Books

A deficit of logic

The Credit Crunch.
Graham Turner. 2008. Pluto Press.

Graham Turner has made a number of appearances on BBC2’s Newsnight in recent weeks, helping Paul Mason deconstruct the credit crisis and slump.

Turner is a Keynesian of sorts and a fan of ‘quantitative easing’ i.e. of central banks flooding the financial markets with liquidity in the hope that this will get banks lending again, literally giving people more money to spend. As history demonstrates though – and Marxian economics explains – the practical effect of this is further doses of currency inflation as it is likely to accelerate the continuing overissue of inconvertible paper currency that has been going on since the Second World War.

This book is currently one of the most widely available explanations of the financial crisis in UK bookshops. But in essence it is a confused book and Turner seems to think that the reason the Keynesian remedy hasn’t worked on any previous occasion is because the policy levers weren’t pulled in quite the right order, or at quite the right time.

As an illustration of the book’s confusion, there are a large number of pages discussing in great detail what Turner apparently sees as the supposed significance of trade deficits and surpluses in various countries affected by the asset price bubble. But then he concludes, all of a sudden and for no particular or stated reason – much in line with the historical evidence but against the line of his own argument presented here – that ‘It does not matter that much whether a country is running a trade deficit or a surplus: a bubble is a bubble, and there are far too many around’. Indeed.

Though it includes some interesting and useful statistical data and graphs, after this point it was difficult to take the book entirely seriously and George Cooper’s rival explanation in the Origin of Financial Crises (reviewed in March) is clearer, more in accordance with reality and much to be preferred.

DAP


Capitalist childhood

A Good Childhood: Searching for values in a competitive age. Richard Lazard and Judy Dunn. Penguin, £9.99. 2009.

Some of us have a good childhood; others don’t. Of course it all depends on what you mean by a good childhood. Is it to own a lot of things – or to be happy? Is it more important to have a good relationship with others – or with yourself?

This book is based on the report of an 18-month survey sponsored by the Children’s Society, and is written by an economist and a psychologist. It deals with a wide range of issues connected with childhood: family, friends, lifestyle, values, schooling, mental health and inequalities. Its centre-left viewpoint is well illustrated by the remark “With immense courage the Labour government committed itself in 1999 to abolishing child poverty by 2020…”

The authors are critical of excessive individualism, by which they mean “the belief that the prime duty of the individual is to make the most of her life, rather than contribute to the good of others”. They reject some features of the face of childhood in present society, but they want to scrub that face clean rather than remodel it. Thus the media “should be embarrassed at the amount of physical violence which they put out and advertisers should be embarrassed at their encouragement of premature sexualization, heavy drinking and over-eating”. No question of the media and advertisers stopping their malign and profit-seeking influence on youngsters—just suggest that they should feel embarrassed at what they do.

The authors are far from holding the view that there is no such thing as society. Indeed they write of moral education that “it needs to offer a vision of a good person and a good society”. But most of the solutions they propose to childhood problems are at the level of individual behaviour rather than societal change: “If we want to improve our quality of life, we must above all produce better people.”

Archbishop Rowan Williams, patron of the Inquiry Panel, contributes an elegantly waffly 12-page afterword in which he claims that “the report ask far more from churches and religious communities – as it does from all kinds of bodies in our society”. The text does in places have a vicarish tone (“Children are a sacred bush”). But the nearest the report gets to churchy religion is to refer to spirituality as “an uplifting experience”,
SRP


Surviving

Selling Your Father's Bones.
By Brian Schofield, Harper Press, 2008

This is a fascinating account of the fate of Nez Perce (rhymes with Fez Purse) people of the north west of the USA and their land. It uses the narrative of the desperate 1877 flight from their old homeland in the Wallowa valley towards exile in Canada, as a means to describe the exploitation and near destruction of the West through a particularly rapacious form of capitalism. The industrial pollution (the mile wide purple pit of Butte, Montana, is very memorable) and destructive agriculture are vividly depicted. As a history of a “Native American” group, it is especially useful as it brings the subject right up to date – an annoying feature of books of this nature is the close of the narrative at the loss of political independence, usually deep in the nineteenth century. The contrast between the desolation left after the death of the settler's dream (the scary empty landscapes of No Country for Old Men) and the relative success of the communitarian Nez Perce rewards the reader with vicarious pleasures and hints towards the very real benefits, both economic and social, which socialism will bring.

KAZ

Exhibition
Rank or class?

"Rank" is an art exhibition organised by Alistair Robinson of the Northern Gallery for Contemporary Arts in Sunderland and on display across the North until the autumn. Its subtitle, "Picturing the Social Order 1516-2009", pretty much describes its content – a collection of visual depictions of class throughout the centuries. The early material, including a full set of Gustave Doré and Henry Mayhew prints, as well as fascinating and detailed Booth's poverty map, is excellent and well worth seeing. Sadly nothing so complimentary can be said about the modern material. Where not dominated by slickly produced but impersonal graphs and charts, it is crude, amateurish and incomprehensible.

However, it is not simply a difference in style but a difference in message. Despite the statement by the organisers that "Rank, Situation, Class and Hierarchy are still with us" the message of the moderns is nothing of the sort. Instead of the notion of social class - us and them, whether for good or bad – butchly depicted by the traditional material, we are presented with mere economic inequality – a range of economic states from the long term unemployed (17.5 percent of the population apparently) to the professional or manager. The slogan "No Them - Only Us" prominently displayed in "Rank" becomes one of ersatz social inclusion, a brushing over of the real divisions between owner and owned, a con job which no recipient of a wage, pension or dole - payments from our masters - should take in.

Class is not a moral issue of inequality as depicted here but a social question of ownership and control, whose effects are not just poverty in the narrow economic sense but have echoes throughout society: the machine-like, distorted nature of work – the hellish grind we call wage slavery, the degradation of family and social life; the subjection to the tyranny of the state power; above all, the sense that life under capitalism is not a full human one but one in which the worker is reduced to a unit of production and consumption.

The reduction of class to mere economic inequality – the patronising image of the starving little black baby and the single mother living on baked beans (which thankfully we were saved from in "Rank") – minimises and marginalises the results of class divided capitalist society. Without the knowledge of class as a social relationship with real personal effects, the worst of which we can mitigate through collective action called the class struggle, the socialist movement would becomes little more than a charity.

Particularly irritating in "Rank" was the obligatory Karl Marx quotation. The Big Beard' s works are literally crammed with punchy one liners yet this is a (deliberately?) dull and long winded quote from The Communist Manifesto, which as even the dumbest social science graduate knows was written by Marx and Engels (the latter possibly having a larger contribution). It accompanies a Dyson cartoon depicting John Bull happily dancing to Master Capitalism's tune. Given his well known interest in class struggle - resistance to the gay dance – this doesn't really show much respect to Chucky does it?

“Rank" is on display at the Leeds Art Gallery until 26 April, then at the Northern Gallery for Contemporary Arts in Sunderland from 15 May to 11 July, and finally at the Grundy Art Gallery, Blackpool from 24 July to 5 September.

KAZ
Contents


  • Banks, who needs them?
    If there was production directly for use we wouldn’t need banks.

  • What is to be done?
    As capitalism loses some of its legitimacy, what should those who want to get rid of capitalism be doing?

  • Northern Ireland: a return to violence?
    Violence will not make people into socialists.

  • Capitalism’s reserve army of labour
    Full employment is not the normal state of capitalism.

  • Food: commodity or need?
    Enough calories are already produced in the world today to avoid anyone having to starve. It’s just that millions can’t afford to buy the food containing them.

  • Socialism: an open source society
    A socialist describes his personal experience of open source software - and its socialist implications.


    • Editorial
    What is socialism?

    Letters

    Contact Details
    		Pathfinders

    Material World
    The South China Sea

    Pieces Together
    Cooking the Books 1
    Saved by the slump?

    Cooking the Books 2
    Capitalism is working
    		Book Reviews
     The Credit Crunch;
     A Good Childhood;
     Selling Your Father’s Bones;
    Exhibition
     Rank.
    Cartoons
    The Irate Itinerant
    Free Lunch
    		50 Years Ago
    More trouble in Africa

    Greasy Pole
    The rise and rise of Harperson

    Voice from the Back






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     Socialist Standard online - edition                                            April 2009