Right-wing dogma has had its day

[CHIMO]

Economic orthodoxy has been turned on its head during the Great Recession of the past three years. Left to their own devices, markets have proved to be neither rational nor stable. They don't miraculously come up with perfect solutions.

Unemployment is a case in point. According to neoliberal theory, those countries that had the most flexible labour markets would find it easiest to adapt to the more challenging environment, while those countries that insisted on featherbedding their workers would reap the consequences of being soft.

It hasn't worked out like that. There are, according to estimates, 210 million unemployed people around the globe, an increase of 30 million since 2007. The largest increases have been in the US, the home of the hire-and-fire culture, and Spain, which developed a two-tier labour market in which temporary workers enjoyed fewer rights than their full-time colleagues. Youth unemployment in Spain has doubled to almost 40%.

In contrast, in Germany and Norway – two countries that have strong trade unions and long traditions of collective bargaining – the unemployment rate barely budged.

http://www.guardian.co.uk/business/2010/sep/06/employment-core-economic-recovery#history-link-box

[rhett o rick]

1. So what's the consequences. The right wing dogma may have seen it's day but we are still fucked.

Until we figure out how to fight the corporate media, we are screwed. The corporatists used the right wing and now they will use someone else.