ITS 201 Lecture Notes - Lecture 8: Panama Papers, Shadow Banking System, Limited Government
20 Dec 2017
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1) (re)conceive society as a giant free market. +the free market should organize the economy and society. 4) invisible hand : metaphor for self-regulating the marketplace. +economy is self-correcting; naturally and eventually rights itself. +consumerism: cultural expression and manifestation of routine practices of consumption. It structures our everyday lives and offers the illusion of freedom. +the more you consume the happier you"ll feel. +economic model based on exploiting the environment and ignoring the limits of the abuses our planet can bear. +market (and rich people) are right and the government is wrong. +get government out of the way of capitalism. +deregulation increases competition, which is good for the economy and consumers. Trickle down economics or reaganomics: an economic policy or theory that holds tax breaks will encourage the wealthiest citizens to invest, which will trickle down to stimulate and benefit the economy for all. After forty plus years, trickle down economics patently doesn"t work.
