About Me

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Los Angeles, California, United States
The blog 'Breaking Bread' is for a civil general discussion, like you might have at the dinner table with guests. The posts 'Economics Without the B.S.' are intended for a general audience that wouldn't have to know the difference between a Phillips Curve, a Laffer Curve, or a Cole Hamels Curve. Vic Volpe was formally educated at Penn State and the University of Scranton, with major studies in History, Economics and Finance, and Business; and, is self-educated since by way of books and on-line university courses. His practical education came from sixty years of work experience in the blue-collar trades as well as a white-collar professional career -- a white-collar professional career in production and R&D. In his professional career and as a long-haul trucker, he has traveled throughout the lower forty-eight. From his professional career alone he has visited many manufacturing plants in the United States, Europe and China. He has lived in major metropolitan areas and very small towns in various parts of the United States. He served three years with the U.S. Army as an enlisted man, much of that time in Germany.

Friday, August 20, 2021

The Thrust For Power

 

The Thrust For Power



Economics Without The B.S.**: 

[**  Double entendre intended.]


Jacob Bronowski -- The Ascent of Man --The Thrust For Power



When the United States emerged out of World War II as the preeminent hegemon there was a recognition that world affairs are conducted through the use of the military (force) and commerce, along with diplomacy. The United States originated from the evolution of 18th Century Western Enlightenment, and the American Enlightenment version of that was to understand that a rules-based system provided a democratic society more stability than one based on power relationships – a society of laws, not men. The American Enlightenment, however, is not idealistic but practical, understanding that people, while possessing “goodness”, still tend to act in their own self-interest – so it is a combination of power relationships and a rules-based system. The manner in which the United States attempted to conduct international commerce was through a rules-based system, not a power arrangement – the Bretton Woods Agreement, the General Agreement on Tariffs and Trade (GATT), which later become the World Trade Organization (WTO), the International Monetary Fund (IMF) and World Bank. It has functioned, but not without mistakes, and still needs much improvement. So what we have for world affairs is a rules-based system for commerce, the use of the military force still, and a diplomatic system that is a combination of the two. The expansion caused by globalization, along with the expansion of the international financial system backed by the dollar has not been smooth. Imperfect human beings existing in such a system have created imbalances in those relationships which have resulted in inequalities, growing inequality gaps. If there is a recognition to spread democratic governance for promoting a broad-based general welfare, then it is imperative that a rules-based system prevail that is perceived to be fair to all so that it fosters engagement by all the participants.
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