Category Archives: Nordic model

What Does a Progressive Economy Look Like and How Do We Get There?

First posted at Occupy.com

In his recent report, “Reversing Inequality: Unleashing the Transformative Potential of an Equitable Economy,” Chuck Collins explores the structural dimensions of inequality in the U.S. and proposes fundamental changes to “rewire” the economy. It’s a long article, but worth reading because it describes the systemic problems of the U.S. economy and recommends dramatic policies that progressives should be thinking about as they look ahead to 2018.

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Book Review – Viking Economics by George Lakey

The 2016 election cycle seems to have awakened a large number of Americans to the economic stagnation that afflicts much of the US working class, whether in former industrial centers of the Midwest, rural areas, or large cities. This stagnation amounts to a system crisis brought on by de-industrialization, automation, declining real wages, under employment, and growing work insecurity for many middle class Americans. These trends, which go back decades, have led to increasing inequality and diminishing opportunities as well as a politics of extremism. How can we get out of this trap?

One of our problems is that received wisdom–namely the idea that there is no alternative to unregulated markets in a globalized economy–has enjoyed a stranglehold on mainstream economic and political debate. But in the past year, most notably with the presidential campaign of Bernie Sanders, this monopoly of ideas has started to break down. Recent polling shows that fewer Americans than in the past–especially younger citizens–fear socialism while increasing numbers are critical of capitalism. Further evidence of this opening was seen in the debate about healthcare that accompanied the republican attempt to repeal and replace the Affordable Care Act (Obamacare). Whatever one thinks about Obamacare, it appears to have solidified the idea that affordable healthcare is a right, not something that Americans should only access through what is euphemistically called the “free market.”

For those paying attention to the debate about healthcare options, other countries’ systems are important reference points, because of their success compared with the US in keeping costs down while achieving universal coverage and much better health outcomes overall. But European countries–particularly the Scandinavian countries–are doing much better than the US in other spheres as well, including educational achievement, economic productivity, the maintenance of a vibrant middle class, and the minimization of poverty. How have they achieved this success? George Lakey’s book, Viking Economics, provides some answers.

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