Global Economic Intersection
Advertisement
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
Global Economic Intersection
No Result
View All Result

The Bleak Picture

admin by admin
December 28, 2011
in Uncategorized
0
0
SHARES
19
VIEWS
Share on FacebookShare on Twitter

by Dirk Ehnts

These days, the news are bleak. Let me highlight some issues that appeared on radar in the last days:

  • Karl-Popper-Vol.-1Hungary is turning into an authoritarian state (article by Kim Lane Scheppele)
  • About the only economist talking sense in Germany is Oscar Lafontaine of DIE LINKE, which is partly a successor of the East German communist/socialist party (interview in German in the SPIEGEL)
  • it seems that the Chinese property bubble might bust soon (FT Alphaville)
  • the Spanish reform programme under Rajoy is an austerity policy, and it is not sufficient yet (and perhaps can’t be, but the cuts are not large enough even according to their yardstick; source: EL PAIS)
  • North Korean strongman Kim Jong-il dies, creating political instability over the succession, and so does Vaclav Havel, former president of the Czech Republic

Now some observers will now talk about confidence and geo-political risk and the like. However, I would like to point out that societies have a risk-management tool at their hands which normally can be relied upon in good times as well as bad times. This tool is called democracy with a market system.

However, this tool seems to be having problems. We are supposed to solve problems using markets and voting for people who regulate these markets. What happens, though, is that some markets have created the problem and then the politicians who are responsible for regulating the markets have denied responsibility/misdiagnosed the problem/evaded all criticism. What went wrong? What do we have to do to get the leaders that maximize our utility?

This is a typical problem of society. Even the ancient Greeks thought about this issue, and Plato’s The Republic was written to answer this question. I have quoted David Hume recently, who wrote:

A Government may endure for several ages, though the balance of power, and the balance of property do not coincide. […] But where the original constitution allows any share of power, though small, to an order of men, who possess a large share of the property, it is easy for them gradually to stretch their authority, and bring the balance of power to coincide with that of property.

David Hume, of course, more than Plato was a man of enlightenment. It is this movement which provides the foundation of today’s Western societies. We have become – in the words of Karl Popper – open societies, which distinguishes us from the closed, tribal societies of the dark ages.

Perhaps we have forgotten our roots, our joint history and this is why our situation seems so strange today. Economists assure us that we have avoided the worst depression since the Great Depression, but as a result we have returned to business as usual. The new standard includes mass unemployment in Spain and other countries, rising tensions in the European Union and giving up any meaningful fight against global warming.

Perhaps it is time to revisit the idea of open societies – and its enemies – and think about today’s developments in a historical and philosophical context. In the next few weeks, I will present some excerpts from Popper’s Vol. 1 and put them into a modern context. I believe that economics without philosophy falls short of generating a civilised society. Somebody else would perhaps be better suited to undertake this, but I can’t see anyone doing it.

 

Related Articles

Opinion and Analysis articles by Dirk Ehnts

Analysis and Opinion articles about the Eurozone


About the Author

Dr. Dirk Ehnts is a research assistant at the Carl-von-Ossietzky University of Oldenburg (Germany). His focus is on economic integration and economic geography, covering trade, macro and development. He is working at the chair for international economics since 2006 and has recently co-authored a book on Innovation and International Economic Relations (in German). Ehnts has written at his own blog since 2007: Econblog 101. Curriculum Vitae.


Previous Post

Fasten Your Seat Belts for a Bumpy Ride

Next Post

Israelis Fight over Defense Spending

Related Posts

Will Ethereum Outperform Bitcoin?
Economics

Will Ethereum Outperform Bitcoin?

by John Wanguba
May 30, 2023
Is ReFi The Future Of DeFi?
Finance

Is ReFi The Future Of DeFi?

by John Wanguba
May 30, 2023
What Is Regenerative Finance (ReFi)?
Finance

What Is Regenerative Finance (ReFi)?

by John Wanguba
May 30, 2023
How Will The US Debt Ceiling Crisis Affect Bitcoin Price
Economics

How Will The US Debt Ceiling Crisis Affect Bitcoin Price

by John Wanguba
May 29, 2023
Blockchain-Based Reusable KYC Is A ‘Breakthrough’ For Web3 Security
Business

Blockchain-Based Reusable KYC Is A ‘Breakthrough’ For Web3 Security

by John Wanguba
May 29, 2023
Next Post

Israelis Fight over Defense Spending

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin adoption Bitcoin market blockchain BTC business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe Federal Reserve finance FTX inflation investment market analysis Metaverse NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • August 2010
  • August 2009

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized
Global Economic Intersection

After nearly 11 years of 24/7/365 operation, Global Economic Intersection co-founders Steven Hansen and John Lounsbury are retiring. The new owner, a global media company in London, is in the process of completing the set-up of Global Economic Intersection files in their system and publishing platform. The official website ownership transfer took place on 24 August.

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Recent Posts

  • Will Ethereum Outperform Bitcoin?
  • Is ReFi The Future Of DeFi?
  • What Is Regenerative Finance (ReFi)?

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

No Result
View All Result
  • Home
  • Contact Us
  • Bitcoin Robot
    • Bitcoin Profit
    • Bitcoin Code
    • Quantum AI
    • eKrona Cryptocurrency
    • Bitcoin Up
    • Bitcoin Prime
    • Yuan Pay Group
    • Immediate Profit
    • BitIQ
    • Bitcoin Loophole
    • Crypto Boom
    • Bitcoin Era
    • Bitcoin Treasure
    • Bitcoin Lucro
    • Bitcoin System
    • Oil Profit
    • The News Spy
    • British Bitcoin Profit
    • Bitcoin Trader
  • Bitcoin Reddit

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

en English
ar Arabicbg Bulgarianda Danishnl Dutchen Englishfi Finnishfr Frenchde Germanel Greekit Italianja Japaneselv Latvianno Norwegianpl Polishpt Portuguesero Romanianes Spanishsv Swedish