The U.S. Needs a New Market System
OPS_admin | Jan 27, 2010 | Comments 0
Ever since the 1980s, the leading theories in economics were typically tied somehow to “supply side” mechanics. It is obvious that we cannot tackle modern problems with antiquated strategies. Now is the time to come up with new ideas.
Ever since the 1980s, the leading theories in economics were typically tied somehow to “supply side” mechanics. The idea, which gained fame during the Reagan administration, of supply side economics is that by supporting those who produce goods – through tax cuts, subsidies, etc. – market forces are manipulated so as to ensure that prosperity “tickled down” to the rest of the economy.
The people at the top would become even wealthier, and everyone underneath would benefit someway from that wealth.
The people at the top of this economic pyramid certainly preferred to think that they and they alone were the driving force of global production. After nearly three decades of dominance, and multiple destructive recessions, supply side thinking seems to have finally died. Now, the world’s economic brain trust must struggle to find a better mode of building wealth.
The World Economic Forum in Davos, Switzerland, scheduled to run January 27-31, may be just the place to start.
Full Story The U.S. Needs a New Market System | Economy In Crisis.
Filed Under: Economy - Labor
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