Another economics is possible. 

SE's mission: to understand economics (capitalism) and look for a fair, egalitarian, democratic and green alternative (indeed, some kind of socialism).

For too long, a dangerous myth persisted, advocated by the 'there-is-no-alternative' kind of economists and politicians.

The "free enterprise system", Capitalism, is supposedly the only way forward, economist Milton Friedman preached. "There is no alternative way so far discovered of improving the lot of the ordinary people", he said.

Luckily, many people refuse to believe it. They're seeing too many ordinary people suffering from poverty, hunger, health problems or war. Too many people underpaid and overworked, without any meaningful control over their lives. They're seeing too much economic inequality, environmental disasters and political oppression, and recognize that there's no real freedom in this "free enterprise system" for the majority of the people. They recognize that the economic system is partly to blame for all of these problems, a system in which the few enrich themselves at the expense of the many.

They desire a fair, egalitarian, democratic and green alternative. Indeed, some kind of socialist economy. A world in which economic wealth and political power is shared much, much more equally among all people of the world. Getting there may feel like a Sisyphean mission, and it's a world for which no one has the ultimate blueprint. Luckily, that hasn't stopped socialists from trying.

SE does not feign neutrality. It shares this general, socialist ideal.

SE will therefore not only publish economic analyses, but ideas about fundamental solutions and radical economic alternatives too. SE's mission is to understand economics (capitalism) and look for a fair, egalitarian, democratic and green alternative.

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  1. Michael Hudson's recently posted article on $4.3 trillion bailout of the banks by the Fed is actually a low end estimate. If one includes the Fed's resale of new bonds as the prior bonds matured, during the period 2008-16, then the Fed provided QE in the amount of somewhere between $5-$6 trillion in bailout. And don't forget the $300 billion in underwriting of Citigroup and Bank of America in 2008-09, which were technically bankrupt at the time. Or the special auctions to bail mutual funds and other shadow banks. Or the $200 billion or so of TARP money for mid-sized banks, or the $180b for AIG, and another $90b for finance arms of GM and GE. Or the Fed's $29b to Chase to scoop up Bear Stearns, or the FDIC cost to cover deposits at WaMu, or the Treasury's $300b bailout of Fannie Mae/Freddie Mac, etc. etc.

    1. Thanks for this comment. You're invited to add your comment below Hudson's article as well: http://www.socialisteconomist.com/2018/09/the-lehman-10th-anniversary-spin-as.html


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