Manuel d’économie critique

March 11, 2017

rubon2669-948ffSome regular readers will know I read Le Monde Diplomatique, a left-wing French current affairs magazine whose awkward title hides a wealth of detailed commentary and analysis, and which has an English-language edition. Another thing the magazine does is publish occasional one-offs on specific themes, and this was one of them. It seems to be aimed at the equivalent of sixth-formers or undergraduates: it was quite a challenging read but very informative and had some excellent graphics.

As I’ve grown older I’ve noticed that what I read tends to fit in with my existing opinions, and this was no exception: it confirmed my long-held conviction that our economic system is utterly insane, and geared to helping a relatively small number of people to continue to grab the largest slice of the pie while the rest of us fight over the crumbs. What I get from reading things that chime in with my opinions is usually more evidence, as well as prompting to think more deeply about an issue.

The idea that economics is in any way a ‘science’ worthy to sit alongside fields like chemistry or physics is thoroughly debunked; we are regularly reminded that the ‘Nobel Prize’ for economics isn’t actually one of Alfred Nobel’s awards at all but a later invention by the Bank of Sweden who thought it would be a good idea to name their award ‘in honour of’ Nobel… Orthodoxies are evidenced, challenged and demolished in this excellent book. And it’s made clear how, increasingly, non-orthodox economists and their analyses are being squeezed out, excluded from academia, from media interviews and presentations by the current hegemonic neo-liberal orthodoxies. Indeed, recently economics students at the University of Manchester protested about the narrow range of what they were being taught.

The mantra of ever more growth being either possible or desirable is challenged, as is the myth of ‘green capitalism’; the myth of business as the creator of wealth is debunked, too, along with an examination of the negative aspects of charity and volunteer work.

I felt there were flaws in the work, though: it suffered from the currently common failing of trying to present every topic in a double-page spread, which meant that some key topics and ideas were insufficiently explored and explained. This led to it feeling rather ‘bitty’ at times. Does every text aimed at a school or college readership really need to have everything finely chopped for short attention-spans?

Reading the entire book does work on the macro level, though: so much of how the economy ‘works’ (ie is supposed to but doesn’t) is clearly contradictory, not making sense as a whole, and thus it becomes clearer exactly why we are in such a mess at the moment: there is nothing coherent about how the present system works at all, and why would there be when the system is basically snouts in the trough elbowing everyone else out of the way? What I finally learned and understood after many years was how the banking system, and money-creation system currently operates: clear explanations and excellent graphics helped here.

I wish the British press went in for publishing ventures like this one: the French do seem to believe in the mission to explain and inform citizens, and surely this can only be good in a democracy?

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