![long term effects problems feudalism chart long term effects problems feudalism chart](https://image.slideserve.com/1433295/question-1-l.jpg)
Meanwhile in the absence of any alternative model, the conditions for another crisis are being assembled. It means driving the wages, social wages and living standards in the west down for decades until they meet those of the middle class in China and India on the way up. Austerity is not eight years of spending cuts, as in the UK, or even the social catastrophe inflicted on Greece. Services are being dismantled and infrastructure projects put on hold.Įven now many people fail to grasp the true meaning of the word “austerity”. In the worst-hit countries, the pension system has been destroyed, the retirement age is being hiked to 70, and education is being privatised so that graduates now face a lifetime of high debt.
#LONG TERM EFFECTS PROBLEMS FEUDALISM CHART PLUS#
The solutions have been austerity plus monetary excess. The aftershocks in Europe are tearing the continent apart. It produced, in the west, a depression phase longer than in 1929-33, and even now, amid a pallid recovery, has left mainstream economists terrified about the prospect of long-term stagnation.
![long term effects problems feudalism chart long term effects problems feudalism chart](https://cbqmethod.com/wp-content/uploads/2019/10/smoking-health-risks-graph.jpg)
Global growth became negative – on a scale where anything below +3% is counted as a recession. The 2008 crash wiped 13% off global production and 20% off global trade. So that, when we create the elements of the new system, we can say to ourselves, and to others: “This is no longer simply my survival mechanism, my bolt hole from the neoliberal world this is a new way of living in the process of formation.” And this must be driven by a change in our thinking – about technology, ownership and work. I believe it offers an escape route – but only if these micro-level projects are nurtured, promoted and protected by a fundamental change in what governments do. Buzzwords such as the “commons” and “peer-production” are thrown around, but few have bothered to ask what this development means for capitalism itself.
![long term effects problems feudalism chart long term effects problems feudalism chart](https://schoolhistory.co.uk/wp-content/uploads/2021/06/Feudalism-Resource-Collection-2-724x1024.png)
New forms of ownership, new forms of lending, new legal contracts: a whole business subculture has emerged over the past 10 years, which the media has dubbed the “sharing economy”. It seems a meagre and unofficial and even dangerous thing from which to craft an entire alternative to a global system, but so did money and credit in the age of Edward III.
#LONG TERM EFFECTS PROBLEMS FEUDALISM CHART FREE#
They exist because they trade, however haltingly and inefficiently, in the currency of postcapitalism: free time, networked activity and free stuff. To mainstream economics such things seem barely to qualify as economic activity – but that’s the point. In Greece, when a grassroots NGO mapped the country’s food co-ops, alternative producers, parallel currencies and local exchange systems they found more than 70 substantive projects and hundreds of smaller initiatives ranging from squats to carpools to free kindergartens. You only find this new economy if you look hard for it. Parallel currencies, time banks, cooperatives and self-managed spaces have proliferated, barely noticed by the economics profession, and often as a direct result of the shattering of the old structures in the post-2008 crisis. The biggest information product in the world – Wikipedia – is made by volunteers for free, abolishing the encyclopedia business and depriving the advertising industry of an estimated $3bn a year in revenue.Īlmost unnoticed, in the niches and hollows of the market system, whole swaths of economic life are beginning to move to a different rhythm. Third, we’re seeing the spontaneous rise of collaborative production: goods, services and organisations are appearing that no longer respond to the dictates of the market and the managerial hierarchy. By building business models and share valuations based on the capture and privatisation of all socially produced information, such firms are constructing a fragile corporate edifice at odds with the most basic need of humanity, which is to use ideas freely. The system’s defence mechanism is to form monopolies – the giant tech companies – on a scale not seen in the past 200 years, yet they cannot last. That is because markets are based on scarcity while information is abundant.
![long term effects problems feudalism chart long term effects problems feudalism chart](https://schoolhistory.co.uk/wp-content/uploads/2021/06/Feudalism-Resource-Collection-1-212x300.png)
Second, information is corroding the market’s ability to form prices correctly. The coming wave of automation, currently stalled because our social infrastructure cannot bear the consequences, will hugely diminish the amount of work needed – not just to subsist but to provide a decent life for all. First, it has reduced the need for work, blurred the edges between work and free time and loosened the relationship between work and wages. Postcapitalism is possible because of three major changes information technology has brought about in the past 25 years. Watch: Capitalism is failing, and it’s time to panic GuardianĪs with the end of feudalism 500 years ago, capitalism’s replacement by postcapitalism will be accelerated by external shocks and shaped by the emergence of a new kind of human being.