Naming the System: Inequality and Work in the Global Economy
Author: Michael D. Yates
List Price: $16.95
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ISBN: 1583670793
Publisher: Monthly Review Press (January, 2003)
Sales Rank: 76,123
Average Customer Rating: 4.2 out of 5
Customer Reviews
Rating: 5 out of 5
An accessible and serious economic presentation
Leading labor analyst Michael Yates successfully strives to explain why the economic boom of the 1990s benefitted the wealthiest segment of business and society while doing little for the hard-working masses in Naming The System: Inequality And Work In The Global Economy. Aptly discussing a series of related issues including the inequalities that riddle the economic system of capitalism by its very nature (both within and between nations); unemployment and underemployment; contradictions within capitalism; and means for social change that battle for a better world, Naming The System is an accessible and serious economic presentation which has self-evidently been deftly researched and is skillfully argued. A welcome addition to personal and academic Economics Studies reference collections and reading lists, Naming The System is especially recommended to the attention of anyone wanting to understand the rationale behind the importance of placing limits and regulations to ensure a prosperous future for labor and management alike.
Rating: 1 out of 5
Even economists smoke crack
This man lives in a world od distorted reality. Economic equality and poverty is bound to exist reguardless of the mode of production. Capitalism allows democracy, which is the most important issue to me. He talks about Cuba in this book... The have to give up freedom and live in poverty, but their literacy level is the same as our's; which system sounds better? Tjis was a well written book wth ample information, so I probably should have rated it better. However, I hate the message that it sends.
Rating: 5 out of 5
But, some of my best friends are economists
I am not an economist, but some of my best friends are. And much of my work as a labor law professor, has involved dealing with ideas couched in economic terms. Even so, there is a lot about economics as it is really practiced, that comes as a surprise. Several years, when the news was full of predictions from leading economists about the effects of a new policy on the economy, I asked a group of economists whether these sorts of predictions were based on studies of effects in the world. The economists told me that these predictions none of these predictions were ever tested. All that was ever done was to create simplified theories about how the economy worked and then use those theories to make predictions. No one ever checked to make certain those theories were valid.
Imagine what healthcare would be like if doctors and scientists operated this way. Actually, we don't have to imagine. This is how life was in the Middle Ages when doctors tried to balance the body's four humors, and everyone knew the sun revolved around the earth. The models got more and more complex as reality did not jibe with theory.
So all of us have our fates determined by economists whose methods are no more up to date than the 16th century. Consider Alan Greenspan, the hero of the Fed. He and his colleagues for years were convinced that the only way to fight inflation - and inflation had to be fought at all costs - was to raise interest rates any time unemployment fell below 5.8%. The effect was that higher interest rates increased unemployment. In the early 1990's, unemployment began to fall below this danger level, but no inflation appeared. Pressure was put on the Fed not to raise interest rates, enough pressure that they held off. Unemployment plunged ever lower with no inflation. Did the economists admit that their theory had to be discarded based on the evidence/ Of course not. They responded that they needed to refine the theory to account for this aberration from the theory, but the theory was still solid.
Michael Yates does a much better job at leading the reader through classic economic theory and exploring the many ways in which those theories stand unproven - and yet they still rule the world. Yates provides a fair and balanced look at the claims of classic economics for economies and for global trade and demonstrates that there is no evidence to support those claims.
There is no question that Michael Yates is passionate and has strong opinions. He does nothing to hide his views and is fair and open with the reader as he presents his arguments against classical economics and his ideas as to what should replace those disproven theories. I won't even try to summarize the. Yates deserves to be read and his arguments digested in full.
Yates is a wonderful writer and educator. He should be. He had a long teaching career at University of Pittsburgh at Johnstown, among prisoners, and with unionists. He is clear without ever talking down to his audiences. Over the years he has opened up the world of economics to many of us, and through this book will reach even more. I recommend it strongly. Similar Products
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