Mainly Macro: How business lost its influence on right wing parties

2020/02/04 wwchu 反思經濟學

Tuesday, 28 January 2020

From Simon Wren-Lewis’ Blog

https://mainlymacro.blogspot.com/2020/01/how-business-lost-its-influence-on.html?m=1&from=timeline&isappinstalled=0

But when Trump imposes tariffs on imports he may be favouring particular firms, but he is also acting against the interests of US trading firms in general. Why?…..

This meant that CEOs spoke in the interests of both the companies they ran, but also in the interests of very rich individuals like themselves. 

In these senses neoliberalism (aka what happened during and after Thatcher and Reagan) created the conditions that helped diminish the direct influence of business on the dominant right wing party in the UK and US, and therefore for much of the time the UK and US state. This was my thinking when I wrote

“Rent extractors naturally seek political defences to preserve their wealth, and the mechanisms that sets in place may not embody any sense of morality, leading to the grotesque spectacle of Republican lawmakers depriving huge numbers of health insurance to be able to cut taxes for those at the top.”

It also means that the finance any party of the right needs can come from money and those that manage business (and extract rent from it), and that can be divorced from the interests of business. This was part of my thinking in talking of a governing plutocracy, and writing:

“It is also a mistake to see this plutocracy as designed to support capital. This should again be obvious from Brexit and Trump. It is in capital’s interest to have borders open to goods and people rather than creating barriers and erecting walls.”

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