jerome-a-paris.dailykos.com/

      Between them, they have all angles covered.

    9. Riz Din — on 18th February, 2009 at 12:06 am  

      Dismal Scientist - good links indeed (Wolf gives good podcast on the FT site). For the non-economists, I find a copy of Don Quixote works equally well.

      : )

      Comrade - let us not be deceived. The bonuses are a con but they are acting as a smokescreen for the much larger con; the government bailout, which is a massive transfer of wealth from the prudent folk who didn’t participate in the good times (rising house prices, cheap loans etc) to those who played financial musical chairs and enjoyed the bubbly while it lasted. If only a handful of fools were at risk, then they could burn and ’shame on them’, but when the fools comprise the majority then a policy for the masses becomes a policy for the fools.

      ps - I don’t see anything much wrong with pure greed or profits in and of itself

    10. Sunny — on 18th February, 2009 at 1:16 am  

      Tim W is all over the place sometimes.
      You’re just adopting someone who fits into your ideology Rumbold :)

      I agree, Paul Krugman is ma’ man!

    11. Sunny — on 18th February, 2009 at 1:19 am  

      I was going to post a video where Krugman basically demolishes all the anti-stimulus package arguments, but bloody MSNBC changed their links. So annoying.

    12. Amrit — on 18th February, 2009 at 2:00 am  

      Rumbold:

      Tim Worstall’s the man for me

      Sorry, couldn’t resist *runs away, snickering childishly*.

    13. Sunny — on 18th February, 2009 at 3:02 am  

      Matthew - there’s also a need for proper economic discussion in our national media! It’s beyond lame…

    14. Read Will Hutton - Politics Unlimited | UK politics news — on 18th February, 2009 at 6:11 am  

      [...] Read Read Will Hutton at Pickled Politics [...]

    15. dismal_scientist — on 18th February, 2009 at 7:14 am  

      Sunny, you should get someone to write more economicky stuff here. The times demand it! PP seems at times too narrowly focussed on crises like Gaza (which is important in its own right) to the exclusion of vast convulsions like the credit crunch.

    16. cjcjc — on 18th February, 2009 at 8:02 am  

      Will Hutton can be wildly inconsistent.

      (Mind you, who can’t?!)

      Obviously you need a range of opinions from Krugman to Cato (!), including Worstall and of course Dillow.
      The risk is of course that (cf Sunny!) you decide what you believe - ie that the stimulus is a good idea and search out those people who can come up with the best arguments to support your (literal) prejudice.

      For finance and economics the following two sites are really excellent:

      http://abnormalreturns.com/

      is a great “linkfest” site, updated daily.
      I would make that my first call.

      http://www.businessinsider.com/clusterstock

      is also well worth reading.

    17. Riz Din — on 18th February, 2009 at 9:12 am  

      More linkage:

      - http://www.economist.com
      - http://www.newyorker.com/online/blogs/jamessurowiecki
      - http://www.portfolio.com/views/blogs/market-movers/
      - http://blogs.wsj.com/economics/
      - http://news.bbc.co.uk/1/hi/business/economy

      Also, the BBC’c team of economists also have great blogs (Flanders, Mason, Peston).

      Beyond failing the simple principle of rewarding those who are deserving, what’s scaring me most about the world’s gvts are going about the bailouts is the lack of humility (i.e appreciating that we just don’t properly understand the economy due to its overwhelming complexity). Instead, economists are finally being called on, and they are almost all happily pushing their own prescriptions without acknowledging to the rest of the public that their profession has a very poor record of forecasting and intervention (fiscal and monetary).

      Problem of excessive lending = Solution: more lending.
      Problem of too loose policy bailing out episode of crisis = Solution: US launches largest ever fiscal stimulus package.

      Something, somewhere, has gone very wrong indeed.

    18. comrade — on 18th February, 2009 at 9:32 am  

      Artical on the theory: capitalism and crisis

      http://www.cpgb-ml.org/index.php?secName=proletarian&subName=display&art=327

    19. shariq — on 18th February, 2009 at 10:18 am  

      Thanks for the links. Krugman, Wolf etc are all definitely worth reading. I haven’t seen the kos guy before but will check him out.

      Generally, I agree with whoever said that the more you read about the crisis, the less certain you become. Anyone who acts as if they know the solution isn’t to be trusted.

      Was it Keynes or Roosevelt that said we need bold and persistent experimentation? I think thats probably the only way forward.

    20. Not the best of ideas — on 18th February, 2009 at 11:50 am  

      [...] I’ve adopted Hutton as my go to writer for analysis on the state of the world economy and what should be done about it. [...]

    21. cjcjc — on 18th February, 2009 at 11:50 am  

      comrade - nice try but don’t give up the day job

      this “crisis” will pass just as all the others have done

    22. comrade — on 18th February, 2009 at 3:30 pm  

      cjcjc
      21.

      comrade - nice try but don’t give up the day job

      this “crisis” will pass just as all the others have done

      Is this your serious analysis of the artical?

      The last time this kind of crisis passed it left millions dead, mybe your greed for profits, don’t take into consideration the human suffering of millions across the world.

    23. Rumbold — on 18th February, 2009 at 3:32 pm  

      Sunny and Amrit:

      I suppose he is not to everyone’s tastes. Only those with a more refined palate. I do agree with Shariq though that there is no one easy answer.

      Amrit- very droll.

    24. cjcjc — on 18th February, 2009 at 4:41 pm  

      Are you referring to the tens of millions killed by communism?

    25. Tim Worstall — on 18th February, 2009 at 4:55 pm  

      “Tim W is all over the place sometimes.”

      Sure. As I keep trying to point out to people, I’m not a professional economist (no higher degrees, don’t work as one etc). I’m an interested amateur.

      Although I would like to believe that my hit rate on finding the truth is a little higher than mere random chance would provide….

    26. comrade — on 18th February, 2009 at 5:18 pm  

      cjcjc

      Are you referring to the tens of millions killed by
      communism?

      the topics on economic crises of capitalism and not communism, and it seems you have nothing to offer on this subject apart from your hatered of working class people, probaly you are part of the working class yourself, but it seems you who have sold your soul to the parasites.



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