Joe Stiglitz on Inequality, Wealth, and Growth: Why Capitalism is Failing (video; if you don't have 30m, skip to 20m for discussion of political inequality, wealth, credit and monetary policy) - "If the very rich can use their position to get higher returns, more investment information, more extraction of rents, and if the very rich have equal or higher savings rates, then wealth will become more concentrated... economic inequality inevitably gets translated into political inequality, and political inequality gets translated into more economic inequality. The basic and really important idea here is that markets don't exist in a vacuum, that market economies operate according to certain rules, certain regulations that specify how they work. And those effect the efficiency of those markets, but they also effect how the fruits of the benefits of those markets are distributed and the result of that is there are large numbers of aspects of our basic economic framework that in recent years have worked to increase the inequality of wealth and income in our society... leading to a society which can be better described, increasingly, as an inherited plutocracy." [more inside]
How to turn a liberal hipster into a capitalist tyrant in one evening
The classic problem presented by the game is one all managers face: short-term issues, usually involving cashflow, versus the long-term challenge of nurturing your workforce and your client base. Despite the fact that a public-address system was blaring out, in English and Chinese, that “your workforce is your vital asset” our assembled young professionals repeatedly had to be cajoled not to treat them like dirt.
Some Paths to the True Knowledge[*] - "Attention conservation notice: A 5000+ word attempt to provide real ancestors and support for an imaginary ideology I don't actually accept, drawing on fields in which I am in no way an expert. Contains long quotations from even-longer-dead writers, reckless extrapolation from arcane scientific theories, and an unwarranted tone of patiently explaining harsh, basic truths. Altogether, academic in one of the worst senses. Also, spoilers for several of MacLeod's novels, notably but not just The Cassini Division. Written for, and cross-posted to, Crooked Timber's seminar on MacLeod, where I will not be reading the comments."
Keep Harriet Tubman – and all women – off the $20 bill. "Harriet Tubman did not fight for capitalism, free trade, or competitive markets." [more inside]
BBC: "Huang's new project is based on a similar idea - this time, he asked people to display everything they've ever bought online. The results are a testament to the overwhelming popularity of online shopping, particularly China's most popular internet shopping platform, Taobao." [more inside]
For much of the 1930s, organizations such as the National Association of Manufacturers (NAM) had been searching in vain for ways to rehabilitate a public image that had been destroyed in the Great Depression and defamed by the New Deal. In 1934, a new generation of conservative industrialists took over NAM with a promise to “serve the purposes of business salvation.” How Corporate America invented Christian America.
Love is the only motivating force, and while love can motivate some pretty awful things, it’s nonetheless impossible to do any good without it. I have no love left for my job or career. Tim Chevalier on tech as a coping mechanism and a place of toxicity and moral stagnation.
Journalist Felix Salmon brings us up to speed on the increasingly strange and complicated saga of The Cooper Union School For The Advancement Of Science And Art, one of the last historically free schools in the US for Art, Architecture and Engineering, which may be brought down by shameless trustees, incompetent management, the State Attorney General, or pure greed. (Cooper Union charging tuition previously. Cooper Union students occupying the president's office previously)
Here’s a question: how can you tell whether a given charming little cafe with attractive hipster baristas, distressed furniture, and chalkboard menus is the real thing or a very carefully crafted fiction created by a giant corporation with a talented marketing staff? [more inside]
Uber and Airbnb monetize the desperation of people in the post-crisis economy while sounding generous—and evoke a fantasy of community in an atomized population. [more inside]
Religion in China: Cracks in the atheist edifice - "Yang Fenggang of Purdue University, in Indiana, says the Christian church in China has grown by an average of 10% a year since 1980. He reckons that on current trends there will be 250m Christians by around 2030, making China's Christian population the largest in the world. Mr Yang says this speed of growth is similar to that seen in fourth-century Rome just before the conversion of Constantine, which paved the way for Christianity to become the religion of his empire." [more inside]
Let Us Face the Future - "All parties pay lip service to the idea of jobs for all. All parties are ready to promise to achieve that end by keeping up the national purchasing power and controlling changes in the national expenditure through Government action. Where agreement ceases is in the degree of control of private industry that is necessary to achieve the desired end. In hard fact, the success of a full employment programme will certainly turn upon the firmness and success with which the Government fits into that programme the investment and development policies of private as well as public industry." [more inside]
Greece’s anti-austerity party of the left, Syriza, has stretched its election lead to six points, putting it on course for a historic victory in Sunday’s crucial elections. Barely four weeks after the failure of parliament to elect a president, triggering the ballot, Greece’s fate now lies in the hands of 9.8 million voters. All the polls show, with growing conviction, that victory will go to Syriza. A poll released by GPO for Mega TV late on Thursday gave the far leftists a six-percentage-point lead over Samaras’s centre-right New Democracy, the dominant force in a coalition government that has held power since June 2012. A week earlier, GPO had the lead at four percentage points. [more inside]
A flight from Baltimore to Cleveland via Atlanta is $83. A flight from Baltimore to Atlanta directly is $112. So if you want to save money, you can buy the ticket to Cleveland, and just not get on the connecting flight. This is called a 'hidden city' fare, a trick used by frequent flyers and travel agents for years. Skiplagged.com lets you search for them. They're being sued by Orbitz and American Airlines.
"The work speaks volumes: She is her own best creation, a businesswoman, a brand, a socialite, a TV star, a wife, a mother, and the essential member of a sprawling family who are all getting rich under the umbrella of her fame. But most important, Kim Kardashian works full-time as professional metaphor. " - Rachel Syme on why Kim Kardashian's Hollywood was the most important game of 2014
Over 100 years, small images of athletes went from tobacco companies' marketing materials to overhyped investments favored by nostalgic grown men. Now, they're worth virtually nothing. A Cultural History of the Baseball Card.
Jackson Lears is interviewd by Public Books on The Confidence Economy
Absolutely, the confidence games take the form of their setting. In capitalist settings, it’s multivalent. Not only does one need confidence to trust the merchant who’s selling you an item, but the merchant needs confidence to start his own business, he needs it to invest, and the market needs it to be propelled forward. Of course we’re sitting here talking about this in the shadow of the banking crisis and recession! The cultural feature we’re talking about may be common to human interaction, no matter the specific setting, but those specific settings—a Mississippi River steamboat in the the mid-nineteenth century, or Catholic Italy a half millennium before—give form to its expression.[more inside]
Product of Mexico: Hardship on Mexico's farms, a bounty for U.S. tables — the first in a series of four Los Angeles Times long-form stories about labor conditions discovered during an 18-month investigation of Mexican vegetable farms that supply produce to the United States. [more inside]
On Wed Nov 19, 2014, in an awards ceremony emceed by Daniel Handler-aka-Lemony Snicket, Ursula K. Le Guin gave "the most ferocious speech ever given at the National Book Awards." Le Guin's acceptance speech for the Medal for Distinguished Contribution to American Letters touched on the Amazon vs Hachette throwdown and the practice of art in an age of capitalism. Video. Transcription.
Right now, I think we need writers who know the difference between production of a market commodity and the practice of an art. The profit motive is often in conflict with the aims of art. We live in capitalism. Its power seems inescapable; so did the divine right of kings.
Ben Smith of Buzzfeed reports: Uber Executive Suggests Digging Up Dirt On Journalists [more inside]
Paul Mason: What Shakespeare taught me about marxism.
Memos from Bear Cave. Inspired by the 1970s memos of perpeptually apoplectic Edward "Tiger Mike" Davis ("I am not fond of hippies, long-hairs, dope fiends, or alcoholics"), SomethingAwful writers created a series about the manliest CEO in the 1970s soup-manufacturing industry. While Tiger Mike is hard to top, the saga of JD Boruff, who swims in his own soup and monitors his employees' toilet flushes, takes on a strange and hilarious charm as its universe expands.
There are eighteen epistolary stories in the series to date, indexed below the fold. [more inside]
There are eighteen epistolary stories in the series to date, indexed below the fold. [more inside]
In a wide-ranging discussion about democracy, capitalism, and the American body politic; Chris Hedges interviews political theorist Sheldon Wolin in eight parts. (via) (previously) [more inside]
So, what is the balance-sheet of transition? Only three or at most five or six countries could be said to be on the road to becoming a part of the rich and (relatively) stable capitalist world. Many are falling behind, and some are so far behind that they cannot aspire to go back to the point where they were when the Wall fell for several decades. Despite philosophers of “universal harmonies” such as Francis Fukuyama, Timothy Garton Ash, Vaclav Havel, Bernard Henry Lévy, and scores of international “economic advisors” to Boris Yeltsin, who all phantasized about democracy and prosperity, neither really arrived for most people in eastern Europe and the former Soviet Union. The Wall fell only for some.On the eve of the 25th anniversary of the Fall of the Berlin Wall Branko Milanovic looks at how the transition to capitalism worked out for the ex-communist countries of the USSR and Eastern Europe.
In the Billfold: a tale of a day-long tryout for an early stage startup, the author dubs The Start-up From Hell. The COO responds in Valleywag, "While it posted today (October 21), the article [...] relates to an experience she says she had 15 months ago. [...] At that time, Handybook employed less than 15 people. Today, Handy is two and a half years old and employs 200 people. [...] In short, as we continue to grow we're working every day to ensure the happiness of our customers and employees." [more inside]
"In my experience, the reminder that the sexual fantasy isn’t real, that the women who perform availability aren’t ACTUALLY available, that we aren’t ACTUALLY clamouring to be sexualized by men, that we control when the fantasy starts and stops, and that our performance is just that, a performance that requires compensation… well, some men find that hard to swallow." [more inside]
According to the philosopher Anselm Jappe, who has come to Lisbon to give a talk at the Teatro Maria Matos, in capitalism we are defined by our relation to labor. But the system is a “house of cards that is beginning to collapse”. It is time to rethink the concept of labor.
Ten years ago today saw the English launch of a quirky Japanese puzzler, a sleeper hit that would go down as one of the most endearing, original, and gleefully weird gaming stories of the 2000s: Katamari Damacy. Its fever-dream plot has the record-scratching, Freddie Mercury-esque King of All Cosmos destroy the stars in a drunken fugue, and you, the diminutive Prince, must restore them with the Katamari -- a magical sticky ball that snowballs through cluttered environments, rolling up paperclips, flowerpots, cows, buses, houses, skyscrapers, and continents into new constellations. It also boasts one of the most infectiously joyous soundtracks of all time -- an eccentric, richly produced, and incredibly catchy blend of funk, salsa, bossa nova, experimental electronica, J-Pop, swing, lounge, bamboo flute, hair metal, buoyant parade music, soaring children's choirs, Macintalk fanfares, and the finest theme song this side of Super Mario Bros. Called a consumerist critique by sculptor-turned-developer Keita Takahashi (who after one sequel moved on to Glitch, the supremely odd Noby Noby Boy, and playground design), the series has inspired much celebration and thought [2, 3] on its way from budget bin to MoMA exhibit. Look inside for essays, artwork, comics, lyrics, more music, hopes, dreams... my, the internet really is full of things. [more inside]
The political economy of a universal basic income: "your view of what is feasible should not be backwards looking. The normalization of gay marriage and legalization of marijuana seemed utopian and politically impossible until very recently. Yet in fact those developments are happening, and their expansion is almost inevitable given the demographics of ideology... UBI — defined precisely as periodic transfers of identical fixed dollar amounts to all citizens of the polity — is by far the most probable and politically achievable among policies that might effectively address problems of inequality, socioeconomic fragmentation, and economic stagnation." [more inside]
"In reconsidering the metrosexual, we must first distinguish between the metrosexual’s imagined and actual properties. Like hipsterism, metrosexuality is an insult more readily slung than substantiated. According to canon, David Beckham is the ur-metro. Although Beckham initially goes unmentioned in the word’s first printing (in 1994), the word’s progenitor, Mark Simpson, introduced American readers to metrosexuality through the British football star in 2002, when he called Beckham a "screaming, shrieking, flaming, freaking metrosexual…famous for wearing sarongs and pink nail polish and panties…and posing naked and oiled up on the cover of Esquire." " - Johannah King-Slutzky for The Awl on the 'Metrosexual' situation a decade later
"Using contractors it calls "brand ambassadors," Uber requests rides from Lyft and other competitors, recruits their drivers, and takes multiple precautions to avoid detection. The effort, which Uber appears to be rolling out nationally, has already resulted in thousands of canceled Lyft rides and made it more difficult for its rival to gain a foothold in new markets. Uber calls the program "SLOG," and it’s a previously unreported aspect of the company’s ruthless efforts to undermine its competitors."
Producer Michael Shamberg Wants to 'Invent the Future' With BuzzFeed Motion Pictures - "I don't think there's ever been a Hollywood R&D model like we have here." (previously 1,2,3) [more inside]
"Kayfabe is a slinky thing, in what it masks: it’s sheer enough to let us marks in on some of the fun, yet supple enough to obscure most of the human cost." On the disposability of professional wrestlers, by Dan O'Sullivan, aka @Bro_Pair
"Neoliberal is the new hipster: everybody's it except you, and nobody can explain what it means"
I think that’s well-put, and that the similarity between the terms is no accident; hipsterism is an especially salient iteration of neoliberal subjectivity, one that gains currency by being slippery and inarticulable. These concepts become normalized by becoming boring and frustrating to talk about. The apparent vagueness in the terms seems to make them unalterable. The struggle to define them reflects the stakes of keeping them amorphous, capable of absorbing more and more behavior, making the way of thinking they describe feel inescapable, natural.[more inside]
Advice on how to survive late capitalism: "Your life is sold to serve an economy that does not serve your life. You don’t seem to be entertained, Bank-robbin’; your white-hot rage festers. It probably doesn’t help that you live in Brooklyn—this place where in the last ten years rent has spiked 77 percent while real median income has dropped, where the rich (the top 10 percent of earners who, as is well known, control 80 percent of the wealth) and their children live right on top of some of the worst poverty known to this country, while 20 percent of Brooklynites survive somehow below the poverty level, such that the widening income and wealth gap becomes achingly visible here. I could advise you to leave Brooklyn. But I don’t want you to leave Brooklyn."
Modern public relations has, in its own parlance, an image problem. As an investigation copublished by the Columbia Journalism Review and ProPublica put it, the industry was literally birthed from a train wreck.... In stark contrast to newsrooms, in which women have never exceeded 38 percent, public relations operates as a solidly pink-collar sector of the creative industries and comprises a labor force that is currently over 85 percent female. The palpable distaste for PR practitioners that continues to swell — spearheaded by the very same members of the media with whom publicists theoretically enjoy a symbiotic relationship — requires, then, a deeper look at how gendered assumptions about work continue to shape our contemporary notions of creative labor under capitalism.
Carlos Slim calls for a three-day working week "We've got it all wrong, says Carlos Slim, the Mexican telecoms tycoon and world's second-richest man: we should be working only three days a week." also btw: The four-day work week (previously)
Monopoly is back: Barry Lynn on the concentration of American economic power — and how we can restore fairness. Highlights: [more inside]
Where does the new interest in the “history of capitalism” come from? I’d suggest the following rudiments of an answer. The financial crisis of 2008-09 has clearly placed certain issues of historicization on the agenda. If the accelerated and seemingly unstoppable drive for the “flattening” of the world through a process of neoliberal globalization since the early 1990s has not actually brought us to a permanently unfolding and self-reproducing neoliberal present, but has rather encountered severe structural problems, then how do we historicize this current time? That is, how do we understand the contemporary crisis of capitalism, in all its political and social ramifications, in relation to longer-run processes of capitalist restructuring and their logics of development and difficulty; and how do we locate the history of the present inside a larger-scale framework of periods and conjunctures? [more inside]
The open source revolution is coming and it will conquer the 1%, says an ex CIA spy: The man who trained more than 66 countries in open source methods calls for re-invention of intelligence to re-engineer Earth [more inside]
"Hi, Marc... You seem to think everyone's worried about robots. But what everyone's worried about is you, Marc. Not just you, but people like you. Robots aren't at the levers of financial and political influence today, but folks like you sure are. People are scared of so much wealth and control being in so few hands... Unless we collectively choose to pay for a safety net, technology alone isn't going to make it happen." [more inside]
"Advertising is not well. Though companies supported by advertising still dominate the landscape and capture the popular imagination, cracks are beginning to show in the very financial foundations of the web. Despite the best efforts of an industry, advertising is becoming less and less effective online. The once reliable fuel that powered a generation of innovations on the web is slowly, but perceptibly beginning to falter. Consider the long-term trend: when the first banner advertisement emerged online in 1994, it reported a (now) staggering clickthrough rate of 78%. By 2011, the average Facebook advertisement clickthrough rate sat dramatically lower at 0.05%. Even if only a rough proxy, something underlies such a dramatic change in the ability for an advertisement to pique the interest of users online. What underlies this decline, and what does it mean for the Internet at large? This short [PDF] paper puts forth the argument for peak advertising—the argument that an overall slowing in online advertising will eventually force a significant (and potentially painful) shift in the structure of business online. Like the theory of Peak Oil that it references, the goal is not to look to the immediate upcoming quarter, but to think on the decade-long scale about the business models that sustain the Internet." [more inside]
Brazil has spared no expense for the upcoming World Cup. The month-long competition will feature 64 matches in 12 cities across the country. Refurbishing old stadiums and building new ones has cost Brazil $3.6bn. Several of the new stadiums will seldom be used after the World Cup, and Brasilia's World Cup stadium is estimated to have cost taxpayers $900m. [more inside]
We are all very anxious - how constant observation and mass precarity undermine our ability to change and resist. [more inside]