Benjamin Studebaker

Yet Another Attempt to Make the World a Better Place by Writing Things

Tag: Keynesianism

What Would Happen if We Returned to the 70% Top Tax Rate?

Alexandria Ocasio-Cortez (D-NY) has been shopping the idea of a 70% top rate of tax on earnings above $10 million. It’s popular proposal, with initial polling showing a solid majority of Americans in favour. While this policy can’t pass this congress, it’s indicative of the kinds of reforms we might see if we organise to elect more politicians like AOC in 2020 and beyond. So what would happen if we elected more AOCs and they enacted this policy?

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Comparing Keynesian Neocorporatism and Market Socialism

There is a lot of fuzziness and misunderstanding about what the left is trying to do, economically. A while back, I discussed some of the things which distinguish postwar liberals–who remain committed to reforming capitalism–from democratic socialists, who seek to one day abolish capitalism outright. Today I want to get into a bit more detail and discuss more precisely how these economic models work. The case I want to make to you is that despite what you may hear, the postwar liberals and democratic socialists have more overlap in their proposals than either side realises.

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The Difference Between Socialism and Liberalism in America Today

In the aftermath of Alexandria Ocasio-Cortez’s surprise primary victory the New York Democratic House primary, Americans seem to be curious about socialism:

Of course, dictionary definitions of political terms have never been very helpful. Political ideologies develop, shift, and morph over time, both in their technical meaning and in how they are popularly understood. So today I want to talk about what really distinguishes a 2018 American socialist from their liberal counterpart.

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John Oliver Doesn’t Understand How Stein’s Student Debt Policy Works

Last Week Tonight‘s John Oliver recently ran a segment in which he slated Jill Stein’s proposal to eliminate student debt through quantitative easing:

His criticism seemed to suggest that the Federal Reserve is obviously irrelevant in this policy area:

It’s basically akin to saying, ‘I’ll make us energy independent by ordering the Post Office to invade Canada.’ No, Jill. That’s impractical, it’s a terrible idea, and you don’t seem to understand anything about it.

Oliver, who is usually quite perceptive and well-informed, gets this wrong, and he gets it wrong in no small part because monetary policy is complicated and difficult to understand, both in terms of the economics and in terms of the politics. So let’s talk about how Stein’s idea works.

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Why Bernie Sanders is More Electable Than People Think

A few days ago, I wrote a popular post about the ideological differences between Bernie Sanders, the egalitarian committed to shrinking the financial sector and boosting consumption by raising wages, and Hillary Clinton, the neoliberal committed to protecting the interests of finance capital. I explained the history of the Democratic Party and how it came to be captured by neoliberalism–the same economic ideology espoused by Ronald Reagan and many of his successors in the Republican Party. Many people found that this clarified the differences between Bernie and Hillary for them. However some people expressed concern that even though they think Bernie’s ideology is more desirable, he may still nonetheless be unable to beat a republican in a general election. A republican victory would be awful for the left–even a neoliberal democrat is still noticeably to the left of a neoliberal republican, especially on issues like climate change or LGBT rights. However, I think there are good reasons to think that Bernie is at least as electable as Hillary, and possibly significantly more so.

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