Welcome to Bookmarker!

This is a personal project by @dellsystem. I built this to help me retain information from the books I'm reading.

Source code on GitHub (MIT license).

The conjuncture today is therefore a product of long-term trends and cyclical movements. We continue to live in a capitalist society where competition and profit seeking provide the general parameters of our world. But the 1970s created a major shift within these general conditions, away from secure employment and unwieldy industrial behemoths and towards flexible labour and lean business models. During the 1990s a technological revoution was laid out when finance drove a bubble in the new internet industry that led to massive investment in the built environment. This phenomenon also heralded a turn towards a new model of growth: America was definitely giving up on its manufacturing base and turning towards asset-price Keynesianism as the best viable option. This new model of growth led to the housing bubble of the early twenty-first century and has driven the response to the 2008 crisis. Plagued by global concerns over public debt, governments have turned to monetary policy in order to ease economic conditions. This, combined with increases in corporate savings and with the expansion of tax havens, has let loose a vast glut of cash, which has been seeking out decent rates of investments in a low-interest rate world. Finally, workers have suffered immensely in the wake of the crisis and have been highly vulnerable to exploitative working conditions as a result of their need to earn an income. All this sets the scene for today's economy.

—p.34 The Long Downturn (9) by Nick Srnicek 3 years, 4 months ago