I spend yesterday reading Emily Kenway’s excellent The Truth About Modern Slavery (Pluto Press, 2021). Kenway, a former advisor to the UK’s anti-slavery commissioner has her sights set on one of the most pernicious moral panics of recent years, espoused by right-wing politicians and “radical feminists” alike and used to legitimize a range of policy interventions, but particularly the hardening of borders, increased surveillance and, in relation to the sex industry, the “Nordic model”. Kenway’s argument is that the “modern slavery” industry, leveraging a parallel with actual slavery that is unjustified, promotes a focus on practices of coercion and exploitation that are represented as exceptional and abusive and as contaminating a system of labour and employment that is otherwise well-functioning. It leads to a discourse that emphasises the rescuing of victims from the evil gangs that exploit them and obscures the fact that the everyday operations of capitalism and the nation state generate the the conditions under which people make choices, often freely and rationally, to accept pretty horrible conditions, because those conditions are, for them, the best ones on offer. The book is very much focused on the UK, but readers elsewhere will certainly find parallels in their own countries.

Kenway is very good on the way in which the very same politician who have made “modern slavery” into a crusade have also been the ones who have increased the precarity that marginalized workers and irregular migrants experience. At the same time as May was issuing declarations on the subject, she was pioneering, as UK Home Secretary, the Hostile Environment that made it far more difficulty for migrants to get employment in the regular economy. Kenway highlights the ambigious status that workers at the sharp end of this discourse have: victims, if they are found dead in a trailer or “rescued” from a brothel; perpetrators and immigration offenders if they emerge from a trailer alive. The book is very up to date, but since its publication Priti Patel, the UK’s new Home Secretary, introducing a yet more restrictive immigration regime has complained that “illegals” are “abusing” the modern slavery protections in order to remain in the UK. So it goes.
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As I’ve mentioned previously, when I started work on Economic Consequences of the Pandemic, I assumed I’d be writing a polemic against austerity, as I did in Zombie Economics. Based on the last crisis, it seemed likely that any stimulus measures would be wound back rapidly, leading to a sluggish and limited recovery. That’s pretty much what is happening in Australia, where I live, but not in the US, where the book will be published. On the contrary, Biden’s policies are pretty much what I would have advocated (certainly if you take into account the razor-thin majorities he is working with). And, with luck, the main elements will be in place by mid-year, long before my book can appear.

So I’m refocusing on the issue of debt and how it can be managed. This was the central issue after the Treaty of Versailles, and also in the return to the gold standard, which prompted The Economic Consequences of Mr Churchill. io o

My central conclusion is a simple one. Rather than aiming for a fixed ratio of public debt to GDP, governments should aim to control the long-term rate of interest on inflation-protected bonds, and set it at a rate of around 1 per cent, about equal to the long-term rate of productivity growth. Since rates are well below that now, there is plenty of room for more public investment.

More over the fold

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Thanks to everyone who has made useful comments on my recent posts. I need to move on to present concerns, so I’m finishing my writing on the post-War Golden Age (or whatever you would like to call this period). Here are some thoughts I still need to organize

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What wouldn’t I give to be in Paris right now!

The claim that the mid-20th century represented an economic Golden Age of near-full employment and economic equality, compared to both earlier and later periods, commonly meets two kinds of critical responses. Over the fold, I respond.
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(Long overdue!) Another open thread, where you can comment on any topic. Moderation and standard rules still apply. Lengthy side discussions on other posts will be diverted here. Enjoy!

In most societies, there is a myth of a ‘golden age’, a time when men and women lived simply and happily, free from the cares and troubles that afflcit them today. This myth usually includes an account of how, through foolishness or malice, the golden age was lost. In Western versions, the blame has been placed upon women – Pandora opening the box and Eve taking the apple.

In the economic history of the developed world, there is one historical episode which might reasonably be regarded as a golden age. Between 1945 and 1973, developed countries in Western Europe, North America and Oceania experienced strong economic growth, combined with minimal levels of employment and a sharp decline in inequality. In policy terms. the dominant features of this period were the use of Keynesian macroeconomics to stabilize the economy and the development of a fairly comprehensive welfare state, protecting citizens from falling into poverty due to old age, incapacity or unemployment.

Those are the opening paragraphs for Chapter 2 of The Economic Consequences of the Pandemic. Comments and criticism much appreciated.

When I agreed to write The Economic Consequences of the Pandemic for Yale UP, with a target date of May 2021 the idea was that it would be a polemic against austerity along the lines of Keynes’ The Economic Consequences of Mr Churchill, and the The Economic Consequences of the Peace [1] . In view of the rapid resurgence of austerity politics after the Global Financial Crisis, about which Henry and I wrote here, it seemed like a safe bet that this would be a hot topic in 2021. Even when Joe Biden won the election, and then the voters of Georgia gave the Dems a wafer-thin Senate majority, it still seemed likely, that we would see, at best, a half-baked “compromise” along the lines of the Republican counter-proposal to the American Recovery Program.

But here we are, a couple of months later. Not only has the ARP passed with the only significant cutback being the exclusion of the $15 minimum wage rise, but the Administration is already talking about an additional $3 trillion in infrastructure expenditure. If that happens, it will be after I’m due to finish my manuscript, but well before the book comes out.

All of this is great news, but it means I need to produce a different book to the one I had planned and have already written a fair bit of.

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One of the striking features of the Dr Seuss fuss is that most commentators seem to be treating this as something new. No one I’ve read in US commentary on the topic seems to be aware that “Dr Seuss, cancelled” is a shot-for-shot remake of a British drama.

It reminded me immediately of the arguments about golliwogs in Enid Blyton’s Noddy books, which started just about the time (a long, long time ago) I grew out of those books, and moved on to reading such gems as the Famous Five . After a long series of adjustments, turning golliwogs into goblins and so on, the issue was resolved by the reissue, in 2009, of a new canonical series, with no golliwogs. (There’s still controversy about golliwogs in general, but not wrt Noddy).

As is always the case, once you know what to look for, you can always find someone who’s made the same point before. In my case, very close to home. Here’s Kate Cantrell and Sharon Bickle from the University of Southern Queensland making exactly this point, with many more examples.

I was reading the excellent The Online Photographer the other day and Mike Johnston was writing about how he’s been using his iPhone to make more panoramas recently. I’ve never really done this, so I thought I’d have a go.

Now that I’m back, I should stick around. My discovery that Nietzsche’s Thus Spoke Zarathustra started as ‘a Seuss book’ is pretty neat, I admit. But, it turns out, the surprises run in the other direction as well. A lot of famous comics started out as attempts to adapt Nietzsche’s great work into English – to popularize German metaphysics. These original Charles Schulz ‘woodcut comics’, for example. (Very rare. I’m working on ‘discovering’ a few more.) You can see a lot of Schulz’ later work already here, in seed form. (There was no money in it, and he said he got sick of carving the pearwood blocks to make the prints.)

Several publishers have decided to make Waheed’s work temporarily open access to honour his memory.

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