Austerity measures constitute retrogression in human rights, in contravention of articles 2 and 5 of the International Covenant on Economic, Social and Cultural Rights, imposed top-down and never legitimized by popular referendum. Moreover, the "bail-out” of the banking system was undemocratic and inequitable because a "private debt” was rescued through public money, namely, by increasing the public debt, at the expense of social justice. The general feeling of malaise was expressed in the statement that Governments seem to have adopted the elitist view that "banks are too big to fail and bankers too big to jail”, concern being expressed about the dangers of privatization of essential services, including water, and the widespread phenomenon of privatizing profit and socializing cost.
Alfred de ZayasRelated topics
banking big cost covenant debt expense fail general human increasing international justice malaise money profit public referendum retrogression view water elitist socializing articles privatization privatizingRelated quotes
The most promising lines of development of theory in the sociological and most immediately related fields, particularly the psychological and cultural, therefore, seem to be two-fold. One major direction is the theoretical elaboration and refinement of structural-functional analysis of social systems, including the relevant problems of motivation and their relation to cultural patterns. In this process, the structure of social action provides a basic frame of reference, and aspects of it become of direct substantive importance at many specific points. The main theoretical task, however, is more than a refinement of the conceptual scheme of the presently reprinted book - it involves transition and translation to a different level and focus of theoretical systematization.
Talcott Parsons
Certainly no nation ever before abandoned to the avarice and jugglings of private individuals to regulate according to their own interests, the quantum of circulating medium for the nation - to inflate, by deluges of paper, the nominal prices of property, and then to buy up that property at 1s. in the pound, having first withdrawn the floating medium which might endanger a competition in purchase. Yet this is what has been done, and will be done, unless stayed by the protecting hand of the legislature. The evil has been produced by the error of their sanction of this ruinous machinery of banks; and justice, wisdom, duty, all require that they should interpose and arrest it before the schemes of plunder and spoliation desolate the country.
Thomas Jefferson
The power to guess the unseen from the seen, to trace the implication of things, to judge the whole piece by the pattern, the condition of feeling life, in general, so completely that you are well on your way to knowing any particular corner of it - this cluster of gifts may almost be said to constitute experience, and they occur in country and in town, and in the most differing stages of education. If experience consists of impressions, it may be said that impressions are experience, just as (have we not seen it?) they are the very air we breathe. Therefore, if I should certainly say to a novice, "Write from experience, and experience only," I should feel that this was a rather tantalizing monition if I were not careful immediately to add, "Try to be one of the people on whom nothing is lost!"
Henry James
With the publication of J. M. Keynes's General Theory in 1936 and the mathematical formalizations of his theory by J. R. Hicks (1937) and others, the language of macro-economic theory became systems of simultaneous equations. These are general equilibrium systems of interdependence in the sense that the relationships describe an entire national economy, not just a particular industry or sector. The systems are usually not completely closed; they depend on exogenous parameters including instruments controlled by policy-makers. Seeking definite relationships of economic outcomes to policies and other exogenous variables, qualitative and quantitative, these models sacrifice detail and generality, limiting the number of variables and equations by aggregations over agents, commodities, assets, and time.
James Tobin
The general co-operation of all members of society for the purpose of planned exploitation of the forces of production, the expansion of production to the point where it will satisfy the needs of all, the abolition of a situation in which the needs of some are satisfied at the expense of the needs of others, the complete liquidation of classes and their conflicts, the rounded development of the capacities of all members of society through the elimination of the present division of labor, through industrial education, through engaging in varying activities, through the participation by all in the enjoyments produced by all, through the combination of city and country – these are the main consequences of the abolition of private property.
Friedrich Engels
