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Government Economic Intervention, Not If But For Whom?

Mr. Obama said “We want to sell you all kinds of stuff…planes…cars…software.” Later the two Presidents announced $45 billion in export deals with China for US corporations. This was nothing less than direct economic intervention to aid corporations. Much public money has been and continues to be spent in all sorts of ways to support US government agencies’ work to expand export markets for US corporations in China and elsewhere. Evidently the US government does not believe in leaving the promotion and advertising of US goods abroad to the private sector that receives all the revenues from export sales. It feels that the private sector’s performance is inadequate, so the government must supplement, at public expense, insufficient private outlays for promotion with direct, publicly financed promotion. Yet we have no direct hiring to supplement the private sector’s inadequate employment of workers. How revealing.

The issue is not and never has been about whether to have the government intervene directly in American capitalism. The issue has always been for whom and in whose interests does the government intervene (and choose not to intervene). Professor Richard D. Wolff.

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