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Fraser Paper Assignment
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In the book entitled, Age of Acquiescence by Steve Frasers examines the U.S peoples relationship with capitalism.Fraser explains the concept of second Gilded Age. Steve Fraser identifies three sets of explanatory factors for the weakness of the American labor movement, which is not without echoes at home. It dissects the elements relating to the world of work, whose keyword is flexibility (relocation, subcontracting, self-employed workers, right-to-work legislation, etc.), but also the ideology of the labor market. According to Fraser, a feature of the political economy of finance capital, as opposed to the political economy of the accumulation of the previous epoch, which was based on moral psychology focused on future gratification and was naturally forward-looking. The development of this mass consumption leads to personal indebtedness, which puts even more workers in their jobs.
The third set of factors analyzed by Fraser revolves around identifying the businessman presented as a hero. He cites the case of the young wolves on Wall Street and the myth of Steve Jobs and his emulators who would have invented everything from scratch in their garages, while it has shown that their products are indebted to the discoveries of state agencies. Fraser deals with a large extent with fictitious capital (he had previously written a good book on Sidney Hillman, the labor statesman of garment workers. The first part is an overview of the class struggle in the United States, from the American Revolution to the late 1960s. It also focuses on violence against the American worker and the rarely mentioned extent of these struggles which from 1877 to 1919 frightened the American ruling class.
This book underlines the importance that the enormous income and wealth inequalities in our societies have had in the genesis of economic and financial crises. The author also highlights that the measures that governments are taking in response to financial market pressures are increasing these inequalities. The article shows, for example, how the countries sovereign debt valuation agencies stimulate the reproduction of such disparities. The report also points out how the reduction of taxes, proposed by conservative and neo-liberal parties, contributes to the growth of those inequalities, thereby hindering economic recovery.
The Gilded Age, which lasted from the 1870s to the initial 1900s, was a prosperous period in US, railways established with great opportunities for the state, millions of immigrants from Europe poured into it. The terms in which historians in the 1920s captured a period of accelerated industrialization and a social upsurge in the United States originate from Mark Twains novel, The Gilded Age A Tale of Our Days, written in 1873. The agrarian and manufacturing invention of the America surpasses, by the start of the twentieth century, that of the European states. If any calamity comes to tremor up the economy, it not ever lasts a long time and the march onward takes again more. Involvement adds a more thoughtful renunciation to the generous suggest that everybody benefits from the limitless presentation of concurrency in fact, in several fields, the strongest or the most skillful seize the control of the production or trade of a creation. They can then set the value short of any other thought than their own interest.
The money flowed from London and Paris to the United States and fueled industrialization and the development of railways, including transcontinental ones, and providing access to vast territories on which mining could found, or farming could start. Travel time from New York to San Francisco was reduced from six months to six days. Several industries, including oil, steel, sugar and cotton, came under the control of several large firms under the control of trusts. Trusts controlled all aspects of production from raw materials to sales, which allowed them to operate in their sphere exclusively, eliminating competitors. The owners of the trusts were among the richest people in history, their descendants are also represented in the annual lists of the rich.
The golden years of capitalism in the United States is the period from the end of the Second World War until the economic crisis of 1973 in which the United States became the greatest power of the world economy, this economic growth was produced by the Marshall plan. The different agreements that were carried out in that period produced the support of multiple countries, such as the Breton Woods agreement, the creation of the world bank and the stimulation of the economy in third world countries through the international monetary fund. Based on the above, the welfare state model is produced The first welfare state, which emerged after the economic crisis of 1930, consisted of greater regulation of the state in the economy, through the incentive of consumption in the market, the new welfare state emerged between the period of (1945-1973), achieved important cultural and social changes.
In economics, and especially in finance, the paradigm is that markets are efficient. Economists have decades ago concluded that financial markets behave in a chaotic manner. In most sessions, chaos is deterministic and investors decisions meet certain regularities. However, when uncertainty takes over markets, investors cannot correctly assess the risks they are taking and are scared, letting their emotional side dominates themselves. At this time, financial crises occur, and we humans behave like buffalo herds in the prairies, which in the academic field is called the herd effect. In times of panic, purchase orders disappear. Like black swans, society continues to assume that markets are efficient and consider crises as an anomaly of the system. However, there is a regular financial crisis approximately every five years, so we must understand them as essential normality to the system and let science clarify the facts, to prevent mythology from giving absurd explanations.
To conclude, crises always meet certain regularities. They are preceded by a period in which investors underestimated the risk and inflation of the price of assets. The processes of overvaluation of assets are usually gradual and pleasant. Since, all participants in the game improve their well-being and have positive externalities on economic activity and employment, and allowing most of society to benefit from the phenomenon. However, the adjustment is always violent and unpredictable, and prices fall to return to equilibrium. The deflation of assets usually affects the financial and banking system, causes credit restrictions and ends up infecting the real economy of families and businesses.
Bibliography
Fraser, Steve. The Age of Acquiescence. Salmagundi 170/171 (2011) 3.
Fraser, Steve. The Age of Acquiescence. Salmagundi 170/171 (2011) 3.
Fraser, Steve. The Age of Acquiescence. Salmagundi 170/171 (2011) 3.
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