petej + keynesianism   22

How Thatcherism produced Corbynism - UnHerd
In Britain, as elsewhere, the Thatcherite project was self-undermining. While the country Thatcher brought into being was very different from the one she inherited, it was nothing like the country she intended to fashion. Insofar as it ever existed, her Britain was a country of dutiful middle-class families prudently saving for the future. But rather than consolidating and expanding this middle class, she consigned it to the memory hole. More individualist, post-Thatcher Britain is also less bourgeois.

Aside from their homes, few middle-class people have assets of any importance. Beyond the public sector, pensions are dependent on the vagaries of the market. Without job security, much of the middle class lives only months from penury. Incomes have increased for many, but so has debt. While distancing Labour from its past and turning it into an overwhelmingly middle-class party, Tony Blair continued the hollowing out of middle-class life that Thatcher began.

A type of capitalism emerged in which the practices that shaped bourgeois life as it had been known in the past – saving for the future, pursuing a lifelong career, self-sacrifice for the sake of family stability – became redundant or dysfunctional. Adapting to ceaseless change came to be regarded as the primary virtue. Accelerating and accentuating processes that globalisation was driving anyway, Thatcher created a society she could not have imagined.
UK  politics  academia  tenure  Thatcher  Thatcherism  JosephKeith  Keynesianism  state  welfare  employment  individualism  neoliberalism  precarity  insecurity  post-industrialism  middleClass  Corbynism  TheLeft  globalisation  Brexit  referendum  PeoplesVote  farRight  dctagged  dc:creator=GrayJohn 
january 2019 by petej
The Poverty of Luxury Communism
For Keynes, a former British civil servant who once remarked that “the class war will find [him] on the side of the educated bourgeoisie”7, the purpose of state intervention is to halt capitalism’s decline, meanwhile securing some level of social stability.
socialDemocracy  climateChange  noBorders  state  nationalisation  Keynesianism  Corbynism  abundance  growth  capitalism  Novara  Jacobin  intervention  post-capitalism  BastaniAaron  VirnoPaolo  class  politics 
may 2018 by petej
William Davies: The Political Economy of Unhappiness. New Left Review 71, September-October 2011.
"Depression is just sheer incapacity, a distinctly neo-liberal form of psychological deficiency, representing the flipside of an ethos that implores individuals to act, enjoy, perform, create, achieve and maximize. In an economy based in large part on services, enthusiasm, dynamism and optimism are vital workplace resources. The depressed employee is stricken by a chronic deflation of these psycho-economic capacities, which can lead him or her to feel economically useless, and consequently more depressed. The workplace therefore acquires a therapeutic function, for if people can somehow be persuaded to remain in work despite mental or physical illness, then their self-esteem will be prevented from falling too low, and their bio-psycho-economic potential might be rescued."
health  wellbeing  mentalHealth  depression  productivity  work  labour  immaterialLabour  Negri  Keynesianism  neoliberalism  happiness  capitalism  dctagged  dc:creator=DaviesWill  NLR 
september 2016 by petej

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