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Noam Chomsky on Budget & Economy

Political Activist


Banks thrive due to bailouts, while people suffer recession

Scott Brown's senatorial campaign outcome was depicted as a right-wing revolt of an angry population against the excesses of the liberal elitists. The official data showed that Brown was carried to victory by very high voting and enthusiasm in the "affluent suburbs," alongside low turnout and general apathy in the urban areas that are largely Democratic. The outcome can be construed as an uprising against Obama's policies: for the wealthy, he was not doing enough to enrich them further, while for the poorer sectors, he was doing too much to achieve that end.

Doubtless there was some impact of the populist image crafted by the PR machine, but this appears to have had only a secondary role. The popular anger is quite understandable, with the banks thriving thanks to bailouts while the population remains in deep recession. Unemployment is at 10% and in manufacturing industry at the level of Great Depression, with one out of six unemployed, as was reported the day of the Massachusetts election

Source: Hopes and Prospects, by Noam Chomsky, p.230-231 , Jun 1, 2010

Adam Smith called for equality of outcome plus free market

We might also ask just how “global” the economy really is, and how much it might be subject to popular democratic control. In terms of trade, financial flows, and other measures, the economy is not more global than early in this century. Furthermore, trans-national corporations (TNCs) rely heavily on public subsidies and domestic markets.

Is it a law of nature that we must keep to these? Not if we take seriously the doctrines of classical liberalism. Adam Smith’s praise of division of labor is well known, but not his denunciation of its inhuman effects, which will turn people into objects, something that must be prevented by government action to overcome the destructive force of the “invisible hand.” Also not well advertised is Smith’s belief that government “regulation in favour of the workmen is always just and equitable,” though not “when in favour of the masters.” Or his call for equality of outcome, which was at the heart of his argument for free markets.

Source: Profit Over People, by Noam Chomsky, p. 39 , Jul 2, 1996

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Page last updated: Mar 15, 2014