Broadly speaking, there exist three different perspectives on the
crisis. Perspective 1 is the hard-core neoliberal position, which can be
labelled the “government failure hypothesis”. In the U.S. it
is identified with the Republican Party and the Chicago school of
economics. Perspective 2 is the soft-core neoliberal position, which can
be labelled the “market failure hypothesis”. It is identified
with the Obama administration, half of the Democratic Party, and the MIT
economics departments. In Europe it is identified with Third Way
politics. Perspective 3 is the progressive position which can be
labelled the “destruction of shared prosperity hypothesis”. It
is identified with the other half of the Democratic Party and the labor
movement, but it has no standing within major economics departments
owing to their suppression of alternatives to orthodox theory.
[MORE]
Based on an article by Thomas Palley, Senior Economic Adviser, AFL-CIO
Tuesday, April 24, 2012
Tuesday, April 3, 2012
Wisconsin's Walker faces recall vote.
Wisconsin's
controversial Republican Governor Scott Walker will face a recall election on
June 5 over a new law he championed that strips public sector unions of most
power, becoming the first U.S. governor to face a no-confidence vote in nearly
a decade.
The five-member
Wisconsin Government Accountability Board, which manages elections, voted
unanimously on Friday to formally certify more than 900,000 signatures calling
for Walker's ouster, setting the recall election in motion.
Just hours
after the recall vote was set, a federal judge in the Wisconsin capital of
Madison struck down two key parts of Walker's signature law curbing union power
that labor unions had challenged in court.
A Democratic
primary will be held on May 8 to choose Walker's opponent in the recall vote.
The Democrat most likely to face him is Milwaukee Mayor Tom Barrett in a
rematch of the 2010 election that Walker narrowly won...
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