Economics for the many, not the few. 

SE's mission: to help the world understand economics (capitalism) and believe in 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. Milton Friedman is only one example of this kind.

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

Luckily, many 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, political oppression and environmental disasters.

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 see that there's nothing really "free" in this "free enterprise system" for the majority of the people and argue for a truly just, sustainable, free and democratic alternative.

Indeed, some kind of socialist economy.

The opposite of a world in which a minority of wealthy and powerful individuals control economies and governments. A world in which economic wealth and political power is shared much, much more equally among all people of the world. A world for which no one has the ultimate blueprint, but which has to be invented nevertheless.

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 alternatives too. To help the world understand economics (capitalism) and believe in a fair, egalitarian, democratic and green alternative.

That said, SE does not feign omniscience either. We try to be undogmatic (do let us know if we fail) and provide a platform for a rich diversity of voices from all over the world.

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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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Economics for the many, not the few.
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