Notices by Emeritus Prof Christopher May (chrismayla6@zirk.us), page 3

@aral @RichardJMurphy

Hmmm.... I think I'm going to disagree... much like Leiws Mumford argues technology can only be understood when linked to its use, producing broadly either authoritarian or democratic 'technics', I think #capitalism can be shaped & 'tamed' by democracy... the problems we have are because a dysfunctional democracy (as you say corrupted by money) is not regulating capitalism to our general benefit, but at those 20 years show, its not impossible, but certainly difficult!

Two centuries of #bankfailures in a single chart... and the extraordinary period of stability between 1950 & 1970.

Whatever #bankers may claim about the 'problem' of regulation & the hand of the state, as @RichardJMurphy pointed out this morning - this is the period where Kenynsianism shaped public policy & delivered financial stability...

If you wanted an illustration of why #capitalism works best when it is regulated carefully, this would be it.

You'll have noticed some trouble with #SiliconValleyBank last week;

its an interesting illustration of a number of issues (which have been widely discussed over the weekend) but particularly allows us to draw a distinction between #POTUSBiden & #RishiSunakPM' approach to state 'intervention' in such cases:

The US is using its regulatory system to shore up depositors/clients in the crisis...

and the UK; we're trying to get #MiddleEast financials to buy the UK's SVB operation!

h/t FT

@aral So let me explain to you why that is....

@aral abosolutley... it really lies behind everything a political economist does.... see for instance my last (pre-retirement missive) - apologies for being tempted by the chance for a bit of self-publicity 😉

For some years (decades) we've been living in an age of declaratory #politcs, in which politicians declare what they might do & this is reported by a compliant media as fact... while much that is declared is not done or done differently...

So, the one method that has proved a reasonable guide to what is actually going on in our dysfunctional, rentier #capitalist country is to:

FOLLOW THE MONEY

hence, why even after retirement I remain a fully committed political economist