,P>T #c 
,CRITIQUE 

,PEOPLE 3 

,AU?OR 3 ,ABBEY ,VOLCANO 

,AU?OR 3 ,AN?ONY ,J4 ,NOCELLA ,I,I 

,AU?OR 3 ,C>OL9E ,K4 ,KALTEFLEIT] 

,AU?OR 3 ,IA9 ,MC,KAY 

,TEXT 3 

0,WE >E FREE1 TRULY FREE1 :5 WE DON'T NE$ TO R5T \R >MS TO ANYBODY 9 ORD] TO BE ABLE TO LIFT A PIECE ( BREAD TO \R M\?S40--,RIC>DO ,FLORES ,MAGON 

,GLOBALIZ$ ,CONTRADICTIONS ( ,CAPITALISM & ! ,IMP]ATIVE = ,EPO*AL ,*ANGE 

,JOHN ,ASIMAKOP\LOS 

,ACCORD+ TO ! ,CONGRESSIONAL ,BUDGET ,(FICE1 AS ( SUMM] #bi ! ,UNIT$ ,/ATES HAS APPROV$ @s#g#h#g BILLION 9 0/IMULUS SP5D+0 ) TRILLIONS 9 ADDITIONAL COMMITM5TS & CALLS = A SECOND PACKAGE TO SAVE CAPITALISM =_/FROM ! CAPITALI/ LORDS ON ! BACKS ( NEO-S]F TAXPAY]S4 ,N[ ?AT WE FACE A NEW GLOBALIZ$ ,GREAT ,COLLAPSE1 ! TIME HAS COME TO %[ OBJECTIVELY :Y ALL ( ?IS WAS EASY TO PR$ICT & :Y CAPITALISM MU/ BE REPLAC$ BY A NEW SOCIOECONOMIC SY/EM4 ,?IS NEW EGALIT>IAN SY/EM IS NOT ASSUR$ BAS$ ON DET]M9I/IC-ME*ANI/IC ,M>XI/ ECONOMIC !ORY4 ,IT IS POSSIBLE = CAPITALISM TO SURVIVE REG>DLESS ( ! GLOBAL CATA/ROPHE REQUIR$ TO SAVE IT GIV5 ! USE ( /ATE VIOL5CE TO PROTECT IT4 ,?US1 ! QUE/ION BECOMES3 DO WE ACCEPT ! P]PETUAL D[NGRAD+ ( WORK+-CLASS LIV+ /&>DS OR DO WE RESI/8 ,BE=E ASK+ PEOPLE TO RESI/1 WE MU/ FIR/ DEMON/RATE :Y ?+S SIMPLY WILL NOT GET BETT] ) OBJECTIVE ANALYSIS4 ,!N WE MU/ DEMON/RATE :AT W\LD BE A SUP]IOR SY/EM & H[ IT W\LD WORK4 ,F9ALLY WE NE$ TO %[ PEOPLE H[ TO RESI/ 9 ORD] TO U%] 9 A NEW EPO* ( SOCIAL JU/ICE1 LOVE1 & BRO!RHOOD & SI/]HOOD4 ,?IS MU/ BE P>T ( AN>*I/ ECONOMIC ANALYSIS IF WE >E GO+ TO >GUE CONV9C+LY = ! NE$ &1 IMPORTANTLY1 POSSIBILITIES = SY/EM *ANGE4 ,?IS *APT] FOCUSES ON :Y CAPITALISM IS DE/9$ TO COLLAPSE REPEAT$LY4 

,ACCORD+ TO ,SOCIAL ,/RUCTURES ( ,ACCUMULATION 7,S,S,A7 !ORY1 MULTIPLE SOCIAL & HI/ORICAL FACTORS1 RA!R ?AN ME*ANI/IC ECONOMICS1 DET]M9E ECONOMIC GR[?4 ,SPECIFICALLY1 CAPITALI/S 9VE/ ON EXPECTATIONS ( RETURN ?AT >E %AP$ BY EXT]NAL ECONOMIC1 AS WELL AS POLITICAL & IDEOLOGICAL1 CONDITIONS4 ,?IS EXT]NAL 5VIRONM5T IS REF]R$ TO AS ! ,S,S,A1 :I* DET]M9ES ECONOMIC EXPANSION & ! CLASS DI/RIBUTION ( ECONOMIC GA9S4 ,IMPORTANT FEATURES ( ! 9/ITUTIONAL 5VIRONM5T >E ! SY/EM ( MONEY & CR$IT1 ! PATT]N ( /ATE 9VOLVEM5T 9 ! ECONOMY1 & ! /RUCTURE ( CLASS CONFLICT4.<#a#e#i.> 

,! /RUCTURE ( CLASS CONFLICT IS ( P>TICUL> IMPORTANCE BECAUSE IT DET]M9ES ! %APE ( 9/ITUTIONAL >RANGEM5TS & :E!R !Y WILL BE CONDUCIVE TO 9VE/M5T4 ,S,S,A ALSO HOLDS ?AT EXPANSION>Y P]IODS EV5TUALLY 5D DUE TO 9/ITUTIONAL RELATIONS BECOM+ OSSIFI$1 RELATIVE TO ! DEM&S ( NEW ECONOMIC REALITIES4.<#a#f.> ,?IS IS ! ,M>XI/ >GUM5T ( ! RELATIONS ( PRODUCTION 79/ITUTIONAL RELATIONS7 BECOM+ FETT]S TO ! =CES ( PRODUCTION 79DU/RIAL CAPACITY74.<#a#f#a.> ,LA/LY1 ?IS APPROA* VIEWS ! DEVELOPM5T1 9T]NAL DYNAMICS1 & DECL9E ( EA* ,S,S,A AS HI/ORICALLY CONT+5T4 

,IT IS >GU$ ?AT A GLOBAL ,S,S,A IS =M+ BAS$ ON ! SOLIDIFY+ REGIMES ( F9ANCIALIZATION1 NEOLIB]AL TRADE1 & A NEW GLOBAL SEGM5TATION ( LABOR RESULT+ FROM1 & 9T5SIFY+1 ! DEFEAT ( DEVELOP$ NATION WORK+ CLASSES4 ,BUT AS ! HI/ORICAL PROCESS ( CAPITAL CONC5TRATION IS 9T5SIFY+1 OCCURR+ AT ! 9T]NATIONAL V]SUS NATIONAL LEVEL1 ! FUNDAM5TAL ME*ANICS ( CAPITALISM REMA9 UN*ANG$4 ,H[EV]1 ?IS PRES5TS A QUALITATIVE BREAK FROM ! PA/ 9 ?AT CORPORATIONS HAVE SEV]$ ! FL[ ( A NATIONAL BUS9ESS CYCLE BY \TS\RC+ PRODUCTION TO NATIONS ) AU?ORIT>IAN LABOR & CIVIL RI<TS CONDITIONS = *EAP DISCIPL9$ WORK]S :ILE DEP5D+ ON M>KET-BAS$ CONSUMPTION 9 ADVANC$ NATIONS4 ,?IS LEADS TO R$UCTIONS 9 PUR*AS+ P[] )\T A ME*ANISM TO RE/ORE 9COME FL[S BACK TO ! WORK]-CONSUM]S ( DEVELOP$ NATIONS4 ,CONSEQU5TLY1 ! CLASS CONTRADICTIONS ( ! NEW SY/EM HAVE RESULT$1 & WILL CONT9UE TO RESULT1 9 GLOBAL ECONOMIC /AGNATION1 IF NOT COLLAPSE4 ,! REASON IS ?AT ! NEW REGIME ( GLOBAL PRODUCTION LACKS A CORRESPOND+ REGIME = CONSUMPTION4 ,9EVITABLY ?IS WILL CAUSE /AGNATION DUE TO ! CLASSIC CONTRADICTION ( OV]PRODUCTION & UND]CONSUMPTION EMANAT+ FROM CAPITALI/ PRIVATE PROP]TY RELATIONS4 ,!RE=E1 A /RUCTURAL SOLUTION IS NOT RE=M1 BUT ALT]+ PROP]TY RELATIONS T[>D LIB]T>IAN SOCIALI/_/AN>*I/ =MS ( SOCIETAL ORGANIZATION1 ALL[+ = ! UN9T]RUPT$ FL[ ( PRODUCTION-CONSUMPTION4 

,COMPON5TS ( ! ,GLOBAL ,S,S,A 

,GIV5 ! DECL9+ RATE ( PR(IT S9CE ! #a#i#gS )9 DEVELOP$ NATIONS1 CAPITALISM HAS PURSU$ SURPLUS VALUE ?R\< GLOBALIZATION4 ,AS A RESULT1 WE >E WITNESS+ ! =MATION ( A NEW ,U,S-L$ GLOBAL ,S,S,A BAS$ ON ?REE EM]G+ REGIMES4 ,! FIR/ IS ! F9ANCIAL REGIME BAS$ ON ! ,WORLD ,BANK & ,9T]NATIONAL ,MONET>Y ,FUND 7,I,M,F7 FUNCTION+ AS 7DE7REGULATORY 9/ITUTIONS = ! GLOBAL ECONOMY4.<#a#f#b.> ,! SECOND IS A NEOLIB]AL TRADE REGIME EXPRESS$ BY ! ,WORLD ,TRADE ,ORGANIZATION 7,W,T,O7 & FREE TRADE AGREEM5TS 7,F,T,AS74.<#a#f#c.> ,! ?IRD 9VOLVES GLOBALLY SEGM5T$ LABOR M>KETS MADE POSSIBLE BY1 & 9T5SIFY+1 ! DEFEAT ( NATIONAL WORK+ CLASSES4 ,! ORIG9S ( !SE REGIMES CAN BE TRAC$ BACK TO DEVELOP$ NATIONS1 9 P>TICUL> ! HEGEMONIC ,UNIT$ ,/ATES & TO A LESS] DEGREE ! ,EUROPEAN ,UNION4 

,! F9ANCIAL REGIME 

,! =MATION ( ! NEW F9ANCIAL REGIME C5T]$ ON ! ,I,M,F1 ,WORLD ,BANK1 & TRANSNATIONAL BANKS CAN BE TRAC$ TO ! #a#i#hS4 ,ITS CREATION CAME \T ( ! COLLAPSE ( ! ,BRETTON ,WOODS REGIME 9 ! #a#i#gS4 ,AT ?AT TIME TRANSNATIONAL BANKS W]E =M+1 PROVID+ (F%ORE TAX HAV5S )\T CONTROLS ON CAPITAL FL[S = TRANSNATIONAL CORPORATIONS4 ,! BANKS ACCUMULAT$ MASSIVE RES]VES FROM CORPORATE ACC\NTS :I* W]E !N L5T TO DEVELOP+ NATIONS CREAT+ ! F\NDATION = ! #a#i#hS DEBT CRISES4 ,!SE DEVELOPM5TS & CORPORATE BEHAVIOR W]E ALSO A MAJOR CAUSE = ! DEMISE ( ! ,BRETTON ,WOODS REGIME 7:I* HAD 9/ITUTIONALIZ$ ! OLD COLONIAL RELATIONS7 & F9ANCIAL D]EGULATION 7E4G41 ( CAPITAL FL[S & CURR5CY EX*ANGE RATES1 CAUS+ ! ,MEXICAN CURR5CY CRISIS 9 #aiid & ,ASIAN 9 #a#i#i#g74 ,9 ! WAKE ( ! #a#i#hS DEBT CRISES :I* FOLL[$1 ! ROLE ( ! ,WORLD ,BANK & ,I,M,F *ANG$ QUALITATIVELY BY ADOPT+ NEOLIB]AL PR9CIPLES LEAD+ TO ! =MATION ( NEW F9ANCIAL & TRADE REGIMES4 ,! ADOPTION ( NEOLIB]AL IDEOLOGY BY !SE 9/ITUTIONS WAS ASSUR$ GIV5 ?AT ! ,UNIT$ ,/ATES HAS #a#f4#g#i P]C5T ( ! VOTE AT ! ,I,M,F & #a#f4#c#h P]C5T AT ! ,WORLD ,BANK--%>ES MULTIPLE TIMES MORE ?AN ?AT ( ANY O!R S+LE NATION2 ! ,UNIT$ ,/ATES & ,EUROPEAN ,UNION HAVE #d#h4#h#h P]C5T ( ! VOTE AT ! ,I,M,F & #d#d4#i#d P]C5T AT ! ,WORLD ,BANK2 & TRADITIONALLY ! ,WORLD ,BANK IS HEAD$ BY AN ,AM]ICAN & ! ,I,M,F BY A ,EUROPEAN4.<#a#f#d.> 

,PANIT* & ,G9D9 >GUE ?AT ! F9ANCIAL REGIME IS NOT NEW4.<#a#f#e.> ,RA!R1 IT IS A CONT9UATION ( =CES DAT+ TO ! =MATION ( ,BRETTON ,WOODS :5 ! F9ANCIAL SECTOR WAS REQUE/+ POLICIES ASSOCIAT$ TODAY ) NEOLIB]ALISM SU* AS FREE CAPITAL FL[S4 ,?AT F9ANCIAL OR ANY O!R CAPITAL WAS OPPOS$ TO REGULATION ?AT IT DID NOT CONTROL %\LD NOT BE SURPRIS+4 ,:AT IS IMPORTANT IS ?AT AT ! 5D ( ! DAY ,BRETTON ,WOODS DID NOT 9CLUDE !SE DEM&S4 ,!RE=E ! LIB]ALIZATION ( CAPITAL FL[S IS MORE PROP]LY DAT$ TO ! #a#i#hS AL?\< IT HAS ITS ORIG9S 9 ! PRIOR SY/EM4 ,9T]E/+LY1 ,PANIT* & ,G9D9 SEEM TO ACKN[L$GE ?IS QUALITATIVE %IFT3 0,! IMPACT ON ,AM]ICAN F9ANCIAL 9/ITUTIONS ( 9FLATION1 L[ REAL 9T]E/ RATES1 & /AGNANT PR(ITS 9 ! #a#i#gS ACCEL]AT$ ! QUALITATIVE TRANS=MATIONS .<ITALICS ADD$.> ( !SE YE>S1 :I* 9CREAS+LY RAN UP AGA9/ ! OLD ,NEW ,DEAL BANK+ REGULATIONS4444,?IS WAS :AT PROMPT$ ! GLOBAL 'F9ANCIAL S]VICES REVOLUTION4'0.<#a#f#f.> 

,SPECIFICALLY1 ! FIR/ MAJOR %IFT OCCURR$ :5 9 ITS ,WORLD ,DEVELOPM5T ,REPORT #a#i#h1 ! ,WORLD ,BANK *ANG$ ! DEF9ITION ( DEVELOPM5T FROM 0NATIONALLY MANAG$ ECONOMIC GR[?0 TO 0P>TICIPATION 9 ! WORLD M>KET40.<#a#f#g.> ,?IS WAS A MOVE AWAY FROM :AT 9 ESS5CE WAS NATIONALLY MANAG$ ECONOMIC GR[? PRACTIC$ BY DEVELOP+ NATIONS T[>D NEOLIB]AL GLOBAL TRADE 7MEAN+ CAPITAL MOBILITY7 CONTROLL$ BY & PRIVILEG+ TRANSNATIONAL CORPORATIONS4 ,SECOND1 ! ,WORLD ,BANK & ,I,M,F W5T FROM PROVID+ PROJECT LOANS TO REORGANIZ+ ! ECONOMIES ( POOR NATIONS 9 CRISIS ?R\< POLICY_//RUCTURAL ADJU/M5T LOANS4 ,= EXAMPLE1 :5 POOR NATIONS >E =C$ TO SEEK HELP FROM ! ,I,M,F 7AS A L5D] ( LA/ RESORT7 !Y MU/ AGREE TO NEOLIB]AL REORGANIZATION ( !IR ECONOMY--ESPECIALLY PRIVATIZATION--BE=E OBTA9+ ASSI/ANCE FROM ! ,WORLD ,BANK & TRANSNATIONAL BANKS4 ,9 ADDITION TO PRIVATIZATION ( /ATE RES\RCES1 !SE MEASURES1 :I* REFLECT ! #a#i#hS ,?AT*]-,REAGANITE IDEOLOGY1 9CLUDE SEV]E R$UCTIONS 9 PUBLIC SP5D+1 CURR5CY DEVALUATION1 & WAGE R$UCTIONS TO ATTRACT 0=EIGN 9VE/M5T0 AS A RESULT ( DECREAS$ EXPORT PRICES4 

,!RE=E1 ! EM]G+ F9ANCIAL REGIME IS DESIGN$ TO FACILITATE GLOBAL CAPITAL MOBILITY 9 SE>* ( PR(ITS VIA *EAP LABOR4 ,! IMPORTANCE ( CAPITAL MOBILITY & PRIVATIZATION IS ?AT IT MAKES POSSIBLE ! F9ANC+ ( PRODUCTION & [N]%IP ( NATIONAL RES\RCES 9 DEVELOP+ REGIONS4 ,?IS IS DEMON/RAT$ BY ! RECORD LEVEL ( NET =EIGN DIRECT 9VE/M5T 7,F,D,I7 9FL[S TO ,*9A :I* HAVE 9T5SIFI$ UPON ITS ,W,T,O 5TRY 9 #b#a4.<#a#f#h.> ,9 FACT1 ! IMPLEM5TATION ( SU* POLICIES HAS BE5 FOLL[$ BY 9T5SIFICATION 9 ,F,D,I FL[S TO EXTREMELY POOR NATIONS GIV5 NO RE/RICTIONS ON PR(IT REPATRIATION4 ,PRIOR TO SU* LIB]ALIZATION1 NATIONS IMPOS$ RE/RICTIONS ON ! LEVELS ( ,F,D,I FL[S & =EIGN [N]%IP ( DOME/IC 9DU/RIES TO MA9TA9 CONTROL OV] !IR ECONOMY4 ,H[EV]1 ?IS MADE IT DIFFICULT = TRANSNATIONAL CORPORATIONS TO 5GAGE 9 !IR 9VE/M5T /RATEGIES4 ,MORE IMPORTANT ?AN ROCK-BOTTOM PRICES = NATIONAL RES\RCES1 ! REGIME SECURES ! REPATRIATION ( PR(ITS FROM PRODUCTION 9 DEVELOP+ NATIONS4 

,9 T]MS ( 9T]/ATE RIVALRIES1 ! F9ANCIAL REGIME IS ! MO/ /ABLE \T ( ! ?REE :I* CON/ITUTE ! EM]G+ ,S,S,A4 ,?IS IS TRUE BECAUSE IT 9/ITUTIONALIZES ,U,S GLOBAL F9ANCIAL 9T]E/S TY+ ! ECONOMIES ( O!R NATIONS TO IT4 ,ACCORD+ TO ,PANIT* & ,G9D91 0! GLOBALIZATION ( F9ANCE HAS 9CLUD$ ! ,AM]ICANIZATION ( F9ANCE1 & ! DEEP5+ & EXT5SION ( F9ANCIAL M>KETS HAS BECOME MORE ?AN EV] FUNDAM5TAL TO ! REPRODUCTION & UNIV]SALIZATION ( ,AM]ICAN P[]40.<#a#f#i.> ,H[EV]1 ?IS WAS NOT SUFFICI5T TO /ABILIZE ! GLOBAL SY/EM ( :I* F9ANCIALIZATION IS BUT ONLY A COMPON5T4 ,MORE SPECIFICALLY1 AS >GU$ BY ,FRANK3 

F9ANCIAL 9/RUM5TS HAVE BE5 EV] FUR!R COMP\ND+ ALREADY COMP\ND$ 9T]E/ ON ! REAL PROP]TIES 9 :I* !IR /AKE & DEBTS >E BAS$1 :I* HAS CONTRIBUT$ TO ! SPECTACUL> GR[? ( ?IS F9ANCIAL WORLD4 ,NONE!LESS1 ! F9ANCIAL PYRAMID ?AT WE SEE 9 ALL ITS SPL5DOR & BRILLIANCE444/ILL SITS ON TOP ( A REAL WORLD PRODUC]-M]*ANT-CONSUM] BASE1 EV5 IF ! F9ANCIAL ONE ALSO PROVIDES CR$IT = !SE REAL WORLD TRANSACTIONS4 444,AS WORLD CONSUM] ( LA/ RESORT444,UNCLE ,SAM P]=MS ?IS IMPORTANT FUNCTION 9 ! PRES5T-DAY GLOBAL POLITICAL-ECONOMIC DIVISION ( LABOR4 ,EV]YBODY ELSE PRODUCES & NE$S TO EXPORT :ILE ,UNCLE ,SAM CONSUMES & NE$S TO IMPORT4444.<A SIGNIFICANT R$UCTION 9 ,U,S CONSUMPTION.> MAY 9VOLVE A :OLESALE REORGANIZATION ( ! WORLD POLITICAL ECONOMY PRES5TLY RUN BY ,UNCLE ,SAM4.<#a#g.> 

,!RE=E1 ! ,A*ILLES' HEEL ( ! SY/EM REMA9S CONSUMPTION4 ,?IS IS TRUE EV5 IF NATIONS SU* AS ,*9A & ,JAPAN HAVE NO *OICE BUT TO P>TICIPATE 9 ! F9ANCIAL REGIME ?R\< PUR*ASES ( ,T-BILLS TO PROP UP ! VALUE ( ! DOLL> & ?US ,U,S CONSUMPTION_/IMPORTS4 ,9 O!R WORDS1 EV5 A GLOBAL F9ANCIAL REGIME IS DEP5D5T ON A BALANCE BETWE5 PRODUCTION & CONSUMPTION LEAD+ US BACK TO PUR*AS+ P[] & AGGREGATE DEM&4 

,! NEOLIB]AL TRADE REGIME 

,:ILE ! F9ANCIAL REGIME SECURES CAPITAL MOBILITY1 ! GLOBAL TRADE REGIME C5T]$ ON ! ,W,T,O & ,F,T,AS IS NE$$ TO SECURE MOBILITY ( PRODUCTION4 ,! BLUEPR9T WAS ! #aiid ,NOR? ,AM]ICAN ,FREE ,TRADE ,AGREEM5T 7,N,A,F,T,A74 ,N,A,F,T,A ALL[$ ! FREE FL[ ( GOODS & 9VE/M5T BUT NOT ( PEOPLE BETWE5 AN 9DU/RIALIZ$ HI<-WAGE REGION & A DEVELOP+ ONE ) EXTREMELY L[ WAGES4 ,FUR!RMORE1 ,N,A,F,T,A DID NOT 9CLUDE ANY LABOR OR 5VIRONM5TAL /&>DS1 LEAD+ TO A RACE TO ! BOTTOM4.<#a#g#a.> ,IT WAS PR$ICT$ BY PROPON5TS ?AT ,N,A,F,T,A W\LD LEAD TO A ,U,S TRADE SURPLUS ) ,MEXICO4 ,9/EAD1 FROM #aiic TO #b#d1 IT RAPIDLY L$ TO A @s#a#g4#c BILLION TRADE DEFICIT & A LOSS ( #a1#a#e1#b#i#a ,U,S JOBS4.<#a#g#b.> 

,! E/ABLI%M5T ( ! ,W,T,O 9 #aiie EXT5D$ !SE DYNAMICS TO A GLOBAL SCALE4 ,= EXAMPLE1 ! ,U,S TRADE DEFICIT ) PRE-,W,T,O ,*9A AV]AG$ @s#i BILLION P] YE> FROM #aiig TO #ba 7,SCOTT #b#g74 ,:5 ,*9A 5T]$ ! ,W,T,O 9 #b#a1 ! DEFICIT BEGAN TO AV]AGE @s#c#h BILLION P] YE> FROM #ba TO #b#f4 ,AS A RESULT ( !SE 9VE/M5T FL[S1 ,ROB]T ,SCOTT REPORTS1 

,! RISE 9 ! ,U4,S4 TRADE DEFICIT ) ,*9A BETWE5 #aiig & #bf HAS DISPLAC$ PRODUCTION ?AT C\LD HAVE SUPPORT$ #b1#a#f#f1 ,U4,S4 JOBS4 ,MO/ ( !SE JOBS 7#a4#h MILLION7 HAVE BE5 LO/ S9CE ,*9A 5T]$ ! ,W,T,O 9 #b#a4 ,BETWE5 #aiig & #b#a1 GR[+ TRADE DEFICITS DISPLAC$ AN AV]AGE ( #a#a1 JOBS P] YE>4444 ,S9CE ,*9A 5T]$ ! ,W,T,O 9 #b#a1 JOB LOSSES 9CREAS$ TO AN AV]AGE ( #d#d#a1 P] YE>4.<#a#g#c.> 

,FUR!RMORE1 BETWE5 #aidh & #aig !RE W]E ONLY SIX ,F,T,AS1 ?IRTY-F\R FROM #aiga TO #a#i#i#a1 BUT AFT] ! E/ABLI%M5T ( ! ,W,T,O 9 #aiie ! NUMB] ( ,F,T,AS REA*$ #aha BY #b#b1 SPREAD+ NEOLIB]AL TRADE F> & WIDE4.<#a#g#d.> 

,?IS NEOLIB]AL TRADE REGIME ALL[S CORPORATIONS TO SAFELY MOVE PRODUCTION >\ND ! GLOBE 9 SE>* ( L[ LABOR CO/S & F9ANCIAL 9C5TIVES )\T FE> ( T>IFFS OR B>RI]S 9 ORD] TO BOO/ HI/ORICALLY DECL9+ PR(ITS4 ,9 ADDITION TO L[]+ TRANSACTION CO/S = GLOBALIZ$ PRODUCTION1 ,F,T,AS ALSO GU>ANTEE ?AT ONCE ! GOODS >E PRODUC$ 9 L[-WAGE REGIONS !Y CAN BE EXPORT$ UNH9D]$ 9TO DEVELOP$ NATIONS LIKE ! ,UNIT$ ,/ATES = M>KET-BAS$ CONSUMPTION4 ,B>RI]S TO TRADE W\LD HAVE MADE ?IS UNPR(ITABLE1 ?US LIMIT+ ! EXT5T ( GLOBALIZATION4 

,MOREOV]1 ,F,T,A RULES >E TYPICALLY DESIGN$ 9 SECRET BY CORPORATIONS & !IR GOV]NM5TS1 (T5 ) LITTLE TO NO P>TICIPATION ( ANY CITIZ51 5VIRONM5TAL1 OR LABOR GR\PS4 ,A PRIME EXAMPLE ( ?IS IS ! ,W,T,O PROCE$+S4.<#a#g#e.> ,NOT SURPRIS+LY1 ! TRAD+ RULES DISPROPORTIONATELY PRIVILEGE CAPITALI/ 9T]E/S1 :I* PIT HI<-9COME WORK]S ( DEVELOP$ REGIONS AGA9/ ?OSE ( UND]DEVELOP$ REGIONS ?R\< \TS\RC+ & EXPORT PROCESS+ ZONES 7,E,P,ZS74.<#a#g#f.> ,= EXAMPLE1 ,MEXICAN REAL WAGES HAVE REMA9$ FLAT DESPITE ,N,A,F,T,A'S PROMISES AS EMPLOYM5T 9CREAS$ 9 ,E,P,Z'S OR MAQUILADORAS TOGE!R ) DECL9ES 9 ,U,S JOBS & REAL WAGES4.<#a#g#g.> 

,GLOBALLY SEGM5T$ LABOR M>KETS 

,!SE POLICIES %IFT NATIONAL LABOR M>KET SEGM5TATION1 A CONCEPT DEVELOP$ BY ,GORDON ET AL4 TO A NEW >TIFICIALLY CREAT$ GLOBAL SEGM5TATION ( LABOR )\T CORRESPOND+ LIMITATIONS ON CAPITAL FL[S4.<#a#g#h.> ,! ORIG9S ( ! NEW LABOR REGIME CAN BE TRAC$ BACK TO ! #a#i#hS :5 ! ,UNIT$ ,/ATES HAD TO CONTA9 9FLATION TO /EM CAPITAL \TFL[S & BALANCE ! 9T]NATIONAL F9ANCIAL SY/EM4 ,AT ! TIME1 TAM+ 9FLATION MEANT 9CREAS+ 9T]E/ RATES ?R\< ! ,VOLCK] %OCK 7BY R$UC+ ! MONEY SUPPLY & LAT] 9CREAS+ F$]AL RATES7 & CONTA9+ WAGE-L$ 9FLATION FROM A ,U,S LABOR & CIVIL RI<TS MOVEM5T ON ITS LA/ GASP4 ,! LATT] WAS A*IEV$ BY CRU%+ :AT REMA9$ ( ! LABOR MOVEM5T EXEMPLIFI$ BY ,REAGAN'S FIR+ ( ! AIR TRAFFIC CONTROLL]S4 ,?IS CLE>$ ! WAY = F9ANCIAL CAPITAL TO EXP& ITS GLOBAL \TREA* 7BY SECUR+ 9T]NATIONAL CONFID5CE 9 ! VALUE ( ! DOLL>7 & ITS M]G+ ) PRODUCTION CAPITAL4.<#a#g#i.> 

,AL?\< ! NEW LABOR ACCORD HAD BE5 9ITIAT$ BY ,REAGAN DEFEAT+ ,U,S WORK]S 9 ! #a#i#hS1 IT C\LD NOT BE FULLY DEVELOP$ 9TO GLOBALLY SEGM5T$ LABOR M>KETS )\T FIR/ ! F9ANCIAL REGIME TO SECURE CAPITAL MOBILITY 7#a#i#hS7 &1 SECOND1 ! NEOLIB]AL FREE TRADE REGIME 7#a#i#i#e7 TO SECURE MOBILITY ( PRODUCTION BUT NOT ( PEOPLE4 ,= ?IS REASON ! EM]G5CE ( GLOBALLY SEGM5T$ LABOR M>KETS CAN BE DAT$ TO #a#i#i#d-#a#i#i#e ) ! E/ABLI%M5T ( ,N,A,F,T,A & ! ,W,T,O1 ! F9AL ELEM5T 9 ! EQUATION4 ,9 ESS5CE NEOLIB]AL GLOBALIZATION1 & ! EM]G5CE ( GLOBALLY SEGM5T$ LABOR M>KETS1 RE-9/ITUTIONALIZES ! OLD ,BRETTON ,WOODS CORE-P]IPH]Y RELATIONS1 :I* IT HAD 9/ITUTIONALIZ$ 9 TURN FROM ! PRE-WORLD W> COLONIAL SY/EM4 ,EFFECTIVELY1 ! WORLD'S POOR >E TRAPP$ 9 REGIONS ( ABSOLUTE-POV]TY WAGES1 CREAT+ A MOD]N S]FDOM4 

,MORE IMPORTANTLY1 GLOBAL SEGM5TATION ( LABOR M>KETS PRES5TS A QUALITATIVE *ANGE 9 ?AT IT 9/ITUTIONALIZES & 9T5SIFIES A #a#i#gS LABOR ACCORD BAS$ ON DEFEAT$ NATIONAL WORK+ CLASSES BY UPDAT+ ! TRADITIONAL CORE-P]IPH]Y DIVIDE ( COLONIALISM & NEOCOLONIALISM4 

,FIGURE #a4 ,! ,GLOBAL ,PRODUCTION-,CONSUMPTION ,MODEL 

,?IS CREATES HI<-9COME REGIONS 7FIGURE #a7 ( DEMOCRATIC M>KET-BAS$ CONSUMPTION1 :]E CONSUM]S >E GIV5 GREAT] SOV]EIGNTY & CONSUMPTION OPPORTUNITIES4 ,H[EV]1 AS WORK]S1 !Y EXP]I5CE FLAT REAL WAGES1 9CREAS+ 9EQUALITY1 & ! ]OSION ( SOCIAL SAFETY NETS SU* AS P5SIONS1 HEAL?-C>E B5EFITS1 & JOB SECURITY4.<#a#h.> ,L[-9COME REGIONS ( AU?ORIT>IAN PRODUCTION SU* AS ,*9A >E ALSO CREAT$ :]E ! GREAT MAJORITY ( PEOPLE REMA9 SUBSI/5CE-WAGE CONSUM]S4 ,= EXAMPLE1 0IT HAS BE5 E/IMAT$ ?AT WAGES 9 ,*9A W\LD BE =TY-SEV5 TO EI<TY-FIVE P]C5T HI<] 9 ! ABS5CE ( LABOR REPRESSION40.<#a#h#a.> ,ACCORD+ TO ! ,NATIONAL ,LABOR ,COMMITTEE 7,N,L,C7 !SE WORK]S EXP]I5CE FLAT & EXTREMELY L[ 9COMES1 VIOLATIONS ( BASIC HUMAN & LABOR RI<TS1 & SWEAT%OP CONDITIONS :ILE 9DEP5D5T MONITORS & ! M$IA >E PROHIBIT$ 9 SU* FACTORIES & ,E,P,ZS4.<#a#h#b.> 

,FUR!RMORE1 AL?\< ! ,BUREAU ( ,LABOR ,/ATI/ICS DOES NOT TRACK ,*9ESE WAGES1 IT E/IMAT$ ! H\RLY FACTORY COMP5SATION 9 ,*9A TO BE SIXTY-F\R C5TS 9CLUD+ WAGES1 B5EFITS1 & SOCIAL 9SURANCE4.<#a#h#c.> ,BY CONTRA/1 9 #bd ! H\RLY FACTORY COMP5SATION 9 ,MEXICO & ,BRAZIL WAS @s#b4#e & @s#c4#c RESPECTIVELY1 COMP>$ TO @s#b#a4#i 9 ,JAPAN1 @s#b#c4#a#g 9 ! ,U,S1 @s#b#c4#h#i 9 ,FRANCE1 @s#b#d4#g#a 9 ! ,U,K1 & @s#c#b4#e#c 9 ,G]MANY4.<#a#h#d.> ,9 ADDITION1 WAGES = ,*9A1 ,MEXICO1 & ,BRAZIL HAVE REMA9$ RELATIVELY FLAT S9CE ! #a#i#iS AS O!R P>TS ( ! WORLD HAVE BE5 ABLE TO (F] EV5 *EAP] LABOR4 ,= EXAMPLE1 ! AV]AGE H\RLY WAGE = APP>EL WORK]S 9 ,GUATEMALA IS ?IRTY-SEV5 TO FIFTY C5TS1 TW5TY TO ?IRTY C5TS 9 ,9DIA1 T5 C5TS 9 ,9DONESIA1 ) ,BANGLADE% COM+ 9 AT A M]E ONE C5T4.<#a#h#e.> 

,9 G5]AL1 ! MACROECONOMIC PICTURE ?AT ! ?REE REGIMES >E PA9T+ IS V]Y CLE>4 ,! ROLE ( ! ,I,M,F & ,WORLD ,BANK *ANG$ TO ?AT ( FACILITATORS ( CAPITAL MOBILITY BY ! #a#i#hS ) ! COLLAPSE ( ! ,BRETTON ,WOODS ACCORD4 ,9 ! #a#i#iS1 ! NEOLIB]AL TRADE REGIME BEGAN TO SOLIDIFY ) ! TRANS=MATION ( ,G,A,T,T 9TO ! ,W,T,O 7#a#i#i#e7 & ! =MATION ( ,N,A,F,T,A 7#a#i#i#d7 A YE> E>LI]4 ,ONCE ! BASIC NEOLIB]AL TRADE /RUCTURE WAS E/ABLI%$1 IT SET ! /AGE = ! =MATION ( ADDITIONAL ,F,T,AS4 

,HAV+ SECUR$ ! MOBILITY ( CAPITAL & GOODS ?R\< ! TRADE & F9ANCIAL REGIMES1 CORPORATIONS !N BEGAN TO \TS\RCE 9VE/M5T 9TO DEVELOP+ NATIONS = EXTREMELY L[ LABOR CO/S :ILE SUPPRESS+ WORK]S AT HOME4 ,?IS EXPLA9S :Y FROM #aiic TO #aiih ! TOP ?REE RECIPI5TS ( ,F,D,I AMONG DEVELOP+ NATIONS W]E ,*9A 7#b#e4#g P]C5T71 ,BRAZIL 7#g4#f P]C5T71 & ,MEXICO 7#f4#e P]C5T71 ) ,9DIA ALSO GA9+ 9 REC5T YE>S4.<#a#h#f.> ,! PREC$+ NATIONS ALL HAVE V]Y L>GE LABOR POOLS 9 ABSOLUTE POV]TY COMB9$ ) RELATIVELY /ABLE POLITICAL /RUCTURES4 ,AS A RESULT1 #bd NET ,F,D,I 9FL[S TO ,*9A REA*$ RECORD LEVELS AT @s#e#c BILLION1 :ILE NET ,F,D,I \TFL[S FROM ! ,UNIT$ ,/ATES EXCE$$ @s#a#d#e BILLION COMP>$ TO PREVI\S NET ,F,D,I 9FL[S ( @s#a#a4#c BILLION 9 #a#i#i4.<#a#h#g.> 

,AS ,F,D,I 9FL[S TO L[-WAGE REGIONS REA*$ RECORD LEVELS1 SO DID ,AM]ICA'S TRADE DEFICIT AS CORPORATIONS %IPP$ BACK ! \TPUT ( \TS\RC$ PRODUCTION TO DEVELOP$ REGIONS = CONSUMPTION4 ,= EXAMPLE1 ! ,U,S TRADE DEFICIT ) ,*9A REA*$ @s#b#a BILLION 9 #b#e1 COMP>$ TO ! PRE-,W,T,O LEVELS ( @s#a4#d BILLION 9 #aii & @s#f BILLION 9 #a#i#h#e4.<#a#h#h.> ,! DECL9+ GR[? RATES ( REAL ,G,D,P P] CAPITA 9 DEVELOP$ NATIONS IS ! MIRROR IMAGE ( !SE TRADE DEFICITS AS CORPORATIONS RELOCATE PRODUCTION 7& N[ S]VICES7 TO DEVELOP+ ONES1 ) ! MO/ SIGNIFICANT DROP AFT] ! #a#i#iS :5 ! EM]G+ REGIMES BEGAN TO SOLIDIFY 7TABLE #a74 ,PANIT* & ,G9D9 >GUE ?AT !ORETICALLY ! PRIVILEG$ POSITION ( ! ,U,S 9 ! GLOBAL SY/EM C\LD ALL[ IT TO EXP]I5CE P]PETUAL TRADE DEFICITS ?AT NATIONS LIKE ,*9A HAVE NO *OICE BUT TO ACCEPT4.<#a#h#i.> ,?IS IS POSSIBLE GIV5 ?AT ! 9T]NATIONAL RES]VE & TRADE CURR5CY IS ! ,U,S DOLL>4 ,?US1 ! ,UNIT$ ,/ATES CAN PUR*ASE GLOBAL GOODS D5OM9AT$ 9 ITS [N CURR5CY BY PR9T+ MONEY AT A CO/ ( A FEW C5TS = PAP] & 9K4.<#a#i.> ,PANIT* & ,G9D91 ?\<1 IGNORE ?AT !SE DEFICITS HAVE REAL CONSEQU5CE = ,U,S WORK]S4 ,ACCORD+ TO ,SCOTT3 

,GR[? 9 TRADE DEFICITS ) ,*9A HAS R$UC$ DEM& = GOODS PRODUC$ 9 EV]Y REGION ( ! ,UNIT$ ,/ATES4444 ,WORK]S DISPLAC$ BY TRADE FROM ! MANUFACTUR+ SECTOR HAVE BE5 %[N TO HAVE P>TICUL> DIFFICULTY 9 SECUR+ COMP>ABLE EMPLOYM5T ELSE:]E 9 ! ECONOMY4 ,MORE ?AN ONE-?IRD ( WORK]S DISPLAC$ FROM MANUFACTUR+ DROP \T ( ! LABOR =CE4444 ,AV]AGE WAGES ( ?OSE :O SECUR$ REEMPLOYM5T FELL #a#a.0 TO #a#c.04 ,TRADE-RELAT$ JOB DISPLACEM5T PU%ES MANY WORK]S \T ( GOOD JOBS 9 MANUFACTUR+ & O!R TRADE-RELAT$ 9DU/RIES1 (T5 9TO L[]-PAY+ 9DU/RIES & FREQU5TLY \T ( ! LABOR M>KET4.<#a#i#a.> 

,SU* \TS\RC+ HAS CONTRIBUT$ TO FLAT & EV5 R$UC$ REAL WAGES = ! ,U,S WORK+ CLASS AS 9COMES ( ! UPP] CLASS RISE1 LEAD+ TO GR[+ 9EQUALITY4 ,= EXAMPLE1 ! ,G9I RATIOS = ,U,S H\SEHOLDS 9 ,AM]ICA W]E 4#c#i#g 9 #a#i#f#g1 4#d#a#i 9 #a#i#h#e1 4#d#e 9 #a#i#i#e1 & 4#d#f#f 9 #b#d4.<#a#i#b.> ,FUR!RMORE1 !SE %IFTS LEAD TO R$UC$ PUR*AS+ P[] & H5CE1 AGGREGATE DEM&4 

,TABLE #a4 ,AV]AGE ,YE>LY ,P]C5T ,GR[? ( ,REAL ,G,D,P P] ,CAPITA 7US+ ,P,P,P 9 #bb DOLL>S7 ,AU?OR'S CALCULATIONS BAS$ ON DATA FROM ! ,U,S ,DEP>TM5T ( ,LABOR1 #b#i4 
  
  
    
    
 #a#i#f-#i  
    
    
 #a#i#g-#i  
    
    
 #a#i#h-#i  
    
    
 #a#i#i-#i  
    
    
 #b-#h  
    
   
 ,U,S  
    
    
 #c4#c#c  
    
    
 #b4#e#c  
    
    
 #b4#d#i  
    
    
 #a4#i#i  
    
    
 #a4#b#a  
    
   
 ,U,K  
    
    
 #b4#b#e  
    
    
 #b4#c#a  
    
    
 #b4#h  
    
    
 #b4#a#a  
    
    
 #a4#h#f  
    
   
 ,FRANCE  
    
    
 #d4#e#f  
    
    
 #c4#c  
    
    
 #a4#h#c  
    
    
 #a4#c#f  
    
    
 4#i#g  
    
   
 ,G]MANY"9  
    
    
 #c4#d#f  
    
    
 #b4#h  
    
    
 #a4#g#i  
    
    
 #a4#e#d  
    
    
 #a4#b#b  
    
   
 ,JAPAN  
    
    
 #i4#a#c  
    
    
 #c4#d#d  
    
    
 #c4#b#c  
    
    
 4#h#a  
    
    
 #a4#b  
    
   

7"9,DATA = ,G]MANY = YE>S BE=E #aiia P]TA9 TO ! =M] ,WE/ ,G]MANY7 

,9 O!R WORDS1 GLOBALIZATION HAS CON/RUCT$ A F9ELY TUN$ SY/EM ?AT FOCUSES ON ! EFFICI5CY ( ,S,S,AS RELAT$ TO PRODUCTION4 ,BUT ECONOMIC ACTIVITY IS BAS$ ON A PRODUCTION-CONSUMPTION MODEL & IT IS CONSUMPTION ?AT GLOBALIZATION IS UND]M9+4 ,9 ! TYPICAL WORK+S ( A NATIONAL BUS9ESS CYCLE1 CAPITALI/ ACCUMULATION IS EQUIVAL5T TO A SIPHON+ ( SURPLUS VALUE1 & ?US PUR*AS+ P[]1 AWAY FROM ! WORK+ CLASS 9TO ! POCKETS ( ! CAPITALI/S4 ,BUT UNLESS ! CAPITALI/S 9VE/ ?AT WEAL? 9 ACTIVITIES ?AT G5]ATE JOBS & ADEQUATE 9COME1 ! ECONOMY WILL /AGNATE DUE TO OV]PRODUCTION-UND]CONSUMPTION4 

,AS FIGURE #a DEMON/RATES1 GLOBALIZATION IS %ORT-CIRCUIT+ ! 9COME FL[ 9 ! DEVELOP$ REGIONS BETWE5 PRODUCTION & CONSUMPTION MORE SO ?AN NATIONALLY BAS$ BUS9ESS CYCLES4 ,?US1 GLOBALIZATION ) ITS COMB9ATION ( AN ,S,S,A = DEMOCRATIC M>KET-BAS$ MASS CONSUMPTION 7UPON :I* IT DEP5DS7 & ! ,S,S,A ( AU?ORIT>IAN ORGANIZATION ( PRODUCTION IS SIPHON+ PUR*AS+ P[] FROM PRODUC]S & CONSUM]S 9 ! DEVELOP$ REGIONS AT A GREAT] RATE4 ,ACCORD+ TO ,KOTZ 0! RESULT T5DS TO BE A HI< PR(IT_//AGNANT WAGE EXPANSION .<= DEVELOP$ NATIONS.> ?AT FACES A CONTRADICTION BETWE5 ! CONDITIONS = CREATION ( SURPLUS VALUE & ?OSE NECESS>Y = ITS REALIZATION40.<#a#i#c.> 

,T[>D ,COLLAPSE3 ,A ,GLOBAL ,S,S,A )\T ,9COME8 

,IF CONSUM]S' PUR*AS+ P[] IS 9SUFFICI5T TO CLE> M>KETS1 !N /AGNATION IS 9EVITABLE4 ,!RE=E ! NEW GLOBAL ,S,S,A C\LD NOT SU/A9 AN EXPANSION>Y P]IOD4.<#a#i#d.> ,?IS IS SUPPORT$ BY ! DATA ON DECL9+ OR FLAT ,G,D,P GR[? RATES = ! WORLD'S FIVE L>GE/ ECONOMIES PRIOR TO ! ,GREAT ,COLLAPSE ( #bh 7TABLE #a74 ,?IS IS TRUE BECAUSE ! MODE ( CAPITALI/ ACCUMULATION & ?US ECONOMIC GR[? DEP5DS ON M>KET-BAS$ CONSUMPTION1 DESCRIB$ BY ,M>XI/ CRITIQUES ( OV]PRODUCTION & UND]CONSUMPTION4.<#a#i#e.> ,SPECIFICALLY1 MO/ GLOBAL GOODS & S]VICES >E CONSUM$ BY ! WEAL?IE/ NATIONS4 ,?IS IMPLIES ?AT ! PRODUCTION ( ! NEW GLOBAL ,S,S,A DEP5DS ON CONSUMPTION PRIM>ILY BY ! ,UNIT$ ,/ATES1 AS ,FRANK >GUES1.<#a#i#f.> FOLL[$ BY ! ,E,U & ,JAPAN4 ,?US1 AL?\< ! F9ANCIAL SY/EM MAY BE /ABLE ACCORD+ TO ,PANIT* & ,G9D91 ! OV]ALL GLOBAL ,S,S,A1 ( :I* IT IS A COMPON5T1 IS NOT1 GIV5 A SEV]ELY DEFEAT$ ,U,S WORK+ CLASS4.<#a#i#g.> 

,C\LD HI< ,U,S CONSUMPTION NE$$ BY ! GLOBAL SY/EM BE D]IV$ FROM %>$ PRODUCTIVITY GA9S BETWE5 CAPITAL & LABOR8 ,! ANSW] IS NO2 BUS9ESSES HAVE KEPT VIRTUALLY ALL ( ! PRODUCTIVITY GA9S4.<#a#i#h.> ,:AT IS EV5 MORE TR\BL+ IS ?AT ! GA9S !MSELVES W]E D]IV$ NOT BY TE*NOLOGICALLY 9DUC$ PRODUCTIVITY GR[?1 BUT BY CORPORATE SAV+S1 COMPLIM5TS ( FLAT WAGES & A DISCIPL9$ CONT+5T LABOR =CE DUE TO NEOLIB]AL RE/RUCTUR+ ( ! ECONOMY4.<#a#i#i.> ,?US BY DEF9ITION IT W\LD BE IMPOSSIBLE TO TALK ( %>$ PRODUCTIVITY GA9S BETWE5 LABOR & CAPITAL :5 !Y >E D]IV$ AT ! EXP5SE ( ! =M]4 ,!RE=E1 ! HI/ORICAL TR5D ( %>$ PRODUCTIVITY GA9S ?AT WAS EXPRESS$ 9 ! PA/ ,=DI/ EXPANSION>Y ,S,S,A IS NO LONG] OP]ATIVE4 ,BUT H[ DID ,AM]ICANS CONT9UE TO CONSUME AT HI< LEVELS :ILE REAL WAGES DECL9$ BE=E ! ,GREAT ,COLLAPSE ( #b#h-#b#i8 

,! ANSW] IS DEBT4 ,H>RISON & ,BLUE/ONE HAD >GU$ ?AT ! GR[? ( ! #a#i#hS & #a#i#iS WAS FUEL$ 9 L>GE P>T BY CONSUM] CR$IT_/DEBT & GOV]NM5T DEFICIT SP5D+4.<#b.> ,LEI*T & ,FITZG]ALD ALSO %[ H[ ! DISAPPE>+ ,U,S MIDDLE CLASS CONT9U$ TO MA9TA9 ITS HI< CONSUMPTION LEVELS ?R\< DEBT4.<#b#a.> ,!Y >GUE ?AT AS REAL WAGES />T$ TO /AGNATE FROM ! #a#i#gS1 CR$IT BECAME EASI] TO OBTA94 ,ACCORD+ TO ,KOTZ1 GR[? 9 ! MID-#a#i#iS WAS FUEL$ P>TIALLY BY ! WEAL? EFFECT ( ! /OCK M>KET BUBBLE1 ESPECIALLY 9 TE*NOLOGIES4.<#b#b.> ,MO/ ( ! GR[?1 ?\<1 WAS ACC\NT$ = BY CONSUM] SP5D+ DUE TO L[ 9T]E/ RATES MAK+ BORR[+ MORE AF=DABLE4 ,= EXAMPLE1 9 #bc ! REAL AV]AGE CR$IT C>D DEBT P] H\SEHOLD REA*$ @s#i11 UP FROM @s#d1 9 #a#i#i4.<#b#c.> ,ONCE CONSUM]S MAX$-\T !IR CR$IT C>DS AT HI/ORIC LEVELS1 NEW S\RCES ( DEBT CONT9U$ TO EM]GE1 SU* AS HOME EQUITY LOANS ?AT ALSO REA*$ HI/ORIC LEVELS4 

,9 #ba A SEV]E RECESSION WAS AVOID$ ?ANKS TO CONT9U$ /R5G? 9 CONSUM] SP5D+4 ,KOTZ EXPLA9S ?IS WAS P>TIALLY DUE TO ! TEMPOR>Y EFFECT ( ! ,BU% TAX CUTS1 :I* B5EFIT$ SOME MIDDLE- & UPP]-MIDDLE-9COME H\SEHOLDS4 ,HE F\ND MO/ ( ! CONSUM] SP5D+1 H[EV]1 WAS ACC\NT$ = BY /ILL-GR[+ H\SEHOLD DEBT4.<#b#d.> ,FROM #bc TO #b#g1 ! ,U,S ECONOMY HAS BE5 DRIV5 BY A CONT9U$ RISE 9 CONSUM] SP5D+ DESPITE FLAT 9COMES4 ,?IS SP5D+ HAD BE5 F9ANC$ BY HI/ORICALLY L[ 9T]E/ RATES GIV5 ! GLUT ( LIQUIDITY_/CR$IT BY ! ,F$'S EASY MONET>Y POLICY1 CONTRIBUT+ TO ! H\S+ BUBBLE4 ,! ILLUSION ( WEAL? G5]AT$ BY ! H\S+ BUBBLE C\PL$ ) L[ 9T]E/ RATES & FLAT 9COMES L$ TO AN EXPLOSION ( HOME EQUITY LOANS4 ,= EXAMPLE1 HOME EQUITY LOANS 9 #aii AM\NT$ TO @s#a#e BILLION V]SUS OV] @s#c BILLION 9 #aiih & @s#d#c#i BILLION 9 #b#f1 :ILE OV]ALL H\SEHOLD DEBT 79CLUD+ CR$IT C>DS & MORTGAGES7 AS A P]C5TAGE ( AFT]-TAX 9COME W5T FROM ?IRTY P]C5T 9 #aie TO OV] N9ETY P]C5T 9 #b & #ab P]C5T BY #b#e4.<#b#e.> ,?US1 ! MIDDLE LAY] ( ! WORK+ CLASS HAS TREAT$ DEBT AS 9COME TO CONT9UE AN UNSU/A9ABLE LEVEL ( CONSUMPTION :ILE ! L[] SECTIONS ( ! WORK+ CLASS DEP5D$ ON DEBT TO GET BY1 GIV5 /AGNANT & EV5 DECL9+ REAL 9COME4 ,!RE=E1 ! QUE/ION REMA9S H[ GOODS & S]VICES PRODUC$ UND] GLOBALIZATION >E GO+ TO BE CONSUM$ N[ ?AT ,U,S CONSUM] DEBT IS MAX$-\T1 ! EQUITY BUBBLE BUR/1 & 9T]E/ RATES AFT] ! H\S+ MELTD[N ( #b#g-#i F9ALLY BOTTOMS \T4 ,CONSEQU5TLY1 GLOBALIZATION & ! ,GREAT ,COLLAPSE ( #b#h-#b#i >E ! REALIZATION ( ! CLASSIC PROBLEM ( OV]PRODUCTION & UND]CONSUMPTION4 

,RE=M V]SUS ,/RUCTURAL ,SOLUTIONS TO ,BOOM & ,BU/ 

,! PROBLEM IS ?AT GLOBALIZATION IS DEVELOP+ ! =CES ( PRODUCTION BEYOND ! LIMITS ( ! EXI/+ RELATIONS ( PRODUCTION4.<#b#f.> ,!RE=E ! CURR5T RELATIONS ( PRODUCTION >E BECOM+ 0FETT]S0 TO ! FULL REALIZATION ( ! NEW PRODUCTIVE =CES4 ,/AT$ DIFF]5TLY1 ! EM]G+ GLOBAL ,S,S,A 7UNLIKE ! ,=DI/ MODEL7 LACKS ! NECESS>Y ME*ANISM = CONSUMPTION ?AT CAN RESULT 9 SEV]E ECONOMIC D[NTURNS4 ,ONE SOLUTION W\LD BE TO APPLY ,KEYNESIAN /IMULUS POLICIES ON A GLOBAL SCALE4 ,IRONICALLY1 ?IS DOES NOT SEEM FEASIBLE BECAUSE ! NEOLIB]AL IDEOLOGY BEH9D GLOBALIZATION 9CLUDES PRIVATIZATION1 M9IMAL GOV]NM5T SP5D+1 & TAX CUTS4 ,!SE POLICIES RESULT 9 UND]M9+ ! FISCAL ABILITY ( /ATES TO 5GAGE 9 L>GE-SCALE ,KEYNESIAN SP5D+4 ,EV5 IF ?IS W]E POSSIBLE1 IT W\LD NOT RESOLVE ! CLASS CONTRADICTIONS 9H]5T 9 ! CAPITALI/ MODE ( PRODUCTION AS IT RELATES TO DI/RIBUTION & PUR*AS+ P[]4 

,ANO!R ALT]NATIVE PROPOS$ BY !ORI/S IS TO PROMOTE RE-REGULATION ( NATIONAL ECONOMIES4 ,= EXAMPLE1 ,H>RISON & ,BLUE/ONE >GU$ ?AT 0R$-HOT0 GR[? W\LD BE ! BE/ WAY TO R$UCE 9EQUALITY4.<#b#g.> ,!Y PROPOS$ A 0,MA9 ,/REET0 V]SUS ,WALL ,/REET MODEL ( ,KEYNESIAN HI<-WAGE1 PRO-UNION1 & ANTI-POV]TY PROGRAMS TO /IMULATE AGGREGATE DEM&4 ,!Y ALSO ADVOCAT$ NEW GR[? !ORY1 FAVOR+ SUPPLY-SIDE GR[? ?R\< TE*NOLOGICAL 9NOVATION TO SPUR PRODUCTIVITY GR[?4 ,?IS1 ?\<1 IS NOT POSSIBLE = ! SAME REASONS ?AT PROHIBIT A GLOBAL ,KEYNESIAN /RATEGY4 ,9 ADDITION1 TE*NOLOGICALLY DRIV5 PRODUCTIVITY GR[? HAS NOT WORK$ EI!R4.<#b#h.> ,AS M5TION$ E>LI]1 GR[? 9 ! #a#i#iS & E>LY #b WAS DRIV5 BY SAV+S FROM A L[-PAID & DISCIPL9$ CONT+5CY WORK=CE MADE POSSIBLE BY \TS\RC+ & ANTI-LABOR NEOLIB]AL POLICIES4 

,WOLFSON PROPOS$ A RE-REGULATION ( ! ECONOMY BY GOV]NM5T TO BALANCE ! P[] BETWE5 CAPITAL & LABOR4.<#b#i.> ,HIS SUGGE/ION WAS BAS$ ON ! OBS]VATION ?AT /AGNATION WAS CAUS$ :5 EI!R CAPITAL OR LABOR OBTA9$ AN UPP] H&4 ,9 P]IODS :5 CAPITAL HAD ! ADVANTAGE1 IT L$ TO L[ WAGES & A FLEXIBLE WORK=CE1 CAUS+ /AGNATION DUE TO 9ADEQUATE AGGREGATE DEM&4 ,9 P]IODS :5 LABOR HAD ! ADVANTAGE1 IT L$ TO HI<] WAGES1 L[] PR(IT M>G9S1 & /AGNATION DUE TO A PR(IT SQUEEZE4 ,H[EV]1 AN>*I/S W\LD PO9T \T ?AT GOV]NM5T IS P>T ( ! PROBLEM & CANNOT 0SOLVE0 ! CONTRADICTIONS 9H]5T 9 CAPITALISM AS ! /ATE ITSELF REPRES5TS A CLASS+ ( SOCIETY ?AT WORKS 9 ITS [N 9T]E/S4 ,9 ADDITION1 IT MU/ BE TACITLY ACKN[L$G$ ?AT CAPITAL WILL ALWAYS HAVE A BUILT-9 ADVANTAGE UND] CAPITALISM 9 ?AT IT [NS ! MEANS ( PRODUCTION4 ,& AL?\< NOT OV]TLY /AT$ BY ,WOLFSON1 IT IS IMPLI$ ?AT PRIVATE PRODUCTIVE PROP]TY IS ! PROBLEM4 

,ANO!R IMPORTANT FACT IS UND]SCOR$ BY ,WOLFSON'S >GUM5T ( A PR(IT SQUEEZE4 ,EV5 IF LABOR OBTA9S AN UPP] H& ?R\< REVITALIZ$ MOVEM5TS & PRO-LABOR GOV]NM5T POLICIES1 IT /ILL W\LD NOT PROVIDE A SOLUTION4 ,9/EAD ?IS W\LD LEAD TO A TEMPOR>Y ILLUSION ( PROSP]ITY & EPHEM]AL GA9S4 ,SU* AN >RANGEM5T W\LD 9EVITABLY RESULT 9 A PR(IT SQUEEZE--?US RECESSION & A REALIGNM5T ( CLASS P[] ANEW4 ,SU* A SEESAW BETWE5 9ADEQUATE AGGREGATE DEM& & A PR(IT SQUEEZE WILL CONT9UE AS LONG AS CLASS CONFLICT TAKES PLACE )9 A CAPITALI/ FRAMEWORK4 

,?US1 ALL ( ! SUGGE/IONS BY V>I\S !ORI/S >E ULTIMATELY UNWORKABLE 9 ?AT !Y DO NOT /ATE :AT IS CLE>3 /AGNATION IS CAUS$ /RUCTURALLY BY PRIVATE [N]%IP ( ! MEANS ( PRODUCTION4 ,!RE=E1 !IR POLICY SUGGE/IONS >E AIM$ AT S(T5+ ! NATURAL \TCOMES ( CAPITALISM'S CLASS CONTRADICTIONS1 :ILE MA9TA9+ ! CAPITALI/ MODE ( PRODUCTION4 ,?IS PO9T BECOMES MORE SO IMPORTANT IF ?IS NEW CAPITALISM 9CLUDES ! NORMALIZATION ( EV] DEEP] CRISES & GR[+ DOME/IC & GLOBAL 9EQUALITIES1 :I* ,PANIT* & ,G9D9 >GUE %\LD BE ACCEPT$ AS H]E TO /AY4.<#b#a.> ,EI!R WAY1 ALL ?IS MAKES ! NE$ = /RUCTURAL *ANGE RA!R ?AN A CYCLE ( CRISIS-RE=M-CRISIS IMP]ATIVE4 

,! ALT]NATIVE MU/ BE TO CREATE NEW ECONOMIC MODELS4 ,BUT TO CREATE NEW MODELS ( PRODUCTION1 DI/RIBUTION1 & CONSUMPTION1 ONE W\LD HAVE TO ALT] ! FUNDAM5TAL RELATIONS 9 BO? PRODUCTION & CONSUMPTION SO AS TO ALL[ A ME*ANISM ?R\< :I* GLOBAL \TPUT CAN BE CONSUM$4 ,H[ CAN !SE RELATIONS BE ALT]$ TO A*IEVE M>KET CLE>+8 ,?IS IS :]E LIB]T>IAN SOCIALI/_/AN>*I/ =MS ( SOCIETAL ORGANIZATION HAVE A SOLUTION3 ALT] ! RELATIONS ( PRODUCTION 9 T#a ?R\< DIRECT ACTION TO A*IEVE SELF-ORGANIZATION1 SELF-DIRECTION1 & PRIVATE PRODUCTIVE PROP]TY ELIM9ATION1 U%]+ 9 A NEW EPO* V]SUS A NEW CAPITALI/ /AGE 9 T#b 7FIGURE #b74 

,FIGURE #b4 ,DIALECTICAL ,*ANGE 

,SU* A FUNDAM5TAL RE/RUCTUR+ ( NATIONAL & GLOBAL SOCIOECONOMIC ORGANIZATION WILL NOT OCCUR FROM IMP5D+ COLLAPSE AS ,PANIT* & ,G9D9 CORRECTLY PO9T$ \T1 AL?\< ,I >GUE COLLAPSE IS HI<LY PROBABLE4.<#b#a#a.> ,! REASON IS ?AT BRUTAL OPPRESSIVE REGIMES ?AT >E BETT] >M$ ?AN A NATIONAL CITIZ5RY HAVE PROV5 CAPABLE ( /AY+ 9 P[] MANY YE>S DESPITE RUNN+ !IR ECONOMIES 9TO GR9D+ POV]TY AS DEMON/RAT$ BY MANY ,AFRICAN DICTATOR%IPS SU* AS ,ZIMBABWE'S4 ,!RE=E1 DIRECT ACTION BY A R5EW$ TRANSNATIONAL WORK+-CLASS MOVEM5T WILL BE REQUIR$ = FUNDAM5TAL /RUCTURAL *ANGES4 ,IF LABOR CAN OBTA9 HEGEMONY & ACCEPT ! CATACLYSMIC SOCIAL *ANGES U%]$ 9 BY ! =CES ( GLOBALIZATION BAS$ ON HUMAN NE$S CONSID]ATIONS 9/EAD 7FIGURE #b71 WE C\LD EXP]I5CE NOT A DY/OPIA BUT A R5EW$ GOLD5 AGE ( SOCIAL & SCI5TIFIC EVOLUTION RESULT+ FROM A HI/ORIC EPO*AL *ANGE 9 ! MODE ( PRODUCTION-CONSUMPTION4 

,TODAY WORK]S 9 DEVELOP$ NATIONS 7P>TICUL>LY ! ,UNIT$ ,/ATES AS ! HEGEMONIC P[]7 MU/ DEM& 9ITIAL /RUCTURAL *ANGES ?AT CAN EV5TUALLY EVOLVE 9TO DEEP] SOCIOECONOMIC *ANGES LEAD+ TO A NEW GLOBAL MODEL4 ,SU* DEM&S CAN ONLY BE MET BY *ALL5G+ ! DOM9ANT IDEOLOGY ) A RADICAL C\NT]-IDEOLOGY2 CREAT+ MASS SUPPORT & SOLID>ITY ?R\< SOCIETAL $UCATION DISSEM9AT$ BY WORK]- [N$ &-OP]AT$ M$IA2 & 5GAG+ 9 DIRECT ACTION ) CIVIL DISOB$I5CE1 MILITANT RESI/ANCE1 & EV5 FULL-SCALE REVOLTS4.<#b#a#b.> ,!SE /RATEGIES >E BAS$ ON MY PRIOR ANALYSIS ( ,U,S LABOR & CIVIL RI<TS HI/ORY %[+ ?AT ?IS WAS H[ WORK]S & PEOPLE ( COLOR OBTA9$ MO/1 IF NOT ALL1 !IR FUNDAM5TAL GA9S4 ,SU* ACTIONS1 ?\<1 W\LD REQUIRE A R5EW$ & MILITANT LABOR MOVEM5T ) ACTUAL BLUEPR9TS = AN ALT]NATIVE =M ( SOCIOECONOMIC ORGANIZATION 7OR AS ,GRAMSCI CALL$ IT A C\NT]-HEGEMONY74 

,?IS IS :Y C\NT]-IDEOLOGY & SOCIETAL $UCATION >E NE$$ TO (F] A NEW MODEL ( SOCIETY TO BE A*IEV$ ) MILITANT DIRECT ACTION FUEL$ BY GLOBAL SOLID>ITY & 9DEP5D5T WORK] 9/ITUTIONS1 E4G41 M$IA1 S*OOLS_/UNIV]SITIES1 & ACTIVI/ POLITICAL ORGANIZATIONS4.<#b#a#c.> ,9 CONCLUSION1 ?+S >E GETT+ WORSE = ! 0WORK]S ( ! WORLD40 ,H[EV]1 RESI/ANCE IS POSSIBLE BAS$ ON ! CLASSIC CALL = 0WORK]S ( ! WORLD TO UNITE0 & *ALL5GE ! LEGITIMACY ( ! EXI/+ SY/EM4 ,WE NE$ TO REASS]T \RSELVES & NOT BE 9TIMIDAT$ 9TO ACCEPT+ AN EMP]OR ) 0NEW CLO!S0 EV]Y TIME CAPITALISM GOES ?R\< A TRANS=MATION4 

,! ,ECONOMIC ,CRISIS & ,LIB]T>IAN ,SOCIALI/S 

,ROB9 ,HAHNEL 

,?IS *APT] IS BAS$ ON AN 9VIT$ SPEE* GIV5 BY ,ROB9 ,HAHNEL AT ! ,ANTI-,AU?ORIT>IAN ,B-FE/ 9 ,A!NS1 ,GREECE1 ON ,MAY #b#g1 #b#a4 ,! TALK ADDRESS$ ! ORIG9S ( ! GLOBAL ECONOMIC CRISIS ?AT /RUCK 9 ! FALL ( #b#h1 & CRITICALLY EVALUAT$ E>LY RESPONSES BY RUL+ ELITES 9 ! ,UNIT$ ,/ATES & ,EUROPE4 ,H[EV]1 A GREAT DEAL HAS HAPP5$ S9CE !N4 ,RA!R ?AN REWRITE A SPEE* :I* /&S WELL ON ITS [N ?R\< ,MAY #b#a1 A %ORT ADD5DUM FOLL[S1 UPDAT+ ANALYSIS ?R\< ,MAY #b#a#a4 

,:Y ,LIB]T>IAN ,SOCIALI/S ,REJECT ,CAPITALISM 

,LIB]T>IAN SOCIALI/S REJECT CAPITALISM BECAUSE IT IS AU?ORIT>IAN & EXPLOITATIVE NOT ONLY 9 BAD TIMES BUT 9 GOOD TIMES AS WELL4 ,LIB]T>IAN SOCIALI/S KN[ ?AT ORD9>Y PEOPLE >E P]FECTLY CAPABLE ( MANAG+ & COORD9AT+ \R [N ECONOMIC ACTIVITIES )\T SELF-S]V+ ELITES TO TELL US :AT TO DO4 ,LIB]T>IAN SOCIALI/S :O >E MORE ?AN >M*AIR CRITICS WORK TIRELESSLY TO REPLACE ! ECONOMICS ( COMPETITION & GRE$ ) ! ECONOMICS ( EQUITABLE COOP]ATION4 ,SOME WORK CREAT+ POCKETS ( EQUITABLE COOP]ATION :]EV] POSSIBLE EV5 :ILE CAPITALISM P]SI/S4 ,O!R LIB]T>IAN SOCIALI/S ORGANIZE POLITICALLY TO BUILD MASS MOVEM5TS NECESS>Y TO REPLACE ! CAPITALI/ SY/EM ) AN 5TIRELY DIFF]5T ECONOMIC SY/EM 9 :I* WORK]S & CONSUM]S MANAGE !IR [N ECONOMIC AFFAIRS )\T BOSSES OR COMMISS>S1 & AUTONOM\S WORK] & CONSUM] C\NCILS COORD9ATE !IR 9T]RELAT$ ACTIVITIES !MSELVES1 ?R\< P>TICIPATORY PLANN+1 )\T REC\RSE TO M>KETS OR BUREAUCRATIC PLANN+4 

,BUT IF LIB]T>IAN SOCIALI/S DID NOT NE$ ! WOR/ F9ANCIAL & ECONOMIC CRISIS 9 OV] EI<TY YE>S TO TEA* US ?AT CAPITALISM IS AN ALBATROSS >\ND \R NECKS1 :Y IS ! CURR5T ECONOMIC CRISIS ( ANY P>TICUL> IMPORTANCE TO US8 ,:Y %\LD LIB]T>IAN SOCIALI/S SAY OR DO ANY?+ DIFF]5TLY ?AN WE W]E BE=E ! CRISIS /RUCK8 

,! ANSW] IS V]Y SIMPLE3 ,BECAUSE WE >E TOO FEW 444 & ! CRISIS OP5S IMPORTANT NEW OPPORTUNITIES = US TO CONV9CE O!RS ( ?+S WE KN[--PROVID$ WE CAN GET !M TO LI/54 

,! ,PROBLEM ,LIB]T>IAN ,SOCIALI/S ,MU/ ,SOLVE 

,ALL TOO (T5 LIB]T>IAN SOCIALI/S FOCUS ON O!R PEOPLE'S PROBLEMS RA!R ?AN \R [N4 ,TOO MANY LIB]T>IAN SOCIALI/S ?9K O!R PEOPLE'S PROBLEM IS ?AT !Y FAIL TO LI/5 TO & JO9 US4 ,WRONG6 ,\R PROBLEM IS ?AT TOO FEW LI/5 TO US1 MU* LESS JO9 US4 ,WE NE$ TO REMEMB] 9 EV]Y?+ WE DO ?AT ?IS IS \R PROBLEM1 :I* WE MU/ SOLVE4 

,\R VISION ( A BETT] WORLD IS ?OR\<LY DEMOCRATIC4 ,IT IS A VISION ?AT IS MU* MORE DEEPLY P>TICIPATORY & DEMOCRATIC ?AN HAS EV5 OCCURR$ TO MO/ PEOPLE4 ,BUT AN IMPORTANT IMPLICATION ( A PR(\NDLY DEMOCRATIC GOAL ?AT TOO MANY LIB]T>IAN SOCIALI/S CONV5I5TLY IGNORE IS ?AT BE=E \R GOAL CAN BE A*IEV$ A SUB/ANTIAL MAJORITY ( PEOPLE MU/ BE READY TO AB&ON ! ECONOMICS ( COMPETITION & GRE$ & EMBRACE ! POSSIBILITY ( AN ECONOMICS ( EQUITABLE COOP]ATION4 ,SO UNTIL WE SOLVE \R RECRUIT+ PROBLEM !RE IS LITTLE PO9T 9 >GU+ OV] O!R ISSUES1 SU* AS H[ TO TOPPLE CAPITALI/ GOV]NM5TS OR DEFEAT REACTION>Y =CES :O WILL MANEUV] TO MA9TA9 ELITE RULE EV5 :5 A MAJORITY ( ! POPULATION IS READY TO FREE !MSELVES FROM ALL MA/]S4 

,WE WILL NOT SOLVE \R PROBLEM BY YELL+ AT PEOPLE3 ,SEE1 WE TOLD Y\ SO--CAPITALISM SUCKS6 ,SEE1 WE TOLD Y\ SO--MA9/REAM POLITICIANS HAVE BETRAY$ Y\ AGA96 ,WE WILL C]TA9LY NOT CONV9CE PEOPLE ?AT WORK]S & CONSUM]S CAN MANAGE !IR [N AFFAIRS & ORGANIZE & COORD9ATE AN EFFICI5T & EQUITABLE DIVISION ( LABOR AMONG !MSELVES BY SIMPLY REPEAT+ ?AT WE BELIEVE ?IS IS POSSIBLE4 ,WE HAVE BE5 REPEAT+ ?AT PEOPLE CAN LIVE BETT] ?R\< SELF-GOV]NM5T & FREE ASSOCIATION = CLOSE TO #b YE>S4 ,:Y %\LD WE EXPECT MORE PEOPLE TO BELIEVE US IF WE (F] NO MORE COMPELL+ >GUM5TS ?AN WE HAVE 9 ! PA/8 ,:Y %\LD WE EXPECT TO RECRUIT MORE PEOPLE IF WE DO NO BETT] JOB ( ADDRESS+ PEOPLE'S D\BTS AB\T H[ SELF-MANAG+1 AUTONOM\S C\NCILS ( WORK]S & CONSUM]S CAN ACTUALLY SOLVE REAL PROBLEMS ?AT WILL >ISE ONCE CAPITALI/ OV]LORDS & M>KET =CES HAVE BE5 BANI%$8 ,LEFTI/S WILL NEV] RECRUIT 5\< PEOPLE TO SUPPORT \R VISION AS LONG AS LIB]T>IAN SOCIALISM REMA9S A FAI?-BAS$ 9ITIATIVE4 

,RHETORICAL FL\RI%ES AB\T ! VIRTUES ( FREE ASSOCIATION ?AT FAIL TO GO BEYOND :AT GREAT LIB]T>IAN SOCIALI/ =EBE>S PREA*$ A HUNDR$ YE>S AGO BEG9 TO S\ND HOLL[ :5 UNACCOMPANI$ BY CONCRETE SOLUTIONS TO PROBLEMS S5SIBLE PEOPLE KN[ WILL >ISE4 ,WE NE$ TO LE>N TO COMMUNICATE 9 WAYS DESIGN$ TO CONV9CE ?OSE :O >E NOT ALREADY ANTI-CAPITALI/ RA!R ?AN PLEASE \RSELVES4 ,TOO MU* ( \R DISC\RSE IS DESIGN$ TO MAKE US FEEL GOOD4 ,TOO (T5 WE PREA* TO \R [N SMALL *OIR & IGNORE ! FACT ?AT BY DO+ SO WE FUR!R ALI5ATE ?OSE :OSE M9DS WE MU/ *ANGE & :OSE TRU/ WE MU/ E>N4 ,?IS IS :Y WE MU/ GO BEYOND ASSUM+ \R CONCLUSIONS :5 WE EXPLA9 :AT IS WRONG ) ! ECONOMY TODAY & :Y IT IS NOT WORK+4 ,?IS IS :Y WE MU/ BE MU* MORE CONCRETE ?AN WE HAVE BE5 9 ! PA/1 & PRES5T \R CASE REMEMB]+ ?AT \R PRIM>Y AUDI5CE >E PEOPLE :O DO NOT ALREADY AGREE ) US & :O PAID US NO HE$ 9 ! PA/1 BUT JU/ MAYBE1 DUE TO REC5T EV5TS1 MAY N[ L5D US AN E>4 

,EXPLA9+ ,?IS ,CRISIS 

,:5 LEFTI/S EXPLA9 ?IS CRISIS AS A PR$ICTABLE CRISIS ( CAPITALISM WE CONV9CE NOBODY :O WAS NOT ALREADY CONV9C$ ?AT CAPITALISM IS PRONE TO CRISIS4 ,IF WE WANT TO MAKE PEOPLE SIT UP & TAKE NOTICE ( :AT WE HAVE TO SAY WE HAVE TO (F] MORE 9SI<TFUL EXPLANATIONS ?AN O!RS DO ( EXACTLY H[ SU* A T]RIBLE EV5T--:I* DOES NOT OCCUR EV]Y DAY--C\LD HAVE HAPP5$4 ,9 MANY WAYS ! F9ANCIAL CRISIS ( #bh IS A TRULY A/\ND+ /ORY ( GRE$ & 9COMPET5CE BEYOND ANY?+ EV5 ! MO/ H>D5$ CRITICS ( CAPITALI/ F9ANCE IMAG9$4 ,LEFTI/S :O LE>N TO TELL ?IS /ORY WELL WILL F9D E>S ?AT CONT9UE TO LI/54 

,! PR9CIPAL CAUSES ( ! 0P]FECT ECONOMIC /ORM0 ?AT BROKE 9 ! FALL ( #bh W]E 7#a7 ! DRAMATIC 9CREASES 9 ECONOMIC 9EQUALITY :I* MADE ! SY/EM LESS /ABLE AS WELL AS LESS FAIR1 & 7#b7 ! RECKLESS D]EGULATION ( ! F9ANCIAL SECTOR4 ,9 ! ,UNIT$ ,/ATES BO? TR5DS BEGAN 9 E>NE/ ) ,PRESID5T ,REAGAN 9 #a#i#h1 CONT9U$ UND] ,BU% ,I & ,CL9TON1 & ACCEL]AT$ DUR+ ,BU% ,I,I4 ,!SE TR5DS W]E ! RESULT ( A /EADY 9CREASE 9 CORPORATE P[]1 & ! P[] ( MEGA F9ANCIAL CORPORATIONS 9 P>TICUL>1 & A DRAMATIC DECREASE 9 ! C\NT]VAIL+ P[] ( WORK]S1 CONSUM]S1 & GOV]NM5TS4 

,BUT IT IS IMPORTANT TO ADD MORE DETAIL BECAUSE !RE >E IMPORTANT LESSONS WE NE$ TO HELP PEOPLE RELE>N4 ,I SAY RELE>N BECAUSE MANY ( !SE LESSONS W]E LE>N$ ONCE BE=E 9 ! AFT]MA? ( ! ,GREAT ,DEPRESSION ( ! #a#i#cS1 BUT UN=TUNATELY W]E UNLE>N$ BY ! ECONOMICS PR(ESSION1 ! MAJOR M$IA1 & POLITICIANS1 :O !N CONSPIR$ TO 5SURE ?AT ! G5]AL PUBLIC =GOT IMPORTANT1 H>D-LE>N$ LESSONS AS WELL4 

,! F9ANCIAL CRISIS TODAY IS NOT SIMPLY ! RESULT ( SOME MORTGAGE LOANS ?AT %\LD NEV] HAVE BE5 MADE4 ,LESS ?AN #b P]C5T ( MORTGAGES W]E 9 >RE>S :5 ! F9ANCIAL CRISIS BROKE1 :I* MEANS ?AT #h P]C5T ( MORTGAGEES W]E CURR5T ) !IR PAYM5TS4 ,ONLY BECAUSE PRUD5T REGULATION ( ! BANK+ 9DU/RY DAT+ BACK TO ! ,GREAT ,DEPRESSION WAS SY/EMATICALLY DISMANTL$ BY POLITICIANS 9 BO? ! ,REPUBLICAN & ,DEMOCRATIC P>TIES UND] PRESSURE FROM ! F9ANCIAL 9DU/RY1 ONLY BECAUSE PEOPLE LIKE ,L>RY ,SUMM]S & ,TIMO?Y ,GEI?N] 9T]V5$ ON NUM]\S OCCASIONS 9 ! PA/ TO PREV5T REGULATION ( HI<LY SPECULATIVE ,WALL ,/REET 9VE/M5T BANKS & H$GE FUNDS1 ONLY BECAUSE LACK ( COMPET5T REGULATION CREAT$ OPPORTUNITIES = F9ANCIAL PLAY]S TO MAKE HUGE PR(ITS 9 SOCIALLY DANG]\S WAYS1 & ONLY BECAUSE ,EUROPEAN BANKS & ! ,U,S GOV]NM5T PREVAIL$ ON ,EUROPEAN GOV]NM5TS TO IMITATE !SE DISA/R\S TR5DS WAS IT POSSIBLE = ! WOR/ F9ANCIAL CRISIS 9 EI<TY YE>S TO UNRAVEL :5 A H\S+ BUBBLE 9 ! ,U,S--:I* HAD TO COME TO AN 5D AT SOME PO9T--F9ALLY DID4 

,A %ORT LI/ ( A FEW ( ! P]V]SE 9C5TIVES 9COMPET5T D]EGULATION P]MITT$--& CONT9UES TO P]MIT--IS 5\< TO BOGGLE ! M9D4 

7A7 ,LOCAL BANKS NO LONG] HOLD ! MORTGAGES :OSE APPLICATIONS !Y APPROVE4 ,9/EAD1 !Y IMM$IATELY SELL ?OSE MORTGAGES TO L>GE BANKS & 9/ITUTIONAL 9VE/ORS4 ,CLE>LY ?IS LEAVES LITTLE 9C5TIVE = LOCAL BANKS PROCESS+ MORTGAGE APPLICATIONS TO C>E IF APPLICANTS >E REALLY CR$IT-WOR?Y OR NOT4 

7B7 ,WALL ,/REET BANKS CREAT$ SECURITIES COMPOS$ ( T9Y FRACTIONS ( ! MON?LY PAYM5TS DUE FROM ?\S&S ( DIFF]5T HOME MORTGAGES1 :I* !Y SOLD TO 9/ITUTIONAL 9VE/ORS & ALSO KEPT ON !IR [N BOOKS AS ASSETS4 ,H[EV]1 ! AG5CIES RESPONSIBLE = RAT+ !SE MORTGAGE-BAS$ SECURITIES >E PAID BY ! BANKS :OSE SECURITIES !Y >E RAT+4 ,! PRESSURE ON RAT+ AG5CIES TO R\T9ELY /AMP SECURITIES AS TRIPLE-,A = !IR PAYMA/]S1 I4E41 RATE !M ( HI< QUALITY & L[ RISK1 %\LD BE OBVI\S TO ANYONE4 

7C7 ,SECURITIZATION IS NOT PRIM>ILY A WAY TO SPREAD RISK1 AS ITS CREATORS ASSUR$ US4 ,MORE IMPORTANTLY IT IS A WAY TO HIDE RISK FROM \TSIDE DETECTION1 ALL[+ BANKS TO PASS (F L[-QUALITY SECURITIES AS IF !Y W]E HI< QUALITY4 ,H[EV]1 S9CE PROSPECTIVE BUY]S C\LD NOT DI/+UI% L[-QUALITY FROM HI<-QUALITY MORTGAGE-BAS$ SECURITIES1 ONCE MORTGAGES />T$ TO FALL 9 >RE>S1 ! M>KET = ALL MORTGAGE-BAS$ SECURITIES1 EV5 ! GOOD ONES1 DRI$ UP4 ,?OSE >E ! SO-CALL$ TOXIC ASSETS WE HE> SO MU* AB\T ON ! BOOKS ( ! BIG ,WALL ,/REET BANKS1 & ?AT IS :Y ! BANKS DISCOV]$1 TO !IR SURPRISE1 !Y C\LD NOT SELL EV5 ! GOOD ONES = MORE ?AN A SONG ONCE ! H\S+ BUBBLE BUR/4 

7D7 ,C,E,OS' PAY IS (T5 L9K$ TO ! VALUE ( !IR COMPANY /OCK 9 ! %ORT-RUN4 ,BUT ,C,E,OS HAVE MANY WAYS TO MANIPULATE ! PRICE ( !IR COMPANY /OCK 9 ! %ORT RUN TO !IR ADVANTAGE1 EV5 IF BY DO+ SO !Y WEAK5 ! COMPANY & 5DANG] ! ECONOMY4 

7E7 ,:5 A F9ANCIAL 9/ITUTION IS SO IMPORTANT ?AT ITS FAILURE MI<T TRIGG] A F9ANCIAL PANIC1 IT CREATES A P]V]SE 9C5TIVE KN[N AS MORAL HAZ>D4 ,AN 9/ITUTION ?AT IS 0TOO BIG TO FAIL0 CAN 5GAGE 9 RISKY BEHAVIOR KN[+ IT WILL REAP HI< REW>DS FROM RISKY 9VE/M5TS :5 !Y PROVE PR(ITABLE1 BUT BE RESCU$ BY ! GOV]NM5T ) TAXPAY] DOLL>S :5EV] !Y PROVE O!RWISE4 ,WALL ,/REET IS ! BE/ EXAMPLE ( 0LEMON SOCIALISM0 ! CAPITALI/ WORLD HAS EV] SE54 ,:5 ?+S GO WELL ,WALL ,/REET W9S4 ,:5 ?+S GO BADLY ! TAXPAY]1 NOT ,WALL ,/REET1 LOSES4 

7F7 ,& ( C\RSE1 LA/ BUT NOT LEA/3 ,MORE LEV]AGE1 I4E41 PLAY+ ) MORE ( O!R PEOPLE'S MONEY & LESS ( ITS [N1 MEANS HI<] RATES ( PR(IT = ANY F9ANCIAL 9/ITUTION4 ,BUT IT ALSO MEANS GREAT] F9ANCIAL FRAGILITY = ! SY/EM AS A :OLE1 & A BIGG] COLLAPSE :5 A CRISIS MAT]IALIZES4 ,EV]Y ATTEMPT TO RE/RICT LEV]AGE = F9ANCIAL 9/ITUTIONS ?AT W]E 0TOO BIG TO FAIL0 WAS DEFEAT$ BY ! 9DU/RY & ITS DEF5D]S1 LIKE ,L>RY ,SUMM]S4 

,LESSON #a3 ,UNREGULAT$1 FREEM>KET F9ANCE IS AN ACCID5T WAIT+ TO HAPP54 

,IF ! CR$IT SY/EM IS GO+ TO BE LEFT 9 PRIVATE H&S1 NOT ONLY MU/ REGULATIONS OV] TRADITIONAL F9ANCIAL 9/ITUTIONS BE RE/OR$ & /R5G!N$1 BUT ! NEW F9ANCIAL SECTOR ( ,WALL ,/REET 9VE/M5T BANKS & H$GE FUNDS ?AT GREW UP \TSIDE ! OLD REGULATORY /RUCTURES MU/ BE SUBJECT$ TO REGULATIONS ?AT PROHIBIT BEHAVIOR ?AT HAS PROV5 DETRIM5TAL TO ! PUBLIC 9T]E/4 ,A PUBLIC TAKEOV] ( ! F9ANCIAL SECTOR IS ! BE/ OPTION1 NOT ONLY TO PREV5T FUR!R CRISES1 BUT ALSO TO /E] 9VE/M5T 9TO 5]GY CONS]VATION & DEVELOP+ R5EWABLE 5]GY S\RCES NECESS>Y TO MAKE \R ECONOMIES C>BON NEUTRAL BY MID-C5TURY1 RA!R ?AN 9TO MORE UNPRODUCTIVE ASSET BUBBLES4 ,BUT %ORT ( NATIONALIZATION1 PRUD5T REGULATION IS AN ABSOLUTE NECESSITY4 

,L>GE 9EQUALITIES ( 9COME & WEAL? >E NOT ONLY UNFAIR1 !Y ALSO 9CREASE ! LIKELIHOOD ( ECONOMIC CRISES = ! SIMPLE REASON ?AT MORE ( ! 9COME ( ! WEAL?Y IS NOT AUTOMATICALLY TURN$ 9TO CONSUMPTION DEM&4 ,! POOR] Y\ >E1 ! MORE LIKELY Y\ >E TO SP5D :AT LITTLE 9COME Y\ HAVE RELATIVELY QUICKLY1 & !REBY PROVIDE ADEQUATE DEM& = ALL ?AT WAS PRODUC$4 ,! RI*] Y\ >E1 ! MORE LIKELY Y\ >E NOT TO CONSUME ALL Y\R 9COME4 ,UNLESS ! SAV+S ( ! WEAL?Y >E SUCCESSFULLY *ANNEL$ 9TO SP5D+ ON GOODS & S]VICES BY SOMEONE ELSE1 ! DEM& = GOODS 9 G5]AL WILL FALL %ORT ( ! SUPPLY4 ,:5 ?IS HAPP5S1 BUS9ESSES UNABLE TO SELL ALL !Y >E PRODUC+ CUT BACK ON PRODUCTION & LAY (F WORK]S1 :I* ( C\RSE1 FUR!R AGGRAVATES ! PROBLEM4 ,?IS SELF-RE9=C+1 D[NW>D SPIRAL IS :AT WE >E N[ EXP]I5C+1 MORE /RONGLY ?AN AT ANY TIME S9CE ! ,GREAT ,DEPRESSION EI<TY YE>S AGO4 

,LESSON #b3 ,WE NE$ A MASSIVE FISCAL /IMULUS BECAUSE !RE IS NO O!R WAY TO /EM ! RECESSION>Y SLIDE ?AT HAS BECOME ! OV]RID+ ECONOMIC PROBLEM4 

,H\SEHOLD 9COME IS FALL+1 FEW HAVE ANY EQUITY LEFT 9 !IR HOMES !Y CAN BORR[ AGA9/1 & MO/ PEOPLE'S CR$IT C>DS >E MAX$ \T4 ,CLE>LY ! 9CREAS$ SP5D+ NE$$ RI<T N[ IS NOT GO+ TO COME FROM ! H\SEHOLD SECTOR4 ,NOR WILL IT COME FROM ! BUS9ESS SECTOR S9CE BUS9ESSES >E NOT GO+ TO 9VE/ 9 NEW PLANTS & MA*9]Y :5 !Y CANNOT SELL ALL !Y >E MAK+ ALREADY4 ,= N[ ! ONLY WAY TO /EM ! D[NW>D RECESSION>Y SPIRAL IS = GOV]NM5T TO SP5D MORE ?AN IT COLLECTS 9 TAXES--A LOT MORE6 

,YES1 ?IS MEANS WE NE$ A BIG GOV]NM5T BUDGET DEFICIT RI<T N[4 ,BIGG] DEFICIT N[1 GOOD4 ,SMALL] DEFICIT N[1 BAD4 ,EV5 IF ALL ONE C>ES AB\T IS M9IMIZ+ ! SIZE ( ! NATIONAL DEBT FIVE YE>S FROM N[1 ! BE/ POLICY IS TO RUN A L>G] DEFICIT N[4 ,! LOGIC IS SIMPLE 5\<3 NO?+ 9CREASES ! NATIONAL DEBT MORE ?AN A RECESSION BECAUSE TAX RECEIPTS GO D[N :5 9COME GOES D[N--:I* IS :AT A RECESSION IS1 FALL+ PRODUCTION & 9COMES4 

,H[EV]1 ! UND]LY+ PROBLEM ?AT CREAT$ ! CONDITIONS = ! MACROECONOMIC IMBALANCE & ALSO MAKE IT DIFFICULT TO REV]SE IS ! DRAMATIC GR[? ( 9EQUALITY OV] ! PREVI\S DECADES1 LEAV+ TOO LITTLE PUR*AS+ P[] 9 ! H&S ( ?OSE :O USE IT FULLY & QUICKLY4 ,?IS PROBLEM MU/ BE RECTIFI$ AS WELL4 

,LESSON #c3 ,WAGES MU/ KEEP PACE ) PRODUCTIVITY 9CREASES OR ! ECONOMY WILL NOT ONLY BECOME MORE UNFAIR IT WILL ALSO BECOME MORE UN/ABLE4 

,:AT CAN BE DONE TO PROTECT WAGES IMM$IATELY8 ,9 ! ,UNIT$ ,/ATES PASSAGE ( ! ,EMPLOYEE ,FREE ,*OICE ,ACT--:I* WAS /ALL$ 9 #bg BY A ,REPUBLICAN FILIBU/] 9 ! ,U,S ,S5ATE--W\LD REMOVE B>RI]S PREV5T+ WORK]S FROM =M+ UNIONS1 ELIM9ATE 9C5TIVES = EMPLOY]S TO /ALL NEGOTIATIONS OV] A FIR/ CONTRACT1 & 9CREASE P5ALTIES = EMPLOY]S :O BREAK ! LAW DUR+ UNION ORGANIZ+ CAMPAIGNS4 ,ELIM9AT+ TAX BREAKS = COMPANIES ?AT \TS\RCE JOBS ABROAD & 9SI/+ ON ADEQUATE & 5=CEABLE LABOR /&>DS 9 ALL 9T]NATIONAL TRADE AGREEM5TS W\LD HELP R$UCE D[NW>D PRESSURE ON ,U,S WAGES & WORK+ CONDITIONS4 ,! ,TRADE ,RE=M1 ,ACC\NTABILITY1 ,DEVELOPM5T & ,EMPLOYM5T ,ACT ( #bi 7,H,R #c#a#b7 W\LD MOVE US 9 ! RI<T DIRECTION4 

,( C\RSE1 PASSAGE ( !SE BILLS W\LD ONLY BE A BEG9N+4 ,MU* MORE IS NE$$ TO 9CREASE 9COME EQUALITY4 ,BUT NEW LEGISLATION TO EMP[] UNIONS1 NEW LEGISLATION TO UNDO ! DAMAGE WREAK$ BY NEOLIB]AL 9T]NATIONAL ECONOMIC TREATIES1 9CREAS+ ! M9IMUM WAGE1 & /R5G!N+ ! SOCIAL SAFETY NET ?R\< FUND+ 9CREASES = UNEMPLOYM5T 9SURANCE1 SOCIAL SECURITY1 & WELF>E PROGRAMS >E ALL NECESS>Y /EPS ?AT W\LD 9CREASE 9COME EQUALITY & MAKE ECONOMIC CRISES LIKE ?IS ONE LESS LIKELY 9 ! FUTURE4 

,EXPLA9+ ! ,ABYSMAL ,RESPONSE 

,! WOR/ ECONOMIC CRISIS 9 OV] EI<TY YE>S HAS G5]AT$ MANY WORDS BUT FEW CONCRETE ACTIONS ?AT WILL IMPROVE MATT]S4 ,ALL WE HAVE TO DO IS REVIEW ! LI/ ( :AT NE$S TO BE DONE TO REALIZE H[ LITTLE \R LEAD]S HAVE ACCOMPLI%$4 

O ,EI!R TAKE OV] OR REGULATE ! F9ANCIAL SECTOR4 

,9/EAD ! APPROA* TAK5 BY ! ,OBAMA ADM9I/RATION WAS TO CONT9UE ! ,BU% ADM9I/RATION POLICY ( HAV+ TAXPAY]S PAY MU* MORE ?AN ! GO+ M>KET PRICE = AS MANY TOXIC ASSETS AS ! BANKS TOLD US !Y NE$$ TO SELL (F BE=E !Y FELT !Y C\LD BEG9 L5D+ AGA94 ,BE=E LEAV+ AS TREASURY SECRET>Y1 ,HANK ,PAULSON GOT ,CONGRESS TO PASS ,T,>,P ,I1 :I* GAVE ! ,TREASURY @s#g BILLION ( TAXPAY] MONEY TO USE TO PUR*ASE TOXIC ASSETS ?R\< A 0REV]SE AUCTION0 ?AT WAS SO HAMP]$ BY P]V]SE 9=MATION ASYMMETRIES & CONFLICTS ( 9T]E/ ?AT ,PAULSON C\LD NOT A*IEVE LIFT(F = HIS PLAN BE=E LEAV+ (FICE4 ,9 ,T,>,P ,I,I ,GEI?N] & ,B5 ,B]NANKE DISGUIS$ & EXP&$ ! SUBSIDY 9 ! =M ( 0PRIVATE PUBLIC P>TN]%IPS0 :]E ! ,F$]AL ,DEPOSIT ,9SURANCE ,CORPORATION & ,F$]AL ,RES]VE ,BANK PROVIDE FREE 9SURANCE AGA9/ D[NSIDE RISK TO 9DUCE PRIVATE P>TY P>TICIPATION & CONT9UE TO SUBSIDIZE ! BANK+ 9DU/RY BY L5D+ !M AS MU* AS !Y WANT AT EFFECTIVELY A Z]O RATE ( 9T]E/4 ,9 O!R WORDS1 ,OBAMA FULLY 5DORS$ ! 0,NO ,BANK] ,LEFT ,BEH9D0 APPROA* ( HIS PR$ECESSOR 9 ! ,:ITE ,H\SE3 KEEP APPLY+ EV] L>G] DOSES ( TAXPAY] BAIL\T FUNDS TO BANKS DEEM$ TOO BIG TO FAIL EV5 :5 ?OSE BANKS REFUSE TO BEG9 L5D+ AGA9 9 E>NE/1 & /ONEWALL PRESSURE TO R5EGOTIATE T]MS ( MORTGAGES ?AT >E UNPAYABLE4 

,N[ WE >E HE>+ SPEE*ES FROM ,OBAMA & ,DEMOCRATS 9 ,CONGRESS DESIGN$ TO ASSUAGE A FURI\S PUBLIC1 FOLL[$ BY LEGISLATION DESIGN$ TO PLEASE !IR PAYMA/]S ON ,WALL ,/REET4 ,:5 ALL IS SAID & DONE1 :E!R ! ,DEMOCRATS DO OR DO NOT PASS !IR PA!TIC F9ANCIAL RE=M BILL1 ! BIG HOLD+ BANKS WILL BE EV5 BIGG] & !RE=E LESS LIKELY TO BE P]MITT$ TO FAIL2 COMM]CIAL & 9VE/M5T BANK+ WILL /ILL BE TI$ AT ! HIP2 TRAD+ 9 HI<LY PR(ITABLE1 ESOT]IC F9ANCIAL PRODUCTS1 ?AT HAVE NO SOCIAL VALUE :ATSOEV] BUT PUT ! F9ANCIAL SY/EM AT GREAT RISK1 WILL CONT9UE2 & REGULATORY P[]S WILL BE MORE CONC5TRAT$ 9 ! H&S ( ! ,F$]AL ,RES]VE ,BANK1 :I* ,WALL ,/REET CAPTUR$ LONG AGO4 ,9 %ORT1 F9ANCIAL RE=M WILL BE A FIG LEAF 9 ! ,UNIT$ ,/ATES1 LEAV+ ! F9ANCIAL SY/EM JU/ AS PRONE TO CRISIS AS IT WAS BE=E ,SEPTEMB] #b#h4 ,! ONLY QUE/ION WILL BE :AT ! NEXT ASSET BUBBLE LOOKS LIKE1 & H[ LONG IT WILL TAKE TO GR[ & BUR/4 

O ,LAUN* A MASSIVE FISCAL /IMULUS EMPHASIZ+ SP5D+ 9CREASES OV] TAX CUTS1 & SP5D+ ON $UCATION1 HEAL?C>E1 & GRE5 JOBS BECAUSE !SE >E NOT ONLY ! MO/ SOCIALLY USEFUL 9VE/M5TS BUT ALSO PROVIDE MORE JOBS P] /IMULUS DOLL>4 

,9/EAD ( IMPLEM5T+ ! S+LE MO/ IMPORTANT LESSON ,LORD ,KEYNES TAU<T ! WORLD EI<TY YE>S AGO1 ! CONS]VATIVE GOV]NM5T 9 ,G]MANY IS TRAGICALLY COMMITT$ TO A P5NY-WISE & P\ND-FOOLI% NOTION ( 0FISCAL RESPONSIBILITY0 = ITSELF & = O!RS2 ! ,REPUBLICAN OPPOSITION 9 ! ,UNIT$ ,/ATES IS FANN+ ! FLAMES ( CONC]N OV] ! NATIONAL DEBT 9 A DELIB]ATE & CYNICAL ATTEMPT TO PROLONG ! RECESSION TO REAP %ORT-RUN POLITICAL GA9 9 ! CONGRESSIONAL ELECTIONS ( #ba & ! PRESID5TIAL ELECTION ( #b#a#b2 ,OBAMA'S ECONOMIC ADVIS]S1 ,LAUR5CE ,SUMM]S & ,TIMO?Y ,GEI?N]1 HAVE ALSO /IRR$ UP DEFICIT FE>S1 & >E RESPONSIBLE = PREV5T+ ! ADM9I/RATION FROM %OOT+ = A L>G] FISCAL /IMULUS 9 #b#i1 & KILL+ ANY *ANCE = A SECOND /IMULUS 9 #b#a4 ,! ,JAPANESE GOV]NM5T HAS DONE BETT] ON ?IS SCORE BUT CANNOT SUFFICI5TLY /IMULATE ! GLOBAL ECONOMY ON ITS [N4 ,MEAN:ILE1 GOV]NM5TS ( SMALL] ECONOMIES LIKE ,GREECE1 ,IREL&1 ,PORTUGAL1 ,SPA91 ,LATVIA1 & ALL ! SMALL] ,?IRD ,WORLD C\NTRIES HAVE NO *OICE BUT TO PRACTICE FISCAL AU/]ITY1 BECAUSE 9/EAD ( PROTECT+ !IR ABILITY TO BORR[ ON REASONABLE T]MS1 ?OSE RUNN+ ! NEOLIB]AL 9T]NATIONAL F9ANCIAL SY/EM HAVE ?R[N ! SMALL] ECONOMIES TO SPECULATOR DOGS :O JACK UP ! 9T]E/ PREMIUMS ON !IR BORR[+ :5EV] !IR BUDGET DEFICITS 9CREASE4 

,9 A GLOBAL ECONOMY :]E NEW BUS9ESS 9VE/M5T MAY FOLL[ BUT C]TA9LY WILL NOT LEAD US \T ( RECESSION1 & :]E CONSUM]S 9 ALL ! ADVANC$ ECONOMIES >E TAPP$ \T1 !RE IS NOBODY LEFT EXCEPT GOV]NM5TS TO PRIME ! PROV]BIAL PUMP4 ,UN=TUNATELY1 MORE ?AN EI<TE5 MON?S 9TO ! RECESSION ! NE$$ FISCAL /IMULUS IS /ILL NOT =?COM+1 & CONSEQU5TLY WE >E HEAD$ = A JOBLESS RECOV]Y AT BE/1 BUT MORE LIKELY = A D\BLE DIP AS RECESSION>Y DYNAMICS TAKE ROOT AGA94 

O,REV]SE ! TR5D T[>D GREAT] 9EQUALITY ( 9COME & WEAL?4 

,9/EAD ! NEOLIB]AL TR5D CONT9UES UNABAT$ AS 9EQUALITY ( 9COME & WEAL? 9CREASE DUR+ ! ECONOMIC DECL9E & ,OBAMA PRESID5CY1 JU/ AS IT DID DUR+ ! ASSET BOOMS ?AT PREC$$ IT & ! PRESID5CIES ( ,REAGAN1 ,BU% ,I1 ,CL9TON1 & ,BU% ,I,I4 ,! ONLY SECTOR ( ! ,U,S ECONOMY TO HAVE 0RECOV]$0 IS ! F9ANCIAL SECTOR :OSE PR(ITS >E SWOLL5 AGA9 ?ANKS TO AN OP5-5D$ BAIL\T AT ,U,S TAXPAY] EXP5SE1 ) NONE ( ! 0CONDITIONALITIES0 DEM&+ *ANGES 9 BEHAVIOR ! ,I,M,F REQUIRES ( ITS ,?IRD ,WORLD CLI5TS 9 EX*ANGE = !IR BAIL\TS4 

,AN E>LY 9DICATION ?AT ,OBAMA WAS NOT GO+ TO DO ANY?+ TO *ANGE ! BALANCE ( P[] 9 ,AM]ICA CAME :5 HE R5EG$ ON HIS PROMISE TO ORGANIZ$ LABOR TO PRIORITIZE ! ,EMPLOYEE ,FREE ,*OICE ,ACT TO BEG9 TO EV5 ! PLAY+ FIELD = LABOR ORGANIZ]S4 ,LABOR HELP$ ,OBAMA BEAT FIR/ ,HILL>Y ,CL9TON 9 ! ,DEMOCRATIC PRIM>IES1 & !N ,JOHN ,MC,CA9 9 ! G5]AL ELECTION4 ,HILL>Y ,CL9TON HAD ! E>LY ADVANTAGE ) ORGANIZ$ LABOR DUR+ ! PRIM>Y CAMPAIGN4 ,A SURPRIS+ NUMB] ( UNIONS CAME \T = ,OBAMA OV] ,CL9TON BECAUSE HE PROMIS$ TO *AMPION ! ,EMPLOYEE ,FREE ,*OICE ,ACT & !Y DID NOT TRU/ ?AT ,CL9TON W\LD FOLL[ ?R\< NO MATT] :AT %E PROMIS$4 ,DUR+ ! G5]AL ELECTION ,OBAMA REAFFIRM$ HIS PL$GE 9 RETURN = ALL-\T SUPPORT FROM ALL ( ORGANIZ$ LABOR1 & ORGANIZ$ LABOR DELIV]$4 ,BUT ! ,EMPLOYEE ,FREE ,*OICE ,ACT WAS ! FIR/ PIECE ( LEGISLATION ,OBAMA AB&ON$ AFT] BE+ ELECT$4 ,OBAMA SLAPP$ ORGANIZ$ LABOR 9 ! FACE EV5 BE=E HE TOLD S+LE-PAY] HEAL? ADVOCATES ?AT !IR PROPOSAL WAS NOT WOR?Y ( CONSID]ATION1 & HAD GU>DS TURN ,CONGRESSMAN ,JOHN ,CONY]S & A DELEGATION ( ,A,M,A DOCTORS SUPPORT+ S+LE-PAY] AWAY AT ! ,:ITE ,H\SE DOOR :5 !Y TRI$ TO ATT5D A MEET+ TO DISCUSS HEAL?-C>E RE=M BE+ ATT5D$ BY ,C,E,OS FROM ! 9SURANCE & PH>MACEUTICAL 9DU/RIES4 ,IRONICALLY1 ! FEEBLE EXCUSE HE (F]$ WAS ?AT BECAUSE ( ! SEV]ITY ( ! ECONOMIC CRISIS !RE W]E MORE IMPORTANT PIECES ( LEGISLATION HE HAD TO PRIORITIZE ?AN ! ,EMPLOYEE ,FREE ,*OICE ,ACT4 ,ORGANIZ$ LABOR WAS 0HAD0 & KN[S IT4 

,! REASON = ! ABYSMAL FAILURE TO RESPOND TO ! ECONOMIC CRISIS EFFECTIVELY IS ?AT ?OSE RESPONSIBLE = CREAT+ ! CRISIS >E /ILL 9 *>GE ( ! RESPONSE4 ,POLITICIANS & POLITICAL P>TIES BEHOLD5 TO CORPORATE 9T]E/S & NEOLIB]AL IDEOLOGY HAVE NOT BE5 REPLAC$4 ,& AS A RESULT1 NECESS>Y F9ANCIAL RE=MS HAVE BE5 /ONEWALL$1 FISCAL /IMULUS TO /EM ! RECESSION>Y SLIDE HAS BE5 OB/RUCT$1 WORK]1 CONSUM]1 & CITIZ5 C\NT]WEI<T TO CORPORATE P[] CONT9UES TO WEAK51 & CONSEQU5TLY ! ECONOMIC CRISIS FE/]S & WORS5S4 

,:ILE ! 9ITIAL CRISIS WAS A TRAG$Y CAUS$ BY ?IRTY YE>S ( BRAZ5 NEOLIB]ALISM1 ! ABYSMAL RESPONSE TO ! CRISIS IS A SECOND HUMAN-MADE TRAG$Y4 ,9/EAD ( *OOS+ FROM A LONG LI/ ( DI/+UI%$ ECONOMIC ADVIS]S :O W>N$ AGA9/ F9ANCIAL D]EGULATION & ! BANKRUPTCY ( TRICKL$[N ECONOMICS1 & :O HAVE EXCELL5T IDEAS AB\T H[ TO PUT \R ECONOMIC H\SE BACK 9 ORD]1 ,PRESID5T ,OBAMA 9/EAD *OSE AS HIS ADVIS]S ! V]Y PEOPLE RESPONSIBLE = ! POLICIES ?AT BR\<T ON ! ECONOMIC CRISIS 9 ! FIR/ PLACE4 

,! ADVICE ( ECONOMI/S SU* AS ,DEAN ,BAK]1 ,JAMIE ,GALBRAI?1 ,JANE ,D',>I/A1 ,ROB]T ,POLL91 & ,M>C ,WEISBROT--NOT TO SPEAK ( ,NOBEL ,LAUREATES ,JOSEPH ,/IGLITZ & ,PAUL ,KRUGMAN--IS /ILL BE+ IGNOR$4 ,9/EAD1 ,PRESID5T ,OBAMA HAS UNWISELY *OS5 ,LAWR5CE ,SUMM]S AS HIS *IEF ECONOMIC ADVIS] & ,TIMO?Y ,GEI?N] AS HIS SECRET>Y ( ! TREASURY1 NEI!R ( :OM HAS A ,NOBEL ,PRIZE TO HIS NAME1 & BO? ( :OM W]E KEY SPONSORS ( ! DISA/R\S POLICIES :I* GOT US 9TO ! MESS WE N[ F9D \RSELVES 94 ,A V]Y WISE MAN ONCE SAID3 0,WE CAN'T SOLVE PROBLEMS BY US+ ! SAME K9D ( ?9K+ WE US$ :5 WE CREAT$ !M40 ,PRESID5T ,OBAMA HAD BETT] HOPE ?AT ,ALB]T ,E9/E9 WAS WRONG1 BECAUSE SO F> HE HAS *OS5 TO FOLL[ ! ADVICE ( A TEAM ( ECONOMI/S ) CLOSE P]SONAL TIES TO ,WALL ,/REET :OSE DISCR$IT$ IDEAS BE> A MAJOR RESPONSIBILITY = CREAT+ ! P]FECT ECONOMIC /ORM ?AT IS BY NO MEANS OV]4 ,LAWR5CE ,SUMM]S IS NOT *ANGE2 HE IS ,CL9TON R$UX4 ,TIMO?Y ,GEI?N] IS NOT *ANGE2 HE IS A %ILL = ,WALL ,/REET4 ,& ,B5 ,B]NANKE :O ,OBAMA R5OM9AT$ & ! ,DEMOCRATIC ,CONGRESS JU/ CONFIRM$ = ANO!R T]M AS *AIR ( ! ,F$]AL ,RES]VE ,BANK BE>S MU* ( ! RESPONSIBILITY = ! POLICIES ?AT L$ TO ! GREATE/ F9ANCIAL CRISIS 9 OV] EI<TY YE>S WE >E /ILL SUFF]+ FROM4 

,( C\RSE1 ! UND]LY+ QUE/ION IS :Y ,OBAMA *OSE ! ECONOMIC ADVIS]S HE DID1 & :Y HE CONT9UES TO LI/5 TO !M DESPITE OV]:ELM+ EVID5CE ?AT !IR ADVICE HAS FAIL$ TO PRODUCE DESIRABLE ECONOMIC RESULTS & HAS N[ REVITALIZ$ A ,REPUBLICAN ,P>TY ?AT WAS 9 HOPELESS DIS>RAY ONLY FIFTE5 MON?S AGO4 ,I AM NOT P>TICUL>LY 9CL9$ TO SPECULATE AB\T MOTIVES1 BUT ,I SUSPECT ! ANSW] TO ?AT QUE/ION LIES 9 :]E ,OBAMA HAS GOTT5 HIS CAMPAIGN F9ANCE SUPPORT 9 ! PA/1 & CONT9UES TO PLAN TO RAISE MONEY 9 ! FUTURE4 ,! ANSW] LIES 9 A POLITICAL /RATEGY ?AT CAME TO BE KN[N 9 ! ,CL9TON ADM9I/RATION AS 0TRIANGULATION40 ,& ! ANSW] LIES 9 ! FACT ?AT ,OBAMA P]SONALLY IS A C5TRI/ & NOT A PROGRESSIVE1 & ,OBAMA IS CAUTI\S NOT AUDACI\S--EV5 ?\< PRES5T CIRCUM/ANCES W\LD REW>D BOLDNESS & WILL PUNI% TIMIDITY4 ,F9ALLY1 PEOPLE ,I TRU/ :O HAVE TAK5 ! TIME TO EXAM9E HIS C>E] C>EFULLY TELL ME ,OBAMA ALWAYS 0TALKS ! TALK0 BUT SELDOM 0WALKS ! WALK40 

,9 SUM1 TWO YE>S 9TO ! CRISIS1 9SID]S HAVE ONLY BE5 REPLAC$ BY O!R 9SID]S :O W]E EQUALLY CULPABLE1 & NO:]E 9 ! WORLD HAVE 09SID]S0 YET BE5 REPLAC$ BY \TSID]S4 ,LEFTI/S :O LE>N H[ TO EXPLA9 :Y ! RESPONSE ( DISCR$IT$ LEAD]S IS WOEFULLY 9ADEQUATE1 & :AT GOV]NM5TS %\LD BE DO+ 9/EAD1 WILL F9D EV5 MORE E>S WILL+ TO KEEP LI/5+4 

,GREECE & ! ,EUROPEAN ,UNION 

,:ILE ,I AM MU* MORE FAMILI> ) ! CRISIS 9 ! ,UNIT$ ,/ATES & ! /ATUS ( \R FAIL$ RESPONSE ?AN ,I AM ) ! SITUATION 9 ,EUROPE1 ,I FEEL SUFFICI5TLY 9=M$ TO MAKE A FEW OBS]VATIONS AB\T ! CRISIS 9 ,GREECE & PROBLEMS UNIQUE TO ! ,EUROPEAN ,UNION4 ,AES*YLUS1 ,SOPHOCLES1 & ,EURIPIDES CREAT$ TRAG$Y = ! /AGE ?\S&S ( YE>S AGO1 & N[ MOD]N ,GREECE IS LIV+ ?R\< A REAL TRAG$Y4 ,! POPUL> IMAGE ( ,GREEKS AS UNPRODUCTIVE1 LAZY WORK]S :O BR\<T ON ?IS CRISIS BY TRY+ TO LIVE BEYOND !IR MEANS IS PURE NONS5SE & A BLATANT ATTEMPT TO BLAME ! VICTIMS 9 ORD] TO EXON]ATE ?OSE :O >E TRULY GUILTY4 

,! LI/ ( REAL VILLA9S BEG9S ) 9T]NATIONAL F9ANCIAL SPECULATORS :O HAVE MADE IT MU* MORE EXP5SIVE & DIFFICULT = ! ,GREEK GOV]NM5T TO ROLL OV] ITS DEBT ?AN IT %\LD BE1 & GREATLY MAGNIFI$ ! SIZE ( ! BAIL\T PACKAGE ! ,EUROPEAN ,COMMISSION & ,I,M,F HAD TO PUT TOGE!R4 ,BANKS & H$GE FUNDS ?AT TRADE CR$IT DEFAULT SWAPS1 CURR5CY TRAD]S1 & RAT+ AG5CIES HAVE P]FECT$ A SPECULATIVE GAME ?AT IS EXTREMELY PR(ITABLE = !M BUT EXTREMELY DETRIM5TAL TO ATTEMPTS TO SOLVE ! ,GREEK DEBT CRISIS & PROTECT ! EURO4 ,LIB]T>IAN SOCIALI/S H]E 9 ,GREECE W\LD DO WELL TO LE>N TO TELL ?IS /ORY WELL TO ?OSE !Y ORGANIZE & WORK )4 

,FIR/1 ,GOLDMAN ,SA*S ADVIS$ ! RI<T-W+ GOV]NM5T ?AT PREC$$ ,P,A,S,O,K H[ TO HIDE ITS TRUE DEBT FROM VIEW SO IT C\LD CONT9UE TO BORR[ MORE & AT L[] 9T]E/ RATES ?AN IT W\LD O!RWISE HAVE BE5 ABLE TO4 ,MO/ ( ?AT HIDD5 DEBT W5T TO PAY = CORPORATE WELF>E & 5ABLE MASSIVE TAX EVASION BY WEAL?Y ,GREEK SUPPORT]S ( ! GOV]NM5T4 ,!N ,GOLDMAN ,SA*S1 KN[+ FULL WELL ?AT ,GREEK DEBT WAS HI<] ?AN IT APPE>$1 BEGAN TO PLAY :AT =M] G5]AL C\NSEL ( ,LONG-,T]M ,CAPITAL ,MANAGEM5T ,H$GE ,FUND ,JAMES ,RICK>DS CALLS ! ,:ACK ! ,P9ATA ,GAME1 & O!R PLAY]S W]E SOON TO FOLL[3 

,GREECE'S TRAVAILS >E (T5 MEASUR$ BY REF]5CE TO ! M>KET 9 CR$IT DEFAULT SWAPS 7,C,D,S71 A K9D ( 9SURANCE AGA9/ DEFAULT BY ,GREECE4 ,AS ) ANY 9SURANCE1 GREAT] RISKS 5TAIL HI<] PRICES TO BUY ! PROTECTION4 ,BUT :AT HAPP5S IF ! PRICE ( 9SURANCE IS NO LONG] AN*OR$ TO ! UND]LY+ RISK8 ,:5 WE LOOK BEH9D ,C,D,S PRICES1 WE DON'T SEE AN OBJECTIVE MEASURE ( ! PUBLIC F9ANCES ( ,GREECE1 BUT SOME?+ V]Y DIFF]5T4 ,SELL]S >E TYPICALLY P5SION FUNDS LOOK+ TO E>N AN 9SURANCE PREMIUM & BUY]S >E (T5 H$GE FUNDS LOOK+ TO MAKE A QUICK TURN4 ,9 ! MIDDLE Y\ HAVE ,GOLDMAN ,SA*S OR ANO!R L>GE BANK BOOK+ A FAT SPREAD4 ,N[ ! P9ATA P>TY BEG9S4 ,BANKS GRAB !IR /ICKS & />T P\ND+ ?9LY TRAD$ ,GREEK BONDS & PU%+ \T ! SPREAD BETWE5 ,GREEK & ! B5*M>K ,G]MAN ,C,D,S PRICE4 ,/EP TWO IS A CALL ON ! P5SION FUNDS TO PUT UP MORE M>G91 OR SECURITY1 AS ! PRICE HAS MOV$ 9 FAVOR ( ! BUY]4 ,! M>G9 MONEY IS %OVEL$ TO ! H$GE FUNDS1 :I* 5JOY ! CA% & PAP] PR(ITS & ! #b P]C5T P]=MANCE FEES ?AT FOLL[4 ,H[ CONV5I5T :5 ?IS HAPP5S 9 ,DECEMB] 9 TIME = ! ANNUAL ACC\NTS1 AS WAS REC5TLY ! CASE4 ,EV5TUALLY ! MONEY FL[ WILL BE REV]S$1 :5 A BAIL-\T IS ANN\NC$1 BUT 9 ! MEANTIME P5SION FUNDS E>N PREMIUMS1 BANKS E>N SPREADS1 H$GE FUNDS E>N FEES1 & EV]YONE'S A W9N]--EXCEPT ! HAPLESS H$GE FUND 9VE/ORS1 :O SUFF] ! FEES ON FLEET+ P]=MANCE1 & ! UN=TUNATE 9HABITANTS ( ! P9ATA4 ,:AT DOES ANY ( ?IS HAVE TO DO ) ,GREECE8 ,V]Y LITTLE4 ,IT IS NOT MU* MORE ?AN A FLOAT+ CRAPS GAME 9 AN ALLEY (F ,WALL ,/REET4.<#b#a#d.> 

,! UN=TUNATE 9HABITANTS ( ! ,GREEK P9ATA 9CLUDE ! ,P,A,S,O,K GOV]NM5T1 :I*1 BECAUSE IT CAN NO LONG] ROLL OV] ! DEBT AT ! 9T]E/ RATES N[ DEM&$ BY BUY]S ( ,GREEK GOV]NM5T BONDS1 MU/ CONV9CE ! ,EUROPEAN ,COMMISSION1 ! ,EUROPEAN ,BANK1 & ,I,M,F TO BE ITS UND]WRIT]S & PROVIDE EM]G5CY LOANS4 ,IT 9CLUDES ! CITIZ5S & TAXPAY]S 9 ! ,E,U :O MU/ ASSUME RISK !Y %\LD NOT HAVE HAD TO BE> AS UND]WRIT]S ( NEW ,GREEK BORR[+4 ,BUT MO/ IMPORTANTLY1 BECAUSE ?OSE :O RUN ! GLOBAL ECONOMY REFUSE TO /OP RIDICUL\SLY C\NT]PRODUCTIVE F9ANCIAL M>KET %5ANIGANS & =CE BANKS TO WRITE (F UNPAYABLE DEBT1 & 9/EAD IMPOSE 9CREAS+LY DRACONIAN AU/]ITY MEASURES 9 EX*ANGE = !IR F9ANCIAL BACK+1 ! MO/ UN=TUNATE 9HABITANTS ( ! ,GREEK P9ATA >E ORD9>Y ,GREEKS :O >E BE+ ASK$ TO SUFF] ?R\< T5 YE>S ( DEPRESSION CONDITIONS4 

,Y\ H]E 9 ,GREECE DON'T NE$ ME TO TELL Y\ :AT ?OSE AU/]ITY MEASURES CONSI/ ( & H[ !Y WILL AFFECT PEOPLE4 ,BUT P]HAPS ,I CAN BE ( SOME HELP BY REASSUR+ Y\ 7#a7 ?AT ! CLAIM ?AT WORK]S >E TO BLAME BECAUSE !Y >E TOO LAZY & TOO GRE$Y IS PAT5TLY ABSURD2 7#b7 ?AT ! AU/]ITY MEASURES ! ,EUROPEAN ,COMMISSION & ,I,M,F HAS IMPOS$ & ,P,A,S,O,K HAS AGRE$ TO ADM9I/] WILL BE COMPLETELY = NAU<T2 & 7#c7 ?AT !RE IS A MU* BETT] & FAIR] RESPONSE TO ! CRISIS4 

,SOME ,GREEK WORK]S HAVE LONG] VACATIONS ?AN SOME ,G]MAN WORK]S4 ,& SOME ,GREEK WORK]S CAN RETIRE SOON] ?AN SOME ,G]MAN WORK]S4 ,ALL AVAILABLE EVID5CE 9DICATES ?AT ,GREEKS HAVE MADE ! RI<T *OICE & ,G]MANS HAVE MADE ! WRONG *OICE4 ,WE HAVE LONG KN[N ?AT LEISURE IS K9D] TO ! 5VIRONM5T ?AN MORE CONSUMPTION4 ,SO ! ,GREEK *OICE IS ! 5VIRONM5TALLY RESPONSIBLE *OICE4 ,& NEW RESE>* SUGGE/S ?AT ONCE BASIC NE$S >E SATISFI$1 9CREASES 9 AV]AGE CONSUMPTION HAVE LITTLE POSITIVE EFFECT ON H[ SATISFI$ & HAPPY PEOPLE >E4 ,SO ! ,GREEK *OICE ( LEISURE OV] MORE CONSUMPTION IS ! WISE *OICE AS WELL4 

,H[EV]1 BECAUSE !Y >E LESS WELL-EQUIPP$1 ,GREEK WORK]S >E LESS PRODUCTIVE ?AN ,G]MAN WORK]S ON AV]AGE4 ,?IS IS C]TA9LY NOT ! FAULT ( ,GREEK WORK]S4 ,IF IT IS ANYONE'S FAULT1 IT IS ! FAULT ( !IR EMPLOY]S :O FAIL TO PROVIDE /ATE-(-!->T EQUIPM5T & WORK+ CONDITIONS4 ,9 ANY CASE1 ! SOLUTION IS TO PRIORITIZE IMPROV+ ! CIRCUM/ANCES ,GREEKS WORK 9 SO !IR PRODUCTIVITY 9CREASES4 ,UN=TUNATELY ! ,P,A,S,O,K AU/]ITY PROGRAM WILL HAVE ! OPPOSITE EFFECT4 

,MEAN:ILE1 9 ! %ORT RUN !RE >E ONLY TWO WAYS TO PREV5T DIFF]5CES 9 ,GREEK & ,G]MAN PRODUCTIVITY FROM PRODUC+ AN UNSU/A9ABLE TRADE DEFICIT BETWE5 ! TWO C\NTRIES4 ,P,A,S,O,K HAS *OS5 TO ADM9I/] ! FIR/--DRIVE D[N ,GREEK WAGES4 ,BY AGREE+ TO %>E A COMMON CURR5CY ) ,G]MANY1 ! SECOND1 BETT] WAY1 CURR5CY DEVALUATION1 WAS ELIM9AT$4 ,:Y IS CURR5CY1 OR EXT]NAL DEVALUATION1 PREF]ABLE TO WAGE REPRESSION1 EUPHEMI/ICALLY CALL$ 9T]NAL DEVALUATION8 ,IT CAN BE DONE MORE QUICKLY )\T CAUS+ DOME/IC /RIFE4 ,& MORE IMPORTANTLY1 IT SOLVES ! TRADE PROBLEM ) ,G]MANY )\T 9CREAS+ 9COME 9EQUALITY )9 ,GREECE4 ,DEVALUATION MEANS ALL ,GREEKS MU/ PAY MORE = ,G]MAN IMPORTS4 ,WAGE REPRESSION MEANS ?AT ,GREEK WORK]S MU/ PAY MORE = ,G]MAN IMPORTS & ALSO PAY MORE = DOME/ICALLY PRODUC$ GOODS1 :ILE WEAL?Y ,GREEKS PAY NO MORE = ,G]MAN IMPORTS ?AN !Y DID BE=E2 WEAL?Y ,GREEKS PAY EV5 LESS = DOME/ICALLY PRODUC$ GOODS AS L[] LABOR CO/S L[] DOME/IC PRICES SOME:AT1 & ,GREEK EMPLOY]S >E REW>D$ = FAIL+ TO PROVIDE !IR EMPLOYES ) /ATE-(-!->T EQUIPM5T BY GETT+ AWAY ) PAY+ !IR WORK]S EV5 LESS4 

,& :AT WILL BE ACCOMPLI%$ IF ,GREEK WORK]S AGREE TO %\LD] ! 5TIRE BURD5 ( SOLV+ ! ,GREEK DEBT PROBLEM8 ,ACCORD+ TO ! PROJECTIONS ( ! SAME ECONOMI/S WORK+ = ! ,EUROPEAN ,BANK1 ,EUROPEAN ,COMMISSION1 & ,I,M,F :O NEGOTIAT$ ! AGREEM5T TO PROVIDE UP TO @s#i#f BILLION ( SUPPORT = ! SO-CALL$ ,P,I,G,S 9 EX*ANGE = ! AU/]ITY PROGRAM ,P,A,S,O,K WILL N[ ADM9I/] 9 ,GREECE1 EV5 IF ! PROGRAM WORKS EXACTLY AS PLANN$--& NO BAIL\T PROGRAM EV] HAS--,GREECE'S DEBT WILL RISE FROM #aae P]C5T ( ,G,D,P TODAY TO #adi P]C5T 9 #b#a#c4 ,9 O!R WORDS1 ! BE/ ?AT CAN BE HOP$ = IS ?AT AFT] ?REE YE>S ( HORRIFIC SACRIFICE ,GREECE WILL FACE AN EV5 WORSE DEBT CRISIS ?REE YE>S FROM N[4 ,MOREOV] ! ECONOMY WILL BE MIR$ 9 A MU* DEEP] DEPRESSION1 GIV+ EMPLOY]S EV5 LESS 9C5TIVE TO UPGRADE EQUIPM5T 9 ,GREEK FACTORIES4 

,!RE ,>E ,MU* ,BETT] ,OPTIONS 

7#a7 ,!RE >E BO? ADVANTAGES & DISADVANTAGES TO BE+ 9SIDE ! EURO ZONE4 ,= A C\NTRY LIKE ,GREECE IT IS BECOM+ MORE & MORE APP>5T ?AT ! DISADVANTAGES \TWEI< ! ADVANTAGES4 ,BUT EV5 IF ! ADVANTAGES \TWEI<$ ! DISADVANTAGES1 IT IS BETT] TO LEAVE ! EURO N[ RA!R ?AN AGREE TO DAMAGE ! ECONOMY SEV]ELY = ?REE YE>S & HAVE TO LEAVE ! EURO ZONE 9 ANY CASE--:I* IS :AT CURR5T POLICIES WILL LEAD TO4 ,IF ! ,E,U_/,I,M,F WILL NOT (F] ,GREECE A WAY TO GR[ \T ( ! CRISIS1 ,GREECE IS BETT] (F LEAV+ ! EURO ZONE4 ,>G5T9A TRI$ :AT ,P,A,S,O,K IS TRY+--9T]NAL DEVALUATION--FROM #aiih TO #ba ONLY TO DRIVE HALF ITS C\NTRY 9TO POV]TY4 ,AFT] DEFAULT+ & DEVALU+1 ,>G5T9E ,G,D,P DROPP$ = ONE MORE QU>T] & !N CLIMB$ #fc P]C5T OV] ! NEXT SIX YE>S4 

7#b7 ,!RE >E BO? ADVANTAGES & DISADVANTAGES TO DEFAULT+ ON SOV]EIGN DEBT4 ,BUT 9 ! IMMORTAL WORDS ( =M] ,U,S TREASURY SECRET>Y ,HANK ,PAULSON1 :O TOLD ! ,U,S ,CONGRESS 9 ,OCTOB] #bh ?AT !Y HAD NO *OICE BUT TO APPROVE HIS @s#g BILLION BAIL\T REQUE/ = ,U,S BANKS BECAUSE ,CONGRESS WAS 0ALREADY ON ! HOOK10 ?IS TIME ,GREECE HAD ! /RONG] C\NTRIES 9 ! EURO ZONE 0ON ! HOOK0 & NE$$ TO TAKE MORE ADVANTAGE ( ITS LEV]AGE4 ,MU* ( ,GREEK DEBT IS [$ TO BANKS FROM O!R ,EUROPEAN C\NTRIES1 ,G]MANY 9 P>TICUL>4 ,& AS EV]YONE KN[S1 ! EURO W\LD TAKE A S]I\S HIT IF ,GREECE DEFAULT$4 ,AFT] 9COMPET5T DELAYS :I* MULTIPLI$ ! SIZE ( ! NECESS>Y BAIL\T SEV]AL TIMES1 ,G]MANY F9ALLY AGRE$ TO SAVE ITS [N BANKS & PROTECT ITS PRECI\S EURO--C]TA9LY NOT TO HELP ,GREEK WORK]S1 :O ,G]MAN NEWSPAP]S SL&] AS LAZY & GRE$Y4 ,HAD ,P,A,S,O,K HUNG T\< & DEF5D$ ! ,GREEK ECONOMY AGA9/ DEM&S = GREAT] AU/]ITY1 IT C\LD HAVE GOTT5 F9ANCIAL BACK+ ON MU* BETT] T]MS ?AN IT DID4 ,P,A,S,O,K WAS A L\SY NEGOTIATOR ON BEHALF ( ,GREEK CITIZ5S & DES]VES TO BE FIR$ = 9COMPET5CE AS WELL AS = SID+ ) ,GREEK CAPITALI/S AGA9/ ,GREEK WORK]S :O MU/ TI<T5 !IR BELT4 

7#c7 ,9/EAD ( IMPOS+ WAGE FREEZES1 R$UC+ VACATION & RETIREM5T B5EFITS1 & LAY+ (F PUBLIC EMPLOYES PROVID+ USEFUL S]VICES & PUBLIC GOODS1 TAXES %\LD BE RAIS$ ON ! WEAL?Y & ON F9ANCIAL CORPORATIONS DO+ BUS9ESS 9 ,GREECE4 ,RAIS+ ! VALUE-ADD$ TAX IS HI<LY REGRESSIVE4 ,GO+ AFT] TAXI DRIV]S = TAX EVASION IS SMALL *ANGE & PETTY4 ,TAX EVASION BY WEAL?Y ,GREEKS IS NOTORI\S & ?AT IS :]E FISCAL AU/]ITY %\LD BEG9--& 5D6 

7#d7 ,GREECE NE$S FISCAL /IMULUS NOT FISCAL AU/]ITY TO PULL ITS ECONOMY \T ( ! RECESSION4 ,MOREOV]1 ! WORLD NE$S FISCAL /IMULUS NOT FISCAL AU/]ITY TO 5D ! ,GREAT ,RECESSION4 ,GOV]NM5TS EV]Y:]E1 9CLUD+ ,GREECE1 %\LD 5GAGE 9 AGGRESSIVE FISCAL /IMULUS4 ,GREECE HAS EV]Y REASON TO BE ANGRY AT ,G]MANY = NOT 5GAG+ 9 MORE FISCAL /IMULUS1 :ILE ,G]MANY HAS NO REASON TO CRITICIZE ,GREECE = RUNN+ A BUDGET DEFICIT1 S9CE IT %\LD BE4 ,ALL ! ,P,I,G,S %\LD UNITE & REFUSE TO ACC$E TO C\NT]PRODUCTIVE DEM&S ?AT !Y 5GAGE 9 USELESS FISCAL AU/]ITY1 & DEM& ?AT ! /RONG] ,EUROPEAN ECONOMIES LIKE ,G]MANY LAUN* EV5 /RONG] FISCAL /IMULI4 ,O!RWISE ,EUROPE & ! WORLD WILL SUFF] ?R\< A DECADE LIKE ! 0,LO/ ,DECADE0 ,JAPAN SUFF]$ ?R\< 9 ! #a#i#iS1 OR WORSE4 ,IF ALL ! GOV]NM5TS 9 ,EUROPE DO ?IS1 & ! L>G] C\NTRIES BACK UP ! DEBTS ( ! ,P,I,G,S :5 ! F9ANCIAL M>KETS TRY TO SMA% !IR P9ATAS1 :AT >E 9T]NATIONAL L5D]S GO+ TO DO8 ,!Y CAN'T MAKE MONEY IF !Y MAKE NO LOANS4 ,! ONLY WAY TO SAVE ! ,E,U IS IF ! ,E,U LE>NS TO ACT LIKE A GOV]NM5T1 & USES ITS CONSID]ABLE P[]S TO DO :AT ITS CITIZ5S NE$ IT TO DO TO 5G9E] AN ECONOMIC RECOV]Y4 ,! ,E,U HAS ! P[] TO />E D[N F9ANCIAL M>KETS4 ,:AT IT LACKS IS ! WILL TO DO ?IS4 ,! REASON IT LACKS ! WILL IS BECAUSE SO F> ,E,U GOV]N+ 9/ITUTIONS >E MORE BEHOLD5 TO ?OSE F9ANCIAL 9T]E/S ?AN !Y >E TO !IR CITIZ5S4 

,GREEKS :O SAY NO TO AU/]ITY TODAY >E RI<T4 ,!Y >E DO+ NO MORE ?AN 9SI/+ ?AT !IR GOV]NM5T S]VE !IR 9T]E/S & NOT CONT9UE TO S]VE ! 9T]E/S ( GLOBAL CAPITAL 9/EAD4 ,! MORE L\DLY1 LONG]1 & MORE P[]FULLY ?AT ,GREEKS SAY NO1 ! BETT] (F !Y & ! RE/ ( ! WORLD WILL BE4 ,PORTUGUESE1 ,IRI%1 ,ITALIAN1 & ,SPANI% WORK]S >E WAT*+1 & ,I HOPE WILL />T TO SAY NO AS WELL4 ,:O KN[S1 MAYBE EV5 ! ,AM]ICAN PEOPLE WILL EV5TUALLY WAKE UP FROM \R LE?>GY & MAKE \R SILV]-TONGU$ PRESID5T1 :O ASK$ US TO VOTE = *ANGE1 DELIV] ! *ANGE HE PROMIS$4 

,HA/A LA ,VICTORIA ,SIEMPRE 

,ADD5DUM3 ,REC5T ,EV5TS 

,IT HAS BE5 EXACTLY ONE YE> S9CE ,I GAVE ! ABOVE LECTURE 9 ,A!NS & TIME HAS C]TA9LY NOT /OOD /ILL4 ,! MO/ IMPORTANT & MO/ SURPRIS+ DEVELOPM5T IS ! ,>AB UPRIS+1 :I* HAS ! POT5TIAL TO MOVE HI/ORY =W>D 9 AN IMPORTANT REGION ( ! WORLD LONG LOCK$ 9 BRUTAL /ALEMATE BY IMP]IAL MA*9ATIONS4 ,BUT :ILE ! P[] ( MAJORIT>IAN PROTE/S REFUS+ TO ACCEPT CORRUPT & 9EPT AU?ORIT>IAN RULE 9 ONE ,>AB C\NTRY AFT] ANO!R S]VES AS A CATALY/ = PROTE/S AGA9/ RUL+ ELITES 9 ,EUROPE & EV5 ! ,UNIT$ ,/ATES1 IT IS O!RWISE UNRELAT$ TO ! ISSUES ,I ADDRESS$ 9 ,A!NS A YE> AGO1 SO ,I WILL SAY NO MORE ON ?AT SUBJECT4 

,IMPORTANT DEVELOPM5TS DUR+ ! LA/ YE> 9 ! ,UNIT$ ,/ATES 9CLUDE3 7#a7 ,! ,CITIZ5S ,UNIT$ DECISION BY ! ,SUPREME ,C\RT :I* UND]M9ES PROGRESSIVE ELECTORAL TACTICS BY OP5+ ! FLOODGATES TO SECRET1 CORPORATE MONEY 9 ,U,S ELECTIONS2 7#b7 ! RISE ( ! ,TEA ,P>TY & ,REPUBLICAN ELECTORAL VICTORIES 9 ! FALL ( #b#a2 7#c7 ! DEFEAT ( ALL PROGRESSIVE LEGISLATION1 ON EV]Y SUBJECT1 AT ! F$]AL LEVEL2 7#d7 ,REPUBLICAN-L$ CAMPAIGNS TO CUT VITAL S]VICES & DE/ROY UNIONS REPRES5T+ PUBLIC EMPLOYES 9 MANY /ATES1 AS TAX REV5UES CONT9UE TO PLUMMET2 & 7#e7 ,PRESID5T ,OBAMA'S DECISION TO VACILLATE1 TRIANGULATE1 & SELL \T ALL ! PROGRESSIVE CON/ITU5CIES :O BACK$ HIM 9 #bh 9 A DESP]ATE ATTEMPT TO SECURE HIS [N REELECTION NO MATT] H[ MEAN+LESS ?IS BECOMES4 ,AS A RESULT PROGRESSIVE =CES & ! OV]:ELM+ MAJORITY ( ,AM]ICANS HAVE BE5 LEFT TO F5D = \RSELVES ) NO 5D TO MASSIVE UNEMPLOYM5T & HOME =ECLOSURES 9 SI<T4 ,! QUE/ION1 ( C\RSE1 IS TO :AT EXT5T ! K9D ( MASS PROTE/S :I* BEGAN 9 ,WISCONS9 OV] ! W9T] WILL GR[ & SPREAD4 

,9 ,EUROPE N9ETE5?-C5TURY ECONOMIC FALLACIES N[ REIGN SUPREME AS ALL ,KEYNESIAN WISDOM IS AB&ON$ BY ,EUROPEAN RUL+ ELITES1 & ONE C\NTRY AFT] ANO!R IS SUBJECT$ TO DRACONIAN FISCAL AU/]ITY ?AT IS NOT ONLY OBSC5ELY UNJU/ & 9HUMANE1 BUT C\NT]PRODUCTIVE EV5 9 REG>DS TO A*IEV+ ! N>R[ GOAL ( DEBT R$UCTION4 ,GREECE HAS JU/ DEMON/RAT$ ! FUTILITY ( FISCAL AU/]ITY 9 EX*ANGE = BAIL\TS1 :I* >E TOO /+Y = ANYONE :O C>ES TO SEE4 ,AS ( LA/ WEEK ! ,GREEK GOV]NM5T WAS BE+ =C$ TO PAY #a#f4#h P]C5T 9T]E/ ON T5-YE> BONDS1 & AS A RESULT IT HAS HAD TO RETURN TO ! ,E,C = HELP LESS ?AN A YE> AFT] ITS FIR/ BAIL\T4 ,YET ! ,EUROPEAN ,C5TRAL ,BANK1 ,EUROPEAN ,COMMISSION1 & ,I,M,F P]SI/ 9 MET+ \T EV5 L>G] DOSES ( ! SAME AU/]ITY M$IC9E TO ,IREL&1 ,PORTUGAL1 & ,SPA94 ,UNLIKE PHANTOM POLITICAL T]RORI/S1 AGA9/ :OM ! ,U,S GOV]NM5T WAGES W>1 REAL ECONOMIC T]RORI/S--?OSE ,NOBEL ,LAUREATE ,PAUL ,KRUGMAN CALLS 0! BOND VIGILANTES0-->E LEFT FREE TO ROAM ! GLOBE1 WREAK+ HAVOC ON ONE SMALL C\NTRY'S ECONOMY AFT] ANO!R :ILE NOBODY ?9KS TO RAISE A F+]4 ,GLOBAL F9ANCIAL CAPITAL IS EV5 MORE P[]FUL ?AN A YE> AGO1 & POLITICIANS FROM ALL MAJOR POLITICAL P>TIES 9 ,EUROPE--:E!R C5T]-RI<T1 AS 9 ,G]MANY1 ,FRANCE1 & ,5GL&1 OR C5T]-LEFT AS 9 ,GREECE & ,SPA9-->E EV5 MORE SUBS]VI5T TO ITS 9T]E/S4 

,! POLITICAL FALL\T HAS TAK5 TWO =MS4 ,ON ! ONE H& WE SEE ! CRUMBL+ ( ELECTORAL SUPPORT = C5TRI/ POLITICAL P>TIES & ! RISE ( OPPOSITION P>TIES ON BO? ! LEFT & RI<T4 ,9 ,CANADA ! LONG-DOM9ANT ,LIB]AL ,P>TY HAS VIRTUALLY COLLAPS$1 LEAV+ ! MORE SOLIDLY SOCIAL DEMOCRATIC ,N,D,P AS ! (FICIAL OPPOSITION P>TY TO ,H>P]'S ,CONS]VATIVE ,P>TY GOV]NM5T4 ,9 ,F9L& ! RI<T-W+ ,TRUE ,F9N ,P>TY REC5TLY MADE SIGNIFICANT ELECTORAL GA9S4 ,9 ,SPA9 & ,GREECE SOCIAL DEMOCRATIC GOV]NM5TS :I* AGRE$ TO ADM9I/] AU/]ITY PROGRAMS HAVE LO/ CONSID]ABLE POLITICAL SUPPORT :ILE GR\PS TO !IR LEFT & RI<T COMPETE TO W9 ! ALLEGIANCE ( GR[+ NUMB]S ( ! DISAFFECT$4 ,ON ! O!R H& WE SEE ! RISE ( A Y\? REBELLION ?AT IS DI/RU/FUL ( ALL E/ABLI%M5T POLITICAL P>TIES CALL+ NOT ONLY = SANE ECONOMIC POLICIES BUT = MU* DEEP] SOCIAL *ANGES AS WELL4 ,9 ,GREECE1 ,SPA91 & ,FRANCE ANTI-AU?ORIT>IAN GR\PS HAVE AS MU* 9FLU5CE AS ANYONE AMONG Y\NG ,EUROPEANS :O >E 9CREAS+LY TAK+ TO ! /REETS4 ,MEAN:ILE ,EUROPEAN RUL+ ELITES P]SI/ 9 AGGRAVAT+ ECONOMIC CONDITIONS1 & OLD] ,EUROPEAN PROGRESSIVES SEEM UNABLE TO /OP !M4 

,MAY #b#g1 #baa 

,$UCATION'S ,DIM9I%+ ,RETURNS & ,REVOLUTION>Y ,POT5TIAL 9 ! ,UNIT$ ,/ATES & ,BEYOND 

,WILLIAM ,T4 ,>MAL9E & ,WILLIAM ,D4 ,>MAL9E 

,TIME ,TRAVEL 

,! FOLL[+ *APT] WAS COMPLET$ 9 ,MAY #b#a#a4 ,S9CE !N1 ! WORLD HAS SE5 SP>KS BUR/ 9TO FLAMES 9 ! N[ 9FAM\S ,>AB ,SPR+4 ,=M] REGIMES HAVE BEGUN TO BUCKLE & FALL1 & RUL]S 9 ,SYRIA CONT9UE TO SLAU<T] CIVILIANS 9 ! /REETS ) MILIT>Y SNIP]S1 V[+ TO CRU% DEMOCRATIC GRASSROOTS RESI/ANCE BY =CE4 ,9 ,EUROPE1 ! ANTI-AU/]ITY MOVEM5T CONT9UES ) /UD5T & UNION SUPPORT 9 ,FRANCE1 ,SPA91 ,ITALY1 ,5GL&1 & 79 P>TICUL>7 ,GREECE--:]E AT LEA/ P>TIAL DEFAULT ON NATIONAL DEBT N[ SEEMS UNAVOIDABLE4 ,FE>S ( AN ,E,U COLLAPSE & A 0D\BLE DIP RECESSION0 CONT9UE TO %AKE F9ANCIAL M>KETS ON A WEEKLY BASIS4 ,AS WE P5 ?IS S5T5CE ! ,OCCUPY ,WALL ,/REET 7,[,S7 MOVEM5T HAS (FICIALLY GLOBALIZ$ 7,JAPAN1 ,5GL&1 ,SPA91 ,ITALY1 & SO =?7 AFT] HAV+ ALREADY SPREAD TO CITIES ALL OV] ! ,UNIT$ ,/ATES ,[,S1 9 ! WORDS ( ! MOVEM5T1 REPRES5TS 0! #i#i.00 RESPOND+ TO RECORD WEAL? DISP>ITY ON NATIONAL & GLOBAL LEVELS1 P>TICUL>LY AS A RESULT ( ! REC5T RECESSION & POLICY NORMS ( WORK+-CLASS AU/]ITY & [N+-CLASS BAIL\TS 7READ3 WEAL?F>E ON /]OIDS1 ! L>GE/ UPW>D DI/RIBUTION ( WEAL? BY ! /ATE 9 ! 5TIRETY ( HUMAN HI/ORY74 

,ACCURATE & HONE/ HI/ORICAL ACC\NTS WILL ALMO/ C]TA9LY RECORD ! PRIM>Y 5G9E ( !SE MOVEM5TS AS Y\? & Y\NG ADULTS1 :O ALMO/ UNIV]SALLY FACE RELATIVELY POOR ECONOMIC PROSPECTS--EV5 IF !Y HAVE 0WORK$ H>D & PLAY$ BY ! RULES40 ,PEOPLE ! WORLD OV] >E VOIC+ !IR RAGE 9 ! /REETS OV]1 AMONG O!R ?+S1 ! DIM9I%+ RETURNS ON ! S*OOL+ & WAGE SLAV]Y AVAILABLE TO !M 7IF ANY71 & !IR LACK ( VOICE 9 DECISIONS ?AT MO/ AFFECT !IR LIVES4 ,9 !IR ACTIONS !Y DEMON/RATE ! REVOLUTION>Y POT5TIAL WE DESCRIBE BEL[4 

,9TRODUCTION 

,! HI/ORICAL ROLE ( PUBLIC $UCATION 9 ! ,UNIT$ ,/ATES IS A CONTE/$ T]RA91 DESCRIB$ BO? AS A CULTURAL 9/ITUTION ) ! POT5TIAL TO 5ABLE & LIB]ATE1 & AS A /ATE 9/ITUTION ?AT ORD9>ILY OP]ATES TO 7RE7PRODUCE P[] & RES\RCE 9EQUALITIES ALONG L9ES ( CLASS1 RACE1 G5D]1 SEXUALITY1 E?NICITY1 & CITIZ5%IP /ATUS4 ,:E!R PUBLIC $UCATION AS AN 9/ITUTION & PROCESS ( SOCIALIZATION & KN[L$GE CREATION_/DISSEM9ATION 7OR LAT]1 0S*OOL+07 IS ULTIMATELY EMP[]+ OR OPPRESSIVE ACROSS HI/ORY OR 9 POT5TIAL IS >GUABLY AMONG QUE/IONS AT ! C5T] ( CRITICAL $UCATIONAL S*OL>%IP OV] ! LA/ C5TURY4 

,SU* REFLECTIONS ON PUBLIC 9/ITUTIONS & ! /ATE >E ESPECIALLY RELEVANT 9 TIMES ( SOCIAL RUPTURE1 :5 ONE IS =C$ TO REFLECT ON PREVI\S PRACTICES & SEEK SU/A9ABLE PA?S =W>D4 ,! REC5T GLOBAL RECESSION1 PLAC$ 9 ! CONTEXT ( FREE M>KET CAPITALISM'S FALL FROM 9FALLIBLE GRACE & IMP5D+ ECOLOGICAL CRISES1 SEEMS TO BE SU* A PO9T ( RUPTURE4 ,IT IS AN OPPORTUNITY = US TO REFLECT ON :AT HAS BE5 DONE & H[ WE MI<T MOVE T[>D POLITICAL-ECONOMIC SU/A9ABILITY & SOCIAL JU/ICE 9 \R LOCAL & GLOBAL COMMUNITIES4 ,H[ WE COME TO UND]/& ! PA/ & \R COLLECTIVE FUTURES--P]HAPS ! ESS5CE ( 0$UCATION0--WILL DET]M9E \R MUTUAL PA?S 9 ?IS REG>D4 

,9 ! ,UNIT$ ,/ATES1 WE PRES5TLY OBS]VE ! SLA%+ ( PRIM>Y1 SECOND>Y1 & HI<] PUBLIC $UCATION AS /ATES /RUGGLE ) MASSIVE BUDGET %ORTFALLS & ECONOMIC DECL9E4 ,CURR5T & EM]G5T UNIV]SITY /UD5TS FACE HI/ORICALLY HI< DEBT LOADS & L[ PROSPECTS = SU/A9ABLE EMPLOYM5T 9 RETURN = !IR $UCATIONAL CR$5TIALS4 ,UNIV]SITIES 9 ! ,UNIT$ ,/ATES & O!R GLOBAL COMMUNITIES HAVE REC5TLY SE5 WAVES ( /UD5T RESI/ANCE TO DECREAS+ OPPORTUNITIES = WORK1 ! USE ( PUBLIC MONEYS TO BAIL \T L>GE CORPORATIONS & BANKS1 & PUBLIC SP5D+ ON W> & /ATE T]ROR 9 ,AF<ANI/AN1 ,IRAQ1 & OCCUPI$ ,PALE/9E4.<#b#a#e.> ,9 %ORT1 = MANY /UD5TS 79CLUD+ ! SO-CALL$ 0MIDDLE CLASS07 A UNIV]SITY DIPLOMA NO LONG] 5SURES SU/A9ABLE EMPLOYM5T4 ,:AT HAPP5S :5 NEW G5]ATIONS QUE/ION ! VALUE ( =MAL $UCATION 9 ! CAPITALI/ CONTEXT8 ,:AT OPPORTUNITIES DO SU* RUPTURES 9 COLLECTIVE CONSCI\SNESS & 9/ITUTIONAL FUNCTION PRES5T = ?OSE 9T]E/$ 9 FUNDAM5TAL SOCIAL *ANGE8 ,9 O!R WORDS1 :AT OPPORTUNITIES = SOCIAL JU/ICE >E CREAT$ :5 PUBLIC $UCATION IS DECIMAT$1 & ! 0FALSE PROMISE0 ( S*OOL+ IS LAID B>E8.<#b#a#f.> 

,! 0,CRISES0 ,CONT9UE 

,?\< WE MEAN TO SPEAK H]E TO GLOBAL CONDITIONS & POSSIBILITIES1 !RE IS A GREAT DEAL TO BE LE>N$ FROM ! ,U,S CONTEXT CONC]N+ $UCATION & REC5T POLITICAL ECONOMIC DEVELOPM5TS4 ,?\< ! ,UNIT$ ,/ATES DOES NOT REFLECT ! GLOBAL EXP]I5CE 9 ITS TOTALITY1 IT S]VES AS AN IMPORTANT EXAMPLE H]E DUE TO ITS ROLE AS AN 9T]NATIONAL HUB = UNIV]SITY $UCATION1 & ITS /ILL HEGEMONIC1 ?\< DECL9+1 ROLE 9 ! GLOBAL CAPITALI/ SY/EM4 ,WE HESITATE TO AGREE ) HIS /ATEM5T LIT]ALLY1 BUT ,BOOK*9 HAD A PO9T :5 HE SUGGE/$ 9 ! LATE #a#i#fS ?AT1 0WE NE$ A COHESIVE1 REVOLUTION>Y APPROA* TO ,AM]ICAN SOCIAL PROBLEMS4 ,ANYONE :O IS A REVOLUTION>Y 9 ! ,U,S IS NECESS>ILY AN 9T]NATIONALI/ BY VIRTUE ( ,AM]ICA'S WORLD POSITION40.<#b#a#g.> ,AS ) MANY GLOBAL SOCIAL PROBLEMS 7NUCLE> & MILIT>Y PROLIF]ATION1 = EXAMPLE7 ! GLOBAL ECONOMIC RECESSION 7P>TICUL>LY CONC]N+ ! MORTGAGE & CR$IT M>KETS7 WAS AN ,AM]ICAN EXPORT BY MO/ ACC\NTS4 ,?\< ! EFFECTS ( ! CRISES >E %>$ GLOBALLY1 ?OSE COMPANIES MO/ RESPONSIBLE = ! CRA%7ES7 W]E ,AM]ICAN & WE/]N ,EUROPEAN F9ANCIAL1 CORPORATE1 & 9SURANCE FIRMS4.<#b#a#h.> ,:]E ! /ATE RESPOND$ TO ! PLI<T ( L>GE CORPORATIONS & BANKS ) AN ORGY ( CORPORATE WELF>E--0BAIL \TS0--! PLI<T ( WORK+ PEOPLE HAS BE5 MET ) CUTS TO SOCIAL S]VICES1 EMPLOYM5T1 CR$IT1 & $UCATION1 EV5 9 ! FACE ( DOME/IC 0/IMULUS0 FUND+4 ,SIMIL> PATT]NS ( POLICY & DISC\RSE >E REFLECT$ 9 MU* ( ! ,E,U1 ,*9A1 & ,JAPAN 7P>TICUL>LY 9CLUD+ REC5T NATURAL & HUMAN-MADE DISA/]S71 = EXAMPLE1 :]E ! GLOBAL RECESSION DAMAG$ TRADE M>KETS & %RANK /ATE REV5UES4 ,WE MI<T BETT] UND]/& ! G5]ATIONAL POSITION ( ALL NEW WORK]S & /UD5TS UND] ! CURR5T GLOBAL RECESSION BY LOOK+ AT ! RAW F9ANCIAL LOSSES SUFF]$ BY ,AM]ICAN H\SEHOLDS1 ! RISE 9 9DIVIDUAL DEBT1 & ! CONDITION ( PUBLIC 9/ITUTIONS CURR5TLY UND] SIEGE 9 ! ,UNIT$ ,/ATES4 

,! GLOBAL ECONOMIC RECESSION HAS BE5 UTT]LY DEVA/AT+ = WORK+1 UND]EMPLOY$1 & UNEMPLOY$ PEOPLE4 ,AS REPORT$ BY ! ,WALL ,/REET ,J\RNAL1 ! WEAL? ( ,AM]ICAN FAMILIES FELL BY #ah P]C5T 9 #b#h4 ,! NET WOR? ( ,U,S H\SEHOLDS FELL BY A TOTAL ( @s#a#a TRILLION1 0A DECL9E 9 A S+LE YE> ?AT EQUALS ! COMB9$ ANNUAL \TPUT ( ,G]MANY1 ,JAPAN1 & ! ,U,K40.<#b#a#i.> ,BANKS CUT (F CR$IT TO SMALL BUS9ESSES & L>GE CORPORATIONS 7ESPECIALLY ?OSE )\T P[]FUL CONTACTS 9 ! ,U,S ,F$]AL ,RES]VE & ,TREASURY71 :O !N CUT WORK]S' JOBS1 WAGES1 B5EFITS1 & SO =?.<#b#b.>4 ,! NEW G5]ATION ( WORK]S1 Y\NG ADULTS1 & GRADUATES FACE A DIFFICULT ECONOMIC CLIMATE--ALL AMID RIS+ CO/S = $UCATION1 CR$IT1 G5]AL CO/S ( LIV+1 & RECORD LEVELS ( NATIONAL DEBT4 ,AS IT SEEMS1 MANY WILL 5T] ! EMPLOYM5T M>KET C>RY+ SIGNIFICANT DEBT 9 COMP>ISON TO PREVI\S G5]ATIONS4 

,:]E LESS ?AN HALF ( ALL GRADUATES FROM F\R-YE> COLLEGES 9 ! ,U,S C>RI$ /UD5T DEBT BE=E #a#i#i#c1 NE>LY TWO ?IRDS 7#f#f4#d P]C5T7 C>RI$ /UD5T DEBT BY #b#d4 ,9 T]MS ( AM\NT1 AV]AGE /UD5T DEBT LOADS HAVE D\BL$ OV] ! PA/ DECADE TO BETWE5 @s#b,K & @s#b#e,K 9 ! ,U,S & ,G,B,P#a#c,K 7@s#b#e,K7 9 ! ,U,K4.<#b#b#a.> ,9 ADDITION1 NE>LY HALF ( COLLEGE /UD5TS 9 ! ,U,S C>RY SIGNIFICANT CR$IT C>D 7@s#a OR MORE7 & COMM]CIAL DEBT TO COV] GAPS BETWE5 DIM9I%+ E>N+S & SKYROCKET+ UNIV]SITY & H\S+ CO/S4.<#b#b#b.> ,TWO RELEVANT WORKS1 ,/RAPP$.<#b#b#c.> & ,G5]ATION ,DEBT1.<#b#b#d.> DETAIL ! G5]ATIONALLY UNIQUE *>ACT]I/ICS ( Y\NG ADULTS 9 ! ,UNIT$ ,/ATES3 RECORD L[S 9 TOTAL SAV+S1 RECORD HI<S 9 /UD5T & COMM]CIAL DEBT1 & RECORD HI<S 9 $UCATION & LIV+ CO/S4 ,ADOLESC5TS & Y\NG ADULTS N[ FACE UNPREC$5T$ LEVELS ( UNEMPLOYM5T 9 ! ,UNIT$ ,/ATES--RATES OV] ! PA/ ?REE YE>S HOV]$ AT OR ABOVE #a P]C5T1 ) AN EFFECTIVE RATE 79CLUD+1 = EXAMPLE1 ?OSE :O HAVE /OPP$ LOOK+ = WORK &_/OR DROPP$ (F UNEMPLOYM5T ROLLS7 AT APPROXIMATELY #b P]C5T4.<#b#b#e.> ,9 SUM1 TODAY'S Y\NG ADULTS FACE V]Y DIFFICULT CIRCUM/ANCES 9 ! JOB1 H\S+1 & CR$IT M>KETS4 

,CONTR>Y TO DOM9ANT IDEOLOGY ?AT W\LD ASSUME ONE'S SOCIO-ECONOMIC CONDITION DEP5DS ON ONE'S 9DIVIDUAL *OICES & ABILITY TO 0COMPETE0 9 V>I\S M>KETS1 Y\NG ADULTS & !IR BROAD] GLOBAL G5]ATION >E NOT TO BLAME = !IR 9CREAS+LY DIFFICULT SITUATION7S74 ,!Y'VE L>GELY 9H]IT$ TRULY UN=TUNATE SOCIAL & ECOLOGICAL CIRCUM/ANCES1 & ON ! :OLE %[ GREAT PROMISE 9 !IR TOL]ANCE & REFLECTION ( DIV]SITY1 !IR POLITICAL ACTIVISM & CIVIL 5GAGEM5T1 & ABILITY TO AVOID ! POLICE /ATE 7DROPS 9 >RE/S1 IMPRISONM5T1 DRUG OV]DOSE DEA?S1 VIOL5T CRIME1 & SO ON74.<#b#b#f.> ,9 FACT1 GIV5 ! URG5CY ( ECOLOGICAL *ALL5GES SU* AS ?OSE CAUS$ BY GLOBAL W>M+1 ! FATE ( SEV]AL SPECIES--9CLUD+ \R [N--DEP5DS ON ! LUCK OR SAVVY ( ?OSE V]Y FOLKS4 ,= ?AT REASON1 WE MI<T BE CONC]N$ ) ! DIM9I%+ OPPORTUNITIES & RETURNS = =MAL S*OOL+ & Y\NG ADULTS' REACTIONS TO CURR5T POLITICAL ECONOMIC CONDITIONS4 

,! %R9K+ OPPORTUNITIES (F]$ BY =MAL S*OOL+ >E POSSIBLY BE/ ILLU/RAT$ BY ! CURR5T CONDITION ( ! WORLD'S EI<?-L>GE/ ECONOMY3 ,CALI=NIA4 ,CALI=NIA FAC$ A /ATE BUDGET %ORTFALL ( @s#b#d4#c BILLION 9 #b#i4 ,! /ATE ADM9I/RATION & LEGISLATURE DECID$ TO GUT PUBLIC $UCATION AS P>T ( AN ATTEMPT TO BALANCE ! BOOKS4 ,CALI=NIA PUBLIC S*OOLS 7,K-#a#b7 W]E =C$ TO CUT OV] @s#a#c4#c BILLION FROM !IR BUDGETS1 ) ANO!R @s#d BILLION PLANN$ = #b#a4.<#b#b#g.> ,! CUTS MANIFE/$ 9 AV]AGE CLASSROOM SIZES $G+ T[>D =TY P] CLASSROOM 9 PUBLIC S*OOLS1 ! 5D ( SUMM] S*OOL & EXTRA-CURRICUL> PROGRAMS 79CLUD+ A?LETICS7 AS WE KN[ !M1 & MASSIVE TEA*] LAY(FS--#b1#b#e 9 ,LOS ,ANEGELES C\NTY ALONE4.<#b#b#h.> ,9 T]MS ( HI<] $UCATION1 ! ,CALI=NIA ,/ATE ,UNIV]SITY 7,C,S,U7 SY/EM1 L>GELY S]V+ ! /ATE'S WORK+ CLASS1 WAS =C$ TO CUT @s#e#h#f MILLION 7FOLL[+ ALREADY DEEP CUTS MADE 9 #b#h7 ) SIMIL> QUALITY & LABOR EFFECTS = EMPLOYES & /AKEHOLD]S4.<#b#b#i.> ,TWO YE>S LAT] 9 #b#a#a1 ,C,A PUBLIC S*OOLS & UNIV]SITIES FACE EV5 L>G] CUTS 9 PUBLIC SUPPORT & /UD5TS ( ! ,C,S,U & ,U,C SY/EMS FACE ANO!R #c P]C5T TUITION 9CREASE1 AFT] SIMIL> 9CREASES 9 TUITION & /UD5T FEES OV] ! TWO PREVI\S YE>S4.<#b#c.> 

,CALI=NIA1 :]E ! EFFECTS ( =ECLOSURE & UNEMPLOYM5T >E EVID5T1 S]VES TO ILLU/RATE \R CONTEMPOR>Y ECONOMIC CONDITION3 AS CAPITALI/S & MOD]N F9ANCI]S >E SAV$ FROM !MSELVES AT PUBLIC CO/1 PUBLIC RES\RCES >E COMPLETELY & UTT]LY DECIMAT$4 ,AS HAS LONG BE5 >GU$ BY ,M>XI/S & AN>*I/S1 DUR+ TIMES ( CAPITALI/ 0CRISIS10 WE SEE [N]S & RUL]S EMPLOY+ !IR RES\RCES TO PROTECT !IR 9T]E/S & PREV5T ! FULL R$I/RIBUTION ( WEAL? & P[]4 ,\R PO9T1 H[EV]1 IS ?AT SU* CONDITIONS PROVIDE AN OPPORTUNITY = CLASS CONSCI\SNESS1 ESPECIALLY = Y\NG PEOPLE FAC+ :AT HAS BE5 CALL$ ! 0FALSE PROMISES0 ( $UCATION 9 B\RGEOIS DEMOCRACIES4.<#b#c#a.> ,NEW G5]ATIONS ( WORK]S & WORK]S RETURN+ = FUR!R TRA9+ >E 5C\RAG$ TO CON=M TO1 COMPETE 91 & PAY = S*OOL+ ?AT WILL PROVIDE A CR$5TIAL--SUPPOS$LY ! KEY TO GA9FUL EMPLOYM5T & CLASS MOBILITY4 ,UND] ! CONDITIONS PREVI\SLY DISCUSS$1 IT'S 9CREAS+LY DIFFICULT TO CONV9CE PEOPLE ?AT CON=MITY TO ! SY/EMS ( S*OOL+ OR WORK HAS ! PAY(FS PROMIS$ 9 DOM9ANT CAPITALI/ IDEOLOGY & DISC\RSE--ESPECIALLY AS Y\NG &_/OR WORK+ PEOPLE >E ALSO =C$ TO FI<T UNPOPUL> W>S TO GA9 SIMIL>LY VAGUE & QUE/IONABLE REW>DS4 ,AS SE5 9 ,P>IS 9 #a#i#f#h1 A REALIZATION ( SU* FALSE PROMISES CAN LEAD TO MASS MOVEM5TS & ! REVOLUTION>Y MOM5TS REQUIR$ = FUNDAM5TAL SOCIAL *ANGE4.<#b#c#b.> 

,! ,FALSE ,PROMISES ( ,S*OOL & ,WORK 

,E>LY POLITICAL ECONOMIC CRITIQUES PRES5T ! HI/ORY ( PUBLIC S*OOL+ 9 ! ,UNIT$ ,/ATES AS A LITANY ( P>ALLEL EF=TS AT $UCAT+ = SOCIAL CONTROL & 0PRODUCTIVE CITIZ5RY10 TYPICALLY & N>R[LY DEF9$ 9 T]MS ( ! KN[L$GE1 SKILLS1 ATTITUDES1 & VALUES ?AT WILL PROMOTE A PRODUCTIVE1 EFFICI5T1 & COMPLIANT WORK=CE4 ,?IS CRITICAL HI/ORY1 BEG9N+ ) ! REVISIONI/ WORK ( ,CALLAHAN & EXT5D$ ?R\< ,KATZ1 ,C>NOY1 ,SPR+1 & ,B[LES & ,G9TIS1 IS WELL KN[N & DOCUM5T$4.<#b#c#c.> ,MANY ( !SE 7& O!R7 /RUCTURAL ANALYZES SUGGE/$ ! ROLE ( S*OOL+ 9 0REPRODUC+0 9EQUALITIES ALONG L9ES ( RACE1 CLASS1 & G5D]4 ,TODAY WE F9D SIMIL>1 ?\< MORE !ORETICALLY & ANALYTICALLY SOPHI/ICAT$ CRITIQUES ( ,NO ,*ILD ,LEFT ,BEH9D 7,N,C,L,B7 & ! /&>DIZATION MOVEM5T1.<#b#c#d.> DOM9ANT 7READ3 L>GELY CAPITALI/1 RACI/1 PATRI>*AL1 & X5OPHOBIC7 CURRICULA1.<#b#c#e.> P$AGOGICAL PRACTICES1.<#b#c#f.> & SO =?4 ,?\< AN EXHAU/IVE DISCUSSION ( CRITICAL $UCATIONAL S*OL>%IP IS F> BEYOND ! SCOPE ( ?IS PIECE1 WE MEAN ONLY TO PO9T \T A C5TRAL !ME 9 HI/ORICAL & CONTEMPOR>Y RESE>*4 ,?AT IS1 9 ! MA9T5ANCE & P]PETUATION ( GLOBAL CAPITALISM1 PUBLIC $UCATION IS (T5 A ME*ANISM TO PRODUCE NEW G5]ATIONS ( WORK]S SOCIALIZ$ = !IR 9CLUSION1 TYPICALLY AS WAGE SLAVES1 9 ! L>G] POLITICAL ECONOMY4 ,?IS PROCESS MI<T BE SE5 AS ONE DI/9CT FROM ?AT ( CREATIVE SELF-DISCOV]Y1 9TELLECTUAL & CULTURAL GR[?1 OR GR\ND$ HI/ORICAL OR SCI5TIFIC EXPLORATION4 

,9 MU* ( HIS REC5T WORK1 ,/ANLEY ,>ON[ITZ ADDRESSES ! CLASS REPRODUCTIVE FEATURES ( PUBLIC S*OOLS 9 ! CONCEPTUAL DI/9CTION BETWE5 0S*OOL+0 & 0$UCATION40.<#b#c#g.> ,RETURN+ TO ! C5TRAL QUE/ION ( H[ TO DEF9E PUBLIC $UCATION AS AN 9/ITUTION1 ,>ON[ITZ MAKES A CONV9C+ >GUM5T ?AT ?R\< ! HIDD5 CURRICULUM1 9EQUITABLE FUND+1 ! CORPORATIZATION ( S*OOLS1.<#b#c#h.> & ! /&>DIZATION MOVEM5T 7,N,C,L,B & 0,RACE TO ! ,TOP071 A VA/ MAJORITY ( ACTIVITY 9 S*OOLS IS ! SOCIALIZATION PROCESS ( 0S*OOL+40 ,SPECIFICALLY1 0S*OOL+0 REF]S TO A SY/EM ( TRA9+ ?R\< A DISCIPL9>Y 79 ! DIRECT & ,F\CAULDIAN S5SES7 CR$5TIAL+ SY/EM ?AT 0CONTR>Y TO .<ITS.> DEMOCRATIC PRET5SIONS1 TEA*7ES7 CON=MITY TO ! SOCIAL1 CULTURAL1 & OCCUPATIONAL HI]>*Y0 RA!R ?AN CRITICAL 9DEP5D5T ?\<T NECESS>Y = P]SONAL AUTONOMY & DEMOCRATIC SOCIETIES4.<#b#c#i.> 

,9 COMP>ISON1 0$UCATION0 IS CONCEPTUALIZ$ AS SOME?+ \TSIDE ( & BEYOND ?IS CO]CIVE CR$5TIAL+ SY/EM4.<#b#d.> 0,$UCATION MAY BE DEF9$ AS ! COLLECTIVE & 9DIVIDUAL REFLECTION.<#b#d#a.> ON ! TOTALITY ( LIFE EXP]I5CES3 :AT WE LE>N FROM PE]S1 P>5TS 7& ! SOCIALLY SITUAT$ CULTURES ( :I* !Y >E A P>T71 M$IA1 & S*OOLS40.<#b#d#b.> ,$UCATION IS SOME?+ ?AT HAPP5S 9 ALL CONTEXTS3 \R HOMES1 NEI<BORHOODS1 CULTURAL C5T]S 7PUBLIC SQU>ES1 *UR*ES1 M>KETS1 & SO =?71 WORKPLACES1 & SITES ( LEISURE4 ,:]E 9 ! SY/EM ( S*OOL+ 0LEGITIMATE0 KN[L$GE IS DET]M9$ BY /ATE /&>DS 7I4E41 :AT'S ON ! TE/71 ! CONCEPT ( $UCATION PLACES ALL PEOPLE 9 ! POSITION ( CREAT+ KN[L$GE & HI/ORY1 & ! IMPORTANCE ( ANY P>TICUL> IDEA OR BODY ( RESE>* IS DET]M9$ ?R\< %>$ /RUGGLE & SURVIVAL 9 REAL CONTEXTS4 ,WE MI<T ?9K ( !SE CONCEPTS 9 RELATION TO E>LY ,M>XI/ NOTIONS ( ALI5AT$ LABOR3 /&>DIZ$ S*OOL+ ALI5ATES PEOPLE FROM ! CREATION 7PROCESS ( LABOR7 & USE 7PRODUCTS ( LABOR7 ( KN[L$GE & IDEAS1 R$UC+ LE>N+ & CREATIVE PROCESSES 7TO ,M>X1 ! HE>T ( ! HUMAN 0SPECIES BE+0.<#b#d#c.>7 TO A S\L SUCK+ PROCESS ( REGURGITAT+ EMPTY1 DETA*$ 9=MATION4 ,:5 TAK5 \T ( ?IS OPPRESSIVE CONTEXT1 LE>N+ 7H]E 0$UCATION07 CAN BE A FULFILL+ PROCESS :]E WE EXPLORE \R %>$ SOCIAL & NATURAL WORLD ?R\< TANGIBLE /RUGGLES & SOCIO-CULTURAL CONTEXTS4 

,! CONCEPTUAL DI/9CTION BETWE5 $UCATION & S*OOL+ ALL[S = ! CONSID]ATION ( FUNDAM5TAL *ANGE 9 H[ WE GO AB\T CREAT+ & PASS+ ON KN[L$GE & CULTURE1 RA!R ?AN LIB]AL RE=MISM4 ,IT ALL[S = A DEP>TURE FROM TYPICAL LIB]AL N>RATIVES ON 0EQUAL ACCESS0 TO CR$5TIAL+--ASK+ 9/EAD1 0ACCESS TO :AT80 ,>ON[ITZ SUGGE/S ?AT !SE TYPICAL LIB]AL P]SPECTIVES PROMOTE 0! IDEA ?AT CLASS DEFICITS CAN BE OV]COME BY EQUALIZ+ ACCESS TO S*OOL OPPORTUNITIES )\T QUE/ION+ :AT ?OSE OPPORTUNITIES HAVE TO DO ) G5U9E $UCATION40.<#b#d#d.> ,H]E WE MI<T RETURN TO ! 0FALSE PROMISES0 MADE TO NEW G5]ATIONS ( /UD5TS & WORK]S--?AT !IR 9VE/M5TS ( TIME1 MONEY1 & 5]GY WILL ULTIMATELY BE REW>D$ ) GA9FUL EMPLOYM5T & A PA? = IMPROV+ ONE'S QUALITY ( LIFE & OPPORTUNITY /RUCTURE7S74 ,PEOPLE >E PROMIS$ $UCATION & UPW>D MOBILITY1 BUT ACTUALLY EXP]I5CE S*OOL+1 WAGE SLAV]Y1 & ! NE> C]TA9TY ( CLASS IMMOBILITY4 ,AS RESE>* HAS %[N OV] ! PA/ ?IRTY YE>S1 WEAL? DISP>ITY & ! C5TRALIZATION ( CAPITAL 9 ! ,U,S & GLOBAL ECONOMIES RISE /EADILY1 :ILE ! %>E ( WEAL? & RES\RCES BY WORK+ PEOPLE CONT9UE TO %R9K4 ,CLASS MOBILITY = WORK+ & UNEMPLOY$ POPULATIONS 9 ! ,UNIT$ ,/ATES IS A MY?1 :]E 0! GREATE/ S\RCE ( 9DIVIDUAL WEAL? IS 9H]ITANCE4 ,IF Y\ >E NOT RI*1 IT IS PROBABLY BECAUSE Y\ LACK$ ! 9ITIATIVE TO PICK ! RI<T P>5TS AT BIR?40.<#b#d#e.> ,REALIZ+ ! 0FALSE PROMISES0 ( $UCATIONAL CR$5TIAL+ IS TO REALIZE ! DIFF]5CE BETWE5 $UCATION & S*OOL+1 & TO REALIZE ?AT ! M]ITOCRACIES ( S*OOL & WORK DON'T ACTUALLY PLAY \T AS ,HORATIO ,ALG] FABLES & MORE CONTEMPOR>Y FICTIONS MI<T LEAD US TO BELIEVE4 

,AT ! SAME TIME1 $UCATIONAL CR$5TIAL+ IS TYPICALLY A NECESS>Y /EP = SOCIO-ECONOMIC SURVIVAL & EMP[]M5T--ESPECIALLY = MEMB]S ( M>G9ALIZ$ POPULATIONS SU* AS ! POOR1 PEOPLE ( COLOR1 & MIGRANT WORK]S4 ,ACCEPT$ HIR+ PRACTICES = JOBS (F]+ A LIV+ WAGE REQUIRE SOME LEVEL ( HI<] $UCATION 9 ! 0PO/-9DU/RIAL0 S]VICE ECONOMIES4 ,= SOME POPULATIONS 9 ! ,UNIT$ ,/ATES1 ! ?REATS ( NOT ATTA9+ BASIC $UCATIONAL CR$5TIALS >E QUITE SEV]E4 ,BY #a#i#i#i1 APPROXIMATELY ONE 9 N9E :ITE HI< S*OOL DROP\TS W\LD EXP]I5CE PRISON BY !IR ?IRTIES4.<#b#d#f.> ,H[EV]1 ! ?REAT ( 9C>C]ATION IS F> GREAT] = ,AFRICAN ,AM]ICANS1 :O CURR5TLY ACC\NT = JU/ UND] HALF ( ! #b4#b MILLION PEOPLE IMPRISON$ 9 ! ,UNIT$ ,/ATES1 & SUFF] AN 9C>C]ATION RATE NE>LY TW5TY-FIVE TIMES ?AT ( :ITES4 ,BRUCE ,WE/]N'S RESE>* ON PUNI%M5T 9 ! ,UNIT$ ,/ATES DEMON/RATES ?AT1 09CR$IBLY1 A BLACK MALE DROP\T1 BORN 9 ! LATE #a#i#fS HAD NE>LY A #f.0 *ANCE ( S]V+ TIME 9 PRISON BY ! 5D ( ! #a#i#iS4 ,AT ! CLOSE ( ! DECADE 7#b71 PRISON TIME HAD 9DE$ BECOME MODAL = Y\NG BLACK M5 :O FAIL$ TO GRADUATE FROM HI< S*OOL40.<#b#d#g.> ,MANY POOR /UD5TS & /UD5TS ( COLOR EFFECTIVELY *OOSE BETWE5 S*OOLH\SES ?AT BORE1 DISPIRIT1 & ULTIMATELY FAIL TO DELIV]2 PRISONS ?AT BRUTALIZE & DEHUMANIZE !IR OCCUPANTS2 & 9CREAS+LY DANG]\S MILIT>Y S]VICE4.<#b#d#h.> ,BUT :AT HAPP5S :5 PEOPLE ACTIVELY QUE/ION S*OOL+1 OR REFUSE TO PLAY ALONG8 ,WORK+-CLASS & M9ORITY /UD5TS 9 P>TICUL> HAVE DEMON/RAT$ V>I\S =MS ( RESI/ANCE TO =MAL S*OOL+1 AS SE5 9 E?NOGRAPHIC RESE>* ON /UD5T RESI/ANCE DAT+ BACK TO ! #a#i#gS 9 ! ,UNIT$ ,/ATES & ,UNIT$ ,K+DOM4 

,E>LY ,/UDIES ( ,RESI/ANCE TO ,S*OOL+ 

,DRAW+ ITS ORIG9S FROM ! 0NEW SOCIOLOGY ( $UCATION0 9 ! ,U,K1.<#b#d#i.> 0RESI/ANCE !ORY0 FOCUS$ ON MICRO-LEVEL ANALYZES ( ! SOCIAL CON/RUCTION ( KN[L$GE1.<#b#e.> ! =MS ?AT KN[L$GE TAKES1 ! V>I\S MEAN+S MADE1 & ! RESULTANT DI/RIBUTION ( ?AT KN[L$GE & ?OSE MEAN+S4 ,! 9T]SECTION ( SU* PH5OM5OLOGICAL /UDIES ) CRITICAL REPRODUCTION ACC\NTS ( S*OOL+ GAVE RISE TO A S]IES ( E?NOGRAPHIC /UDIES ( S*OOL+ 9 ! ,UNIT$ ,/ATES & ,UNIT$ ,K+DOM1.<#b#e#a.> :I* HELP$ TO EXPLA9 ?AT WORK+-CLASS /UD5TS >E NOT PASSIVE1 BUT PLAY ACTIVE ROLES 9 ! PRODUC+ ( CULTURE ANEW 7ALBEIT 9 L9E ) OLD] PATT]NS ( P[] & CONTROL7 ) EA* G5]ATION4.<#b#e#b.> 

,!SE E?NOGRAPHIES DOCUM5T H[ WORK+-CLASS /UD5TS SEE S*OOL AS EI!R COMPLETELY IRRELEVANT TO 0REAL LIFE10.<#b#e#c.> OR ONLY RELEVANT AS A CR$5TIAL+ AG5T4.<#b#e#d.> ,!RE IS LITTLE IF ANY 9H]5T GOOD 9 :AT S*OOLS HAVE TO (F] 9 ! EYES ( /UD5TS C5TRAL TO !SE /UDIES4 ,= EXAMPLE1 9 REVEL+ 9 !IR MASCUL9I/ & RACI/ APPROA* TO LIFE & WORK1 ,WILLIS' :ITE1 WORK+-CLASS 0LADS0 REJECT$ ! M5TAL_/FEM99E LABOR ( S*OOLS LONG 5\< TO SOLIDIFY !IR POSITIONS 9 ! %OP-FLOOR CULTURE ( !IR FA!RS & BRO!RS4 ,! CRUEL IRONY AT WORK IS ?AT 9 REFUS+ TO PLAY ALONG 9 S*OOL1 ! LADS APPE> TO HAVE *OS5 !IR PLACE 9 SOCIETY--PIGEONHOL$ 9TO MANUAL WAGE LABOR4 ,!Y TOOK AN ACTIVE ROLE 9 !IR [N ULTIMATE ECONOMIC & SOCIAL SUBJUGATION1 APPE>+ TO HAVE 5T]$ FREELY 9TO AN UNFREE SITUATION4 ,:AT IS IMPORTANT H]E IS ?AT !SE /UDIES %[ ?AT /UD5TS >E NOT M]ELY PASSIVE VICTIMS 9 ! PROCESS ( CULTURAL & ECONOMIC REPRODUCTION4 ,!IR AW>5ESS IS APP>5T & !IR RESI/ANCE1 ALBEIT SELF-DEFEAT+1 IS ACTIVE4 

,:ILE ,WILLIS REPRES5TS ! BEG9N+ ( A S]IES ( P[]FUL E?NOGRAPHIES 9 9DU/RIAL SETT+S1.<#b#e#e.> ,WEIS IS ! FIR/ TO EXT5D ?AT E?NOGRAPHIC APPROA* TO ANALYZ+ ! ROLE ( S*OOL+ 9 DE9DU/RIALIZ+ CONTEXTS & DOCUM5TS :AT HAPP5S :5 FACTORY JOBS >E NO LONG] AVAILABLE4.<#b#e#f.> ,9 BRIEF1 GIV5 DE9DU/RIALIZATION1 Y\NG WORK+-CLASS KIDS COME TO REALIZE ?AT !Y MU/ BECOME CR$5TIAL$ 9 ORD] TO BE CONSID]$ = NON-FACTORY WORK1 & !Y /RIKE AN IMPLICIT AGREEM5T ) S*OOL P]SONNEL TO ATT5D TO ! TASKS OR 0=M0 ( S*OOL+ BUT NOT ! CONT5T OR 0SUB/ANCE0 ( ! CURRICULUM4.<#b#e#g.> ,AS A RESULT1 ! ACTUAL PREP>ATION = HI<] $UCATION &1 BY EXT5SION1 WELL-PAY+ JOBS IS LACK+1 AS !SE /UD5TS NEV] REALLY MA/] ! CURRICUL> CONT5T ?AT MI<T 5ABLE !M TO ATT5D & COMPLETE COLLEGE4 ,AGA91 /UD5T 9SI<T 9TO ! *ANG+ POLITICAL ECONOMY ( DE9DU/RIALIZATION IS ACCURATE AS F> AS IT GOES4 ,BUT !IR 0*OS50 PA? ( ACTION1 A FOCUS ON ! CR$5TIAL ALONE1 IS ULTIMATELY SELF-DEFEAT+4 

,BO? ,WILLIS & ,WEIS F9D 9 !IR SUBJECTS' EXP]I5CES ! POT5TIAL = CRITICAL AW>5ESS & MORE RADICAL POLITICAL CONSCI\SNESS4 ,9 BO? CASES1 H[EV]1 S*OOLS DO NOT FACILITATE A DEEP] POLITICAL AW>5ESS1 BUT RA!R ACT TO D]AIL SU* UND]/&+1 BO? ?R\< ! OV]T CURRICULUM & ?R\< =MAL & 9=MAL 9/ITUTIONAL PRACTICES4.<#b#e#h.> ,ONE EXAMPLE 9 ,WILLIS'S WORK IS ! S*OOL'S ATTEMPT TO 0RE9TEGRATE0 POT5TIALLY DIS5*ANT$ /UD5TS 9TO ! =MAL S*OOL+ PROCESS ?R\< MORE 0RELEVANT0 7READ3 VOCATIONAL1 NON-COLLEGE PREP7 CURRICULA & C>E] $UCATION4 ,! HI/ORY ( PUBLIC $UCATION 9 ! ,UNIT$ ,/ATES IS REPLETE ) O!R EXAMPLES ( SU* EF=TS AS WELL4.<#b#e#i.> 

,IT IS 9T]E/+ & DI/RESS+ ?AT CURR5T $UCATION PROPOSALS FROM ! ,OBAMA ADM9I/RATION P>ALLEL !SE RE9TEGRATION EF=TS4 ,RECOGNIZ+ ! HUGE SOCIAL & ECONOMIC IMPACT ( HI< DROP\T RATES1 ESPECIALLY 9 POOR & NON:ITE POPULATIONS1 C\PL$ ) ! RIS+ CO/ ( A TRADITIONAL F\R-YE> COLLEGE $UCATION1 ! ,U,S GOV]NM5T IS TRY+ TO PUMP BILLIONS ( DOLL>S 9TO TWO-YE> COLLEGES ?AT (F] PREP>ATION 9 TE*NOLOGICAL & S]VICE OCCUPATIONS AS A WAY TO 5C\RAGE PR$OM9ANTLY WORK+-CLASS KIDS TO COMPLETE HI< S*OOL & SEEK PO/-SECOND>Y $UCATION = WORK4 ,!SE SAME 9/ITUTIONS >E PRIM>Y SITES = RETRA9+ UNEMPLOY$ & DISPLAC$ WORK]S4 ,REC5T REPORTS HI<LI<T$ ONE SU* PROPOSAL TO ALLOCATE @s#a#b BILLION TO 0BETT] PREP>E /UD5TS = ! *ANG+ JOB M>KET40.<#b#f.> ,:ILE AN EXPANSION ( OPPORTUNITIES = PO/-SECOND>Y $UCATION IS NOT NECESS>ILY A BAD ?+1 ! FOCUS ON TWO-YE> COLLEGES ATTRACT+ L[-9COME /UD5TS M]ELY RE9=CES AN ALREADY TI]$ & TRACK$ S*OOL+ SY/EM 9 ! ,UNIT$ ,/ATES ?AT HAS S]V$ TO P]PETUATE HI/ORICAL POSITIONS ( SOCIAL & ECONOMIC PRIVILEGE & SUBJUGATION4 ,! MO/ REC5T POLICY APPE>S TO BE NO DIFF]5T FROM ITS N9ETE5?- & TW5TIE?-C5TURY PR$ECESSORS' FOCUS ON :AT ,>ON[ITZ & O!RS *>ACT]IZ$ AS 0S*OOL+0 AS OPPOS$ TO 0$UCATION40 ,FUR!R1 LIKE WAGE SLAV]Y1 IT'S (F]$ AS A ?REAT RA!R ?AN A *OICE3 DROPP+ \T AS AN ALT]NATIVE ONLY 9CREASES ! LIKELIHOOD ( 9C>C]ATION FAC$ BY ?OSE :O CAN'T OR WON'T PLAY ALONG ) S*OOLS = A CR$5TIAL4 ,WILL CONTEMPOR>Y /UD5TS1 & !IR UNEMPLOY$ & DISPLAC$ BRO!RS1 SI/]S1 & ELD]S SEE ?R\< ?IS RUSE8 ,IF !Y DO1 WILL !IR 0*OS50 ALT]NATIVE MOVE US ALL T[>D A MORE HUMANE & SU/A9ABLE FUTURE1 OR WILL IT P>ALLEL PA/ SELF-DEFEAT+ =MS ( RESI/ANCE8 

,AS SE5 9 PREVI\S RESE>*1 ! 9SI<TS ( WORK+-CLASS KIDS 9 9DU/RIAL & DE9DU/RIALIZ$ CONTEXTS REFLECT$ A D\BLE-$G$ SWORD4 ,:ILE ! /UD5TS RI<TLY P]CEIV$ ?AT S*OOLS & ! ECONOMIC /RUCTURES ?OSE S*OOLS W]E DESIGN$ TO SUPPORT WORK BETT] = SOME ?AN = O!RS1 !IR RESI/ANCE ONLY ALL[$ = !M BE+ EASILY DISCIPL9$ & CO]C$ ?R\< ! POLICE /ATE & WAGE WORK4 ,\R CONTEMPOR>Y *ALL5GE IS TO USE ?IS 9SI<T1 DISSATISFACTION1 & RESI/ANCE TO =GE NEW COALITIONS & COLLECTIVE POLITICAL ACTION4 

,RESI/ANCE & ,RE=M BY ,S*OOLS 

,PRES5T NATIONAL $UCATION POLICY MAY NOT BODE WELL = EF=TS TO REVOLUTIONIZE S*OOL+ FROM )94 ,AT ! ,K-#a#b LEVEL1 RA!R ?AN TAK+ S]I\SLY ! 9ADEQUACY ( PUBLIC S*OOL+ TO ADDRESS ! NE$ = /UD5TS TO DEVELOP ! KN[L$GE1 SKILLS1 & DISPOSITIONS ( CRITICAL CITIZ5RY1 RE=MS >E TYPICALLY REHA%$ PROPOSALS = NEWLY /&>DIZ$ CURRICULA1 HI<-/AKES TE/+1 & ACC\NTABILITY MEASURES = 9DIVIDUAL S*OOLS & TEA*]S4.<#b#f#a.> ,NO S]I\S EF=T IS MADE TO RE?9K :AT WE ACTUALLY DO 9_/) S*OOLS 9 ! FIR/ PLACE4 ,! EFFECTS ( S*OOL RE=M 9 ! AFT]MA? ( ,NO ,*ILD ,LEFT ,BEH9D >E TO PUBLICLY ID5TIFY 9ADEQUATE S*OOLS 7DEF9$ BY TE/ SCORES7 & ?REAT5 !M ) A LOSS ( FUND+ %\LD !Y CONT9UE TO 0UND]P]=M40 ,! S*OOLS !N DO :AT !Y CAN TO IMPROVE TE/ SCORES1 (T5 MISUS+ & EV5 FALSIFY+ DATA.<#b#f#b.> TO REMOVE !MSELVES FROM ! SCRUT9Y ( ! PRESS4.<#b#f#c.> ,9 ! BE/ ( CIRCUM/ANCES1 HORRIBLE S*OOLS MAY GET LESS HORRIBLE1 BUT ! $UCATIONAL EXP]I5CE & RESULTANT LIFE *ANCES ( \R MO/ VULN]ABLE /UD5TS REMA9 WOEFULLY 9ADEQUATE4 ,!SE SAME /UD5TS >E !N AF=D$ ! 0OPPORTUNITY0 TO ATT5D COMMUNITY COLLEGES TO PREP>E = JOBS ?AT MAY OR MAY NOT ACTUALLY MAT]IALIZE1 DUE TO ! FACT ?AT 9CREAS+ ! S*OOL+ ATTA9M5T ( WORK+-CLASS KIDS AS A GR\P DOES NOT CREATE JOBS = !M4 ,IT ONLY UPS ! ANTE TO SECURE :ATEV] JOBS HAPP5 TO BECOME AVAILABLE4 ,! POLITICAL ECONOMIC /RUCTURE1 C]TA9TY ( WAGE SLAV]Y1 & ! POSITION ( ! [N+ CLASS REMA9 ! SAME4 

,N,C,L,B WAS ! C5T]PIECE ( ! ,G4 ,W4 ,BU% ADM9I/RATION'S APPROA* TO RE=M+ S*OOLS4 ,! ,OBAMA ADM9I/RATION1 FAC$ ) ! *OICE ( EI!R R5EW+ OR REPLAC+ ,N,C,L,B AS IT CONSID]$ ! REAU?ORIZATION ( ! ,ELEM5T>Y & ,SECOND>Y ,$UCATION ,ACT 7,E,S,E,A71 DECID$ TO CREATE ITS [N RE=M 9ITIATIVE1 0,RACE TO ! ,TOP0 7,R,T,T,T74 ,:]E ,N,C,L,B FOCUS$ ON RE/RUCTUR+ OR ULTIMATELY CLOS+ ! MO/ UND]P]=M+ S*OOLS 7READ1 0S*OOLS ) ! L[E/ /&>DIZ$ TE/ SCORES071 ! APPROA* ( ,R,T,T,T WAS TO REW>D S*OOLS & S*OOL DI/RICTS ?AT TOOK ! LEAD 9 DEVELOP+ RIGOR\S CURRICULA & TRANS=M+ /RUCTURAL FEATURES ( S*OOL+1 9CLUD+ ! EVALUATION ( TEA*] & ADM9I/RATOR P]=MANCE & CONNECT+ ?AT EVALUATION TO !IR PAY 7& ULTIMATELY TO !IR ABILITY TO KEEP !IR JOBS74 ,ON ! SURFACE1 ,OBAMA & HIS $UCATION SECRET>Y ,>NE ,DUNCAN APPE>$ TO BE *ALL5G+ S*OOLS TO BE ! BE/ !Y C\LD BE1 YET ,R,T,T,T IS REALLY ONLY ! FLIP SIDE ( ,N,C,L,B4 ,! ASSESSM5T & EVALUATION ( /UD5T P]=MANCE IS /ILL PRIM>ILY TI$ TO /&>DIZ$ TE/ SCORES4 ,! EVALUATION ( TEA*]S1 S*OOLS1 & DI/RICTS IS ALSO DET]M9$ BY !SE SAME TE/ SCORES1 ) A V>IETY ( METRICS DEVIS$ >\ND BO? ABSOLUTE TE/ SCORE A*IEVEM5T & 0VALUE ADD$0 APPROA*ES ?AT CONSID] :]E /UD5TS />T ! YE> & :]E !Y F9I%1 SEE+ ! DIFF]5CE AS ! RELATIVE GR[? PRODUC$ BY ! TEA*]S & S*OOLS4 ,?IS 0VALUE ADD$0 MODEL WAS ! BASIS ( ,DUNCAN'S S*OOL RE=M PROJECT 9 ,*ICAGO 7,R5AISSANCE #b#a7 :5 HE WAS ! ,C,E,O ( ! ,*ICAGO ,PUBLIC ,S*OOLS4 ,!RE IS NO EVID5CE ! MODEL WORK$ 9 ,*ICAGO1 & MU* TO SUGGE/ ?AT IT DID NOT4.<#b#f#d.> ,YET IT HAS BE5 US$ AS A C5TRAL FEATURE ( ! ,OBAMA RE=M AG5DA4 

,UND] BO? ,N,C,L,B & ,R,T,T,T1 :5 S*OOLS FAIL TO MEET !IR T>GET$ P]=MANCE MEASURES1 A V>IETY ( RE=M MODELS CAN BE APPLI$ TO 0RE/RUCTURE0 ! BUILD+4 ,?OSE MODELS T5D TO FOCUS ON REMOV+ A SIGNIFICANT PROPORTION ( ! TEA*+ =CE AS WELL AS ! PR9CIPAL & O!R TOP ADM9I/RATORS4 ,ULTIMATELY1 IF ! *ANGES DO NOT LEAD TO SUFFICI5TLY IMPROV$ P]=MANCE1 ! S*OOL CAN BE CLOS$4 ,EV5 IF ! S*OOL IS NOT CLOS$1 /UD5TS CAN TRANSF] \T TO O!R LOCAL S*OOLS OR TO *>T] S*OOLS1 TAK+ !IR /ATE SUBSIDY MONEY ) !M4 

,9 BO? ,N,C,L,B & ,R,T,T,T1 *>T] S*OOLS >E SE5 AS APPROPRIATE 0*OICES0 TO REPLACE ! 0FAIL+0 S*OOLS4 ,(T51 !SE *>T] S*OOLS1 O/5SIBLY PUBLIC 9 NATURE1 RECEIVE PUBLIC FUNDS BUT >E RUN BY =-PR(IT MANAGEM5T GR\PS & >E ALSO EXEMPT FROM MANY ( ! P]=MANCE REQUIREM5TS SET = REGUL> PUBLIC S*OOLS4 ,JU/ AS ) ! 0VALUE ADD$0 TEA*] ASSESSM5T MODEL1 ! EVID5CE ON *>T] S*OOL P]=MANCE 9DICATES ?AT !Y DO NO BETT] & (T5 DO WORSE ?AN ! PUBLIC S*OOLS !Y REPLACE4.<#b#f#e.> ,YET ! ,R,T,T,T RE=M]S1 ALONG ) MANY NEWLY ELECT$ GOV]NORS SU* AS ,JOHN ,KASI* 9 ,OHIO & ,SCOTT ,WALK] 9 ,WISCONS91 CONT9UE TO CALL = 9CREAS+ ! NUMB] ( *>T] S*OOLS 9 !IR RESPECTIVE /ATES4 

,ONE IMPORTANT LESSON WE D]IVE FROM ?IS ,N,C,L,B_/,R,T,T,T CONT9UUM IS ?AT ! ,G4 ,W4 ,BU% ADM9I/RATION & ! ,OBAMA ,ADM9I/RATION REALLY DO NOT VIEW S*OOL+ MU* DIFF]5TLY4 ,!Y BO? BUY 9TO ! DOM9ANT1 CORPORATE IDEOLOGY ( S*OOL+ EFFICACY4 ,!Y BO? SEE ! PROBLEM ( L[] S*OOL P]=MANCE AS ! FAULT ( ! /UD5TS1 !IR P>5TS1 & TEA*]S & NOT ! EXT5SION ( L>G] SOCIAL1 POLITICAL1 ECONOMIC1 & CULTURAL =CES4 ,FUR!R1 !Y SEE ! POOR S*OOL P]=MANCE AS CONTRIBUT+ TO ! ECONOMIC D[NTURN & ! DIFFICULTY ( TURN+ ! ECONOMY >\ND1 RA!R ?AN ! OPPOSITE4 

,=TUNATELY1 SOME S*OOLS1 S*OL>S1 & ACTIVI/S HAVE DESIGN$ PRODUCTIVE ALT]NATIVES TO DOM9ANT S*OOL+ MODELS4 ,DOM9ANT TR5DS ASIDE1 !RE >E PUBLIC S*OOLS ACROSS ! ,U,S ?AT HAVE TRANS=M$ & ORGANIZ$ !MSELVES TO UNPACK ! COMPLEXITIES ( PO/-9DU/RIAL SOCIETY SU* ?AT /UD5TS CAN COME AWAY ) A MORE CRITICAL & RADICALLY 9=M$ UND]/&+ ( !IR POSITIONS & ROLES 9 ! POLITICAL ECONOMY4.<#b#f#f.> ,FUR!R1 AS 9DICAT$ 9 ! CONCEPTUAL DIFF]5CES BETWE5 0$UCATION0 & 0S*OOL+10 S*OOLS >E NOT ! ONLY OPTION = DEVELOP+ CRITICAL 9TELLECTUAL1 POLITICAL1 & CULTURAL UND]/&+S4 ,HOME1 WORK1 & COMMUNITY CONTEXTS (F] RI* OPPORTUNITIES ?AT MAY NOT PRES5TLY BE AF=D$ BY S*OOLS4 ,WE WILL RETURN TO ?IS PO9T %ORTLY4 

,:AT APPE>S TO 0WORK0 9 PROGRESSIVE & TRANS=MATIVE $UCATIONAL RE=M1 BO? 9 ! ,UNIT$ ,/ATES & ABROAD1 IS ! PROCESS ( DEVELOP+ S*OOLS & O!R $UCATIONAL SETT+S ?AT GR[ ORGANICALLY FROM A LOCAL CONTEXT4 ,?IS %\LD BE NO SURPRISE TO ?OSE 9=M$ BY =MS ( 7BROADLY7 LIB]T>IAN SOCIALI/ !ORY1 :]E EM]G5T AN>*I/ P$AGOGY IS BAS$ ON SU* HORIZONTAL1 COMMUNITY-BAS$1 DEMOCRATIC MODELS4.<#b#f#g.> ,9T]E/$ & COMMITT$ $UCATORS CONNECT ) P>5TS1 LOCAL ACTIVI/S1 & GRASSROOTS COMMUNITY ORGANIZATIONS TO DEVELOP S*OOLS ?AT REFLECT & BUILD ON ! /R5G?S ( ! LOCAL COMMUNITY4.<#b#f#h.> ,TYPICALLY ?OSE EF=TS BEG9 ) A VIEW ( $UCATION ?AT SEEKS A MORE JU/1 PRODUCTIVE1 & HUMANE EXI/5CE C\PL$ ) A /RUCTURAL CRITIQUE ( DOM9ANT S*OOL+ & ! 0OPPORTUNITIES0 AF=D$ BY WAGE WORK4 ,9 O!R WORDS1 !SE EF=TS OP]ATE TO CRITIQUE ! PROCESS ( =MAL S*OOL+ &1 9 DO+ SO1 HELP /UD5TS TO QUE/ION & UND]/&1 AMONG O!R ?+S1 ! FALSE PROMISES ( S*OOL & WORK4 ,FROM ?IS DIALOGUE1 WE MI<T E/ABLI% ! F]TILE GR\NDS = CLASS CONSCI\SNESS & REVOLUTION>Y $UCATIONAL MOM5TS4 

,! DANG] LIES 9 L>G] 5TITIES 7CITY S*OOL+ SY/EMS1 ! ,GATES ,F\NDATION1 & SO ON7 5T]+ ! PICTURE TO 0SY/EMIZE0 OR 0REPLICATE0 FEATURES ( P>TICUL> S*OOLS !Y F9D ATTRACTIVE4 ,! P[] ( ! SMALL1 ORGANICALLY G5]AT$ S*OOLS COMES FROM ! CONNECTION ) ! COMMUNITY1 ! PEOPLE :O CREAT$ !M4 ,ONCE ?AT IS LO/1 :I* IS :AT TYPICALLY HAPP5S :5 SMALL LOCAL EF=TS >E CORPORATIZ$ & SY/EMIZ$1 ! EFFICACY ( ! S*OOL TO GR[ \T ( & REFLECT COMMUNITY LIFE IS (T5 LO/4 ,:AT IS EXPORTABLE1 H[EV]1 IS ! PROCESS ( CREAT+ ! SMALL S*OOLS 9 ! FIR/ PLACE4 ,IF & :5 L>G] PUBLIC 5TITIES LIKE S*OOL SY/EMS COME TO RELY ON ! PROCESS 7( $UCATION7 MORE ?AN P>TICUL> PRODUCTS 7E4G41 AN OB$I5T WORK=CE72 OR :5 \R 9/ITUTIONS COME TO RELY ON ! VIBRANCY & 9TELLECT ( LOCAL COMMUNITIES & ORGANIZATIONS CONNECT$ ) D$ICAT$ & COMMITT$ $UCATORS BROADLY CONCEIV$1 !RE MI<T BE SOME HOPE = !M TO TRANS=M 9 MORE FUNDAM5TAL WAYS4 ,REG>DLESS ( :E!R ?AT CAN OR WILL OCCUR1 WE CAN DRAW FROM ! EXP]I5CE ( CREAT+ SMALL1 COMMUNITY-BAS$ & CULTURALLY RESPONSIVE S*OOLS TO DEVELOP \R [N APPROA*ES TO $UCATION 7AS OPPOS$ TO S*OOL+7 9 & \T ( S*OOLS1 L9K$ TO A MORE SU/A9ABLE & HUMANE SOCIAL1 ECONOMIC1 & POLITICAL ORD]4 

,CONTEMPOR>Y ,/UD5T ,RESI/ANCE & ,POSSIBILITIES = ,BROAD ,SOCIAL ,*ANGE 

,:]E E>LI] WE DISCUSS$ ! RESI/ANCE /RATEGIES ( HI< S*OOL /UD5TS TO PUBLIC S*OOL+1 WE N[ SEE A PATT]N ( RESI/ANCE1 CIVIL DISOB$I5CE1 & DIRECT ACTION AMONG Y\NG ADULTS & /UD5TS FAC+ DIRE $UCATIONAL & SOCIO-ECONOMIC =ECA/S4 ,AS ,:ITE REPORTS1 !RE W]E MORE ?AN ?IRTY /UD5T-L$ OCCUPATIONS ON UNIV]SITY CAMPUSES 9 ! ,U,S & ,U,K 9 RESPONSE TO DECREAS+ $UCATIONAL & EMPLOYM5T OPPORTUNITIES1 9CREAS+ CO/S ( $UCATION & H\S+1 & ! USE ( UNIV]SITY RES\RCES TO PROMOTE V>I\S MILIT>Y AG5DAS 9 ! FIR/ ?REE MON?S ( #bi ALONE4.<#b#f#i.> ,AS ONE SPECIFIC EXAMPLE1 

,NEW ,YORK ,UNIV]SITY /UD5TS B>RICAD$ !MSELVES 9SIDE A CAMPUS CAFET]IA & DEM&$ GREAT] BUDGET TRANSP>5CY .<#b_/#a#h_/#i.>1 TUITION /ABILIZATION & DIVE/M5T FROM ,ISRAEL4 ,AL?\< ! OCCUPATION 5D$ 9 FAILURE1 DEFEAT TURN$ TO VICTORY :5 ! RETALIATORY SUSP5SION ( #ah /UD5TS GALVANIZ$ CAMPUS SUPPORT4 ,! SUBSEQU5T PROTE/S =C$ ! ADM9I/RATION TO REV]SE !IR PUNITIVE MEASURES4.<#b#g.> 

,SU* OCCUPATIONS & /UD5T PROTE/S 9 ! ,UNIT$ ,K+DOM W]E RELATIVELY SU/A9$ ?R\< #b#a1.<#b#g#a.> & /UD5T RESI/ANCE 9 ! ,UNIT$ ,/ATES HAS S9CE EXP&$ TO ADDRESS ! $UCATIONAL RI<TS ( IMMIGRANTS4 ,9 RESPONSE TO DRACONIAN LEGISLATION SUBJECT+ ,LAT9O_/A & 9DIG5\S POPULATIONS TO RACIAL PR(IL+ & UNEQUAL TREATM5T UND] ! LAW 7,S,B #a#g71 & TO ! CUTT+ ( 0E?NIC /UDIES0 PROGRAMS ACROSS ,>IZONA1 /UD5TS CONT9UE AN AGGRESSIVE CAMPAIGN ( CIVIL DISOB$I5CE--9CLUD+ ! OCCUPATION ( S*OOL BO>D MEET+S 9 ,TUCSON.<#b#g#b.>--TO DEM& EQUAL ACCESS TO CULTURALLY RELEVANT PUBLIC $UCATION4 ,9 ! ALREADY DISCUSS$ /ATE ( ,CALI=NIA1 /UD5TS CONT9UE TO JO9 FACULTY & /AFF UNIONS TO PROTE/ SKYROCKET+ TUITIONS1 %R9K+ 5ROLLM5T1 DEP>TM5T FACULTY_/9/RUCTOR_//AFF LAY(FS1 9CREAS+ CLASSROOM SIZE1 BALLOON+ ADM9I/RATIVE PAY & GR[?1 & A REFUSAL BY /ATE (FICIALS ACROSS ! BO>D TO SEEK REV5UES FROM 7= EXAMPLE7 OIL EXTRACTION1 AS DONE 9 MANY O!R /ATES TO FUND PUBLIC HI<] $UCATION4.<#b#g#c.> ,!SE & O!R OBS]VATIONS SUGGE/ ?AT ! EM]G+ G5]ATION ( WORK]S & /UD5TS >E LESS ?AN FOND ( !IR CURR5T PR$ICAM5TS1 & >E WILL+ TO RESI/ !IR [N S*OOL & /ATE ADM9I/RATIONS TO AFFECT POLICY4 ,RA!R ?AN A COLLECTION ( R&OM EV5TS1 WE MI<T CONSID] ?IS PRIM>ILY /UD5T-L$ RESI/ANCE AS P>T ( ! L>G] GLOBAL MOVEM5T AGA9/ IMPOS$ AU/]ITY PROGRAMS1 :]E1 AS 9 FISCALLY UN/ABLE C\NTRIES ( ! ,E,U1 Y\NG PEOPLE JO9 ?OSE NE> RETIREM5T 9 PROTE/+ MASSIVE CUTS TO PUBLIC $UCATION1 RETIREM5T P5SIONS1 PUBLIC HEAL? C>E1 & PUBLIC SECTOR EMPLOYM5T4 ,! FALSE PROMISES ( $UCATION 7SU/A9ABLE EMPLOYM5T ) ! IMAG9$ QUALITY ( LIFE TO BOOT7 MEET ! FALSE PROMISES ( WAGE SLAV]Y 7RETIREM5T7 9 ! PO/-,=DI/ ,WE/ TO CREATE 9T]E/+ & POT5TIALLY P[]FUL L9ES ( SOLID>ITY4 

,SPA9 & ,GREECE (F] P]FECT ILLU/RATIONS ( ?IS SOLID>ITY 9 ACTION4 ,POLITICAL ANALY/S 9 ,GREECE HAVE REPORT$ ?AT PEOPLE'S FUTURE ASPIRATIONS ACROSS SOCIO-ECONOMIC /ATUS HAVE DROPP$ TO ALL-TIME L[S1 ALONG ) /UDIES FROM ! ,F\NDATION = ,ECONOMIC & ,9DU/RIAL ,RESE>* SUGGE/+ ?AT ECONOMIC 9DICES HAVE NEV] BE5 SO L[ S9CE !Y BEGAN REPORT+ 9 #a#i#h#a4.<#b#g#d.> ,KAIMAKI DESCRIBES ! CONDITIONS ( :AT IS N[ BE+ CALL$ ! 0#g ,EURO ,G5]ATION10 :O REC5TLY P>TICIPAT$ 9 ! C\NTRY'S AN>*I/ & LABOR 9SPIR$ UPRIS+S1 RESULT+ 9 ! MUNICIPAL TAKEOV] ( SEV]AL CITIES1 & :AT IS A SU/A9$ MOVEM5T AGA9/ CAPITALISM & ! ,GREEK POLICE /ATE3 

,?IS UNIT$ FRONT IS L$ BY A G5]ATION ( ! V]Y Y\NG4 ,!RE IS A REASON = ?IS3 DAILY LIFE = MO/ Y\NG ,GREEKS IS DOM9AT$ BY 9T5SIVE S*OOL+ AIM$ AT SECUR+ A UNIV]SITY PLACE4 ,SELECTION IS T\< & *ILDR5 FOCUS H>D ON IT FROM ! AGE ( #a#b4 ,BUT ONCE ! LUCKY ONES GET !RE1 !Y SOON DISCOV] ! REALITY ( LIFE AFT] UNIV]SITY3 AT BE/1 A JOB AT #g ,EUROS 7@s#a7 A MON?4.<#b#g#e.> 

,Y\? 9 ,GREECE1 ALONG ) O!R SECTIONS ( ,GREEK LABOR1 CAME TO REALIZE ! FALSE PROMISES ( S*OOL & WORK 9 !IR P>TICUL> CONTEXT4 ,?IS1 ALONG ) AN EXPLOSIVE MOVEM5T AGA9/ ! ,GREEK POLICE /ATE 7A PO9T ( CONTROV]SY1 ESPECIALLY = IMMIGRANT POPULATIONS = SOME TIME7 SP>K$ BY ! MURD] ( A Y\NG AN>*I/ BY ,GREEK POLICE =CES1 MI<T BE SE5 AS A REVOLUTION>Y MOM5T L$ BY ! RESI/ANCE ( /UD5TS & Y\NG ADULTS4 

,AS WE WRITE ! F9AL REVISION ( ?IS *APT] 7,MAY #b#a#a7 T5S ( ?\S&S ( /UD5TS1 UNEMPLOY$1 & UND]EMPLOY$ HAVE TAK5 TO ! /REETS 9 MAJOR ,SPANI% CITIES 79 ! ,PU]TA DEL ,SOL 9 ,MADRID 9 P>TICUL>71 P>TLY UND] ! LEAD]%IP ( ! SELF-DESCRIB$ 0,Y\? ,)\T A ,FUTURE10 TO PROTE/ ! SETTL+ ( /ATE BUDGETS ON ! BACKS ( WORK]S RA!R ?AN ON ! BACKS ( ! BANKS1 POLITICIANS1 & F9ANCI]S BEH9D ! F9ANCIAL 0CRISIS40.<#b#g#f.> ,) ! ,E,U'S HI<E/ UNEMPLOYM5T RATE 7APPROXIMATELY #ba P]C5T71 ,SPA9 ALSO JO9S ,GREECE & ,PORTUGAL AS ! ,E,U'S MO/ F9ANCIALLY UN/ABLE MEMB]S4 ,AS A RESULT1 ,SPANI% POLITICIANS >E 9CREAS+LY PRESSUR$ BY O!R ,E,U MEMB]S TO BALANCE NATIONAL BUDGETS ON ! BACKS ( ! PEOPLE TO AVOID 09/ABILITY0 9 ! ,E,U1 & TO FRAME DISC\RSE >\ND ! GLOBAL RECESSION AS ! FAULT ( GRE$Y TAXPAY]S & PUBLIC EMPLOYES RA!R ?AN FRAUDUL5T & TYRANNICAL BANK]S1 9VE/ORS1 & POLITICIANS4 ,FAC+ ! OBVI\S FALSE PROMISES ( S*OOL & WORK 9 ,SPA9 & ,GREECE1 P]HAPS ! COMPLETE DISSOLUTION ( ANY?+ RESEMBL+ A SOCIAL CONTRACT1 IT %\LD BE NO SURPRISE ?AT ! Y\NG JO9 ! UND]_/UNEMPLOY$ TO PROTE/ !IR CONDITIONS & ! PEOPLE & POLICIES ?AT CREAT$ !M4 ,!Y REALIZE1 SIMULTANE\SLY1 ?AT !Y DID NOT CREATE !SE CRISES1 & ?AT !Y HAVE SOME AG5CY 9 REFRAM+ ! PUBLIC CONV]SATION & CONFLICTS OV] F9ITE RES\RCES ?AT AFFECT !IR LIVES SO ACUTELY4 

,! LESSONS8 ,AS !Y REALIZE ! FALSE PROMISES ( S*OOL & WORK1 EM]G+ G5]ATIONS ( /UD5TS & WORK]S 7ALONG ) OLD] WORK]S 9 POT5TIAL SOLID>ITY7 >E CLE>LY ABLE & WILL+ TO RESI/ ! CON/RUCT$ AU?ORITY ( S*OOL & /ATE ADM9I/RATIONS TO AFFECT POLICY & PRACTICE 9 !IR COMMUNITIES4 ,H[EV]1 AS WE HAVE LE>N$ FROM PREVI\S RESE>* ON /UD5T RESI/ANCE1 !RE IS SOME QUE/ION AS TO H[ WE TAKE ADVANTAGE ( ?IS OPPORTUNITY = MASS CONSCI\SNESS & ACTION 9 SU* A WAY ?AT RESULTS 9 SOCIAL *ANGE RA!R ?AN ! EV5TUAL CO-OPTATION & APPROPRIATION ( ?OSE :O RESI/4 

,?\< A FULL DISCUSSION ( SOCIAL MOVEM5T /RATEGIES IS BEYOND ! SCOPE ( ?IS PIECE1 WE W\LD LIKE TO CONCLUDE ) RELEVANT SUGGE/IONS TO TAKE ADVANTAGE ( CURR5T OPPORTUNITIES TO ORGANIZE & RESI/ 9 A TIME ( SOCIAL & POLITICAL-ECONOMIC RUPTURE4 ,UN=TUNATELY1 WE W\LD LIKE TO BREAK ! HE>TS ( $UCATIONAL 5TREPR5EURS ! WORLD OV] 9 RECOGNIZ+ ?AT \R COLLECTIVE APPROA* TO $UCATION 7P>TICUL>LY IF DIFF]5TIAT$ FROM S*OOL+7 IS NOT SUBJECT TO QUICK FIXES1 P>TICUL>LY FROM 0FREE TRADE0 MODELS ?AT WI% TO PRIVATIZE $UCATION & EMPLOY SY/EMS ( PRIVATE & 0*>T]0 S*OOLS TO REPLACE PUBLIC $UCATIONAL SPACES & RES\RCES4 ,?AT SAID1 WE MI<T CONSID] ! FOLL[+ 9 \R /EPS =W>D3 

,FIR/ & =EMO/1 RADICAL PUBLIC $UCATORS %\LD SEEK TO 0ACCOMPANY0 CURR5T LABOR 7P]HAPS ?R\< PUBLIC EMPLOYEE UNIONS = ?OSE EMPLOY$ BY PUBLIC UNIV]SITIES_/S*OOLS7 & /UD5T PROTE/S SEEK+ TO /OP =C$ AU/]ITY PROGRAMS ?AT IMM$IATELY ?REAT5 ! SURVIVAL & OPPORTUNITY /RUCTURE ( BO? ! NEW & RETIR+ G5]ATIONS ( WORK]S4 ,?IS %\LD BE SE5 AS A RELEVANT SOCIAL MOVEM5T /RATEGY ?AT OP5S ! DOOR TO AFFECTIVE PRACTICES ( %>$ /RUGGLE--P>TICUL>LY DIRECT ACTION4 ,IT %\LD ALSO BE SE5 AS A ME*ANISM TO E/ABLI% SOLID>ITY & TANGIBLE NETWORKS BETWE5 O!RWISE R>ELY CONNECT$ POPULATIONS ( ! WORK+ CLASS4 ,IT IS A WAY = PUBLIC 9TELLECTUALS TO HELP CREATE & PROMOTE 0COMMUNITIES ( /RUGGLE0.<#b#g#g.> ACROSS AGE1 >EA ( EMPLOYM5T1 RACE1 E?NICITY1 & G5D]4.<#b#g#h.> 

,RA!R ?AN RETURN+ FUND+ TO PUBLIC 9/ITUTIONS ?AT CONT9UE TO S*OOL BUT FAIL TO $UCATE1 WE NE$ TO RECONCEPTUALIZE & FUNDAM5TALLY *ANGE \R S*OOLS1 UNIV]SITIES1 & LIBR>IES 9TO 9/ITUTIONS ( EQUAL ACCESS ?AT RESPOND DIRECTLY TO ! NE$S ( ! COMMUNITIES S]V$4 ,?IS TYPICALLY 9VOLVES A C]TA9 LEVEL ( DEC5TRALIZATION & DEMOCRATIZATION ( S*OOLS1 S*OOL DI/RICTS1 S*OOL BO>DS1 & UNIV]SITIES4 ,SU* A PROCESS TYPICALLY REQUIRES BO? =MS ( RESI/ANCE & =MS ( MORE LIB]AL-/YLE 0BUILD+ FROM )940 ,9 T]MS ( RESI/ANCE FROM )9 $UCATIONAL 9/ITUTIONS1 WE MI<T LOOK TO /RATEGIES ( SABOTAGE1 DIRECT ACTION1 & MUTUAL AID ?AT MI<T BE EMPLOY$ BY S*OOL OR UNIV]SITY /AFF1 COMMUNITY MEMB]S1 /UD5TS1 TEA*]S_/PR(ESSORS1 & EV5 ADM9I/RATORS )9 !IR EMPLOY+ 9/ITUTIONS4.<#b#g#i.> ,WE SEE RESI/ANCE FROM \TSIDE ( $UCATIONAL 9/ITUTIONS 9 ! PO9T ABOVE & ! ILLU/RATIONS PREVI\SLY DISCUSS$ 9 ?IS SECTION4 ,WOND]FUL EXAMPLES ( BUILD+ FROM )9 $UCATIONAL 9/ITUTIONS CAN BE F\ND 9 ! ORGANIC 7AS OPPOS$ TO CORPORATE- & ,GATES-9SPIR$7 SMALL S*OOLS MOVEM5T DISCUSS$ BY ,KLONSKY & ,KLONSKY1 & O!RS4.<#b#h.> 

,FUR!R1 WE MI<T LOOK TO ALT]NATIVE MEASURES TO CREATE & DISSEM9ATE KN[L$GE HORIZONTALLY1 \TSIDE ( =MAL S*OOL+4 ,S*OL>S SU* AS ,MURRAY ,BOOK*9 HAVE = SOME TIME >GU$ ?AT1 0,$UCATION 444 IS ! TOP 'PRIORITY' = A RADICALIZATION ( \R TIME 444 ! /UDY GR\P1 NOT ONLY ! 'AFF9ITY GR\P1' IS ! 9DISP5SABLE =M = ?IS TIME--ESPECIALLY 9 VIEW ( ! APPALL+ 9TELLECTUAL & CULTURAL DEGRADATION ?AT M>KS \R ]A40.<#b#h#a.> ,! DEVELOPM5T ( RADICAL READ+ & /UDY GR\PS ACROSS AGE1 RACE1 E?NICITY1 G5D]1 TRADE1 & /UD5T_/WORK] DIVIDES SIMULTANE\SLY PROVIDES AN OPPORTUNITY = CLASS-CONSCI\SNESS BUILD+ & $UCATION BEYOND ! WALLS ( =MAL S*OOL+ 7NOT TO M5TION )\T /ATE C5SOR%IP74 ,MANY ORGANIZATIONS1 SU* AS ! ,RADICAL ,AUTONOM\S ,COMMUNITIES 7,R,A,C7 ( S\!RN ,CALI=NIA1 HAVE EMPLOY$ /UDY GR\PS & 7ONL9E7 LI/-S]VS SUCCESSFULLY = !SE V]Y PURPOSES4 ,9 T]MS ( BUILD+ $UCATIONAL 9/ITUTIONS \TSIDE ( CONV5TIONAL S*OOL+1 ONE MI<T LOOK TO ! EM]G+ ,TRANS=MATIVE ,/UDIES ,9/ITUTE 7,T,S,I74.<#b#h#b.> ,! ,T,S,I SEEKS TO BECOME ONE ( ! C\NTRY'S ONLY GRADUATE 0FREE S*OOLS10 & CURR5TLY (F]S ITS [N 9DEP5D5T ACADEMIC PRESS1 RADIO %[1 9T]VIEWS1 S*OL>LY J\RNAL1 RES\RCES = SOCIAL JU/ICE S*OL>S & ACTIVI/S1 & A GR[+ BODY ( FACULTY_/S*OL>S4 ,LIKEWISE1 C\NT]-9/ITUTIONS ?AT HAVE BECOME /APLES ON ! LIB]T>IAN LEFT LIKE ! ,9/ITUTE = ,AN>*I/ ,/UDIES OR ! ,Z ,9/ITUTE %\LD BE SUPPORT$ BY =W>D-LOOK+ ANTI-AU?ORIT>IANS1 AS %\LD PROJECTS LIKE ! ,AN>*I/ ,/UDIES ,NETWORK 7HTTP3_/_/AN>*I/-/UDIES-NETWORK4ORG4UK7 9 ,EUROPE & ! ,NOR? ,AM]ICAN ,AN>*I/ ,/UDIES ,NETWORK 7WWW4NAASN4ORG74 

,AS NOT$ PREVI\SLY1 WE NE$ TO RE?9K \R NOTIONS ( $UCATIONAL RE=M ?AT /OP AT ISSUES ( ACCESS4 ,WE NE$ TO ASK 0ACCESS TO :AT80 & *ANGE ! CURRICULUM OR SUB/ANCE ( PUBLIC $UCATION ACCORD+LY4 ,ONE ( ! GREATE/ CONTEMPOR>Y ?REATS TO WORK+-CLASS /UD5TS IS !IR BE+ ROBB$ ( !IR HI/ORY1 & ! G5]AL CAPABILITY TO CRITICALLY 9T]PRET CURR5T EV5TS )9 A REASONABLE HI/ORICAL FRAMEWORK ?AT REA*ES BEYOND LA/ WEEK5D4 ,NEW WORK]S >E EASY SLAVES TO ! EXT5T ?AT !Y DEP5D ON !IR RUL]S & [N]S TO UND]/& !IR [N HI/ORY & ! REALITIES & *OICES ?AT FACE !M 9 ! PRES5T & FUTURE4 

,WE NE$ TO RECAPTURE \R [N COLLECTIVE UND]/&+ ( HI/ORY ?AT W\LD 9CLUDE POLITICAL PHILOSOPH7IES71 LOCAL & GLOBAL HI/ORIES ( NON-ELITES ?AT GO BEYOND ! HI/ORY ( W>S & NATION-/ATES1 & ME?ODS ( CIVIC 5GAGEM5T4 ,?IS IS AN AG5DA ?AT MU/ BE F\<T ON SEV]AL FRONTS4 ,9 T]MS ( S*OOL CURRICULUM1 SU* *ANGES REQUIRE ! 5TRANCE ( RADICAL S*OL>S & WORK]S 9TO S*OOLS & UNIV]SITIES 7& VICE V]SA71 :]E /RATEGIES ( RESI/ANCE MI<T BE EMPLOY$ 9 CLASSROOMS1 (FICES1 & %OP FLOORS4 ,SU* RESI/ANCE MI<T FIR/ TAKE AIM AT PROGRAMS LIKE ,N,C,L,B & ,R,T,T,T ?AT /E] CURRICULA AWAY FROM CRITICAL HI/ORY & SOCIAL SCI5CE1 T[>D 0VALUE FREE0 SKILLS 9 MA!MATICS1 VOCABUL>Y1 SYNTAX1 & ANALYTICAL REASON+4 

,AS A SECOND FRONT1 WE CAN 5T] & 5GAGE ) ! L>G] PUBLIC DOMA9 & NEWS M$IA4 ,RADICAL &_/OR CRITICAL S*OL>S MU/ GA!R ! C\RAGE & /OMA* TO 5GAGE ) NEWS M$IA ?AT RANK-&-FILE /UD5TS & WORK]S ACTUALLY READ_/WAT*_/LI/5 TO 7I4E41 NOT ACADEMIC J\RNALS & SPECIALTY Z9ES OR BLOGS SPEAK+ ONLY TO !IR 0*OIR074 ,9 ?IS S5SE WE SUGGE/ PUBLIC 9TELLECTUALS ACTUALLY 5GAGE !IR PUBLIC 9 ORD] TO COMPETE ) ! PAID /OOGES & 5T]TA9]S ( ! CORPORATE [N+ CLASS ?AT T5D TO DOM9ATE MA9/REAM NEWS S\RCES4 ,TO BE EFFECTIVE1 SU* 5GAGEM5T MU/ HAPP5 CONSI/5TLY & FROM A L>GE NETWORK ( 9TELLECTUALS--NOT SIMPLY ! H&FUL ( 0DIVAS0 ON ! LEFT :O CURR5TLY ROTATE AS PR$ICTABLE TALK+ HEADS = L>GE SPEAK+ FEES & BOOK SALES 7Y\ KN[ :O Y\ >E1 & SO DO ! RE/ ( US74 

,AS WE ATTEMPT TO 9FILTRATE MA9/REAM NEWS M$IA1 WE MI<T ALSO TURN TO PROJECTS SU* AS ! 0,M$IA ,C>TA0 & 0CULTURE JAMM+0 CAMPAIGNS ORGANIZ$ BY WRIT]S_/READ]S_/SUPPORT]S ( ! ,CANADIAN MAGAZ9E ,ADBU/]S TO RELEASE PUBLIC DISC\RSE FROM ! DEA? GRIP ( CORPORATIONS4.<#b#h#c.> ,SU* CAMPAIGNS EMPLOY LEGAL 7LAWSUITS & LEGISLATIVE RE=M7 & EXTRALEGAL 7CIVIL DISOB$I5CE & SABOTAGE7 MEANS TO 0RECLAIM+ ! M5TAL 5VIRONM5T03 9 %ORT1 TAKE ! MAJOR MEANS ( COMMUNICATION 7TELEVISION1 RADIO1 BILLBO>DS1 NEWSPAP]S1 & SO =?7 AWAY FROM PRIVATE COMPANIES & ADV]TIZ]S1 PROVID+ SPACE = PUBLIC & COMMUNITY DISC\RSE1 DIALOGUE1 EXPRESSION1 & J\RNALISM4 

,F9AL ,REFLECTION 

,H]E WE'VE ATTEMPT$ TO \TL9E GLOBAL CAPITALISM'S EFFECTS ON ONE ( ! WORLD'S L>GE/ 9/ITUTIONAL PROGRAMS--PUBLIC S*OOL+4 ,/UDIES ( POLITICAL ECONOMY1 9 ORD] TO BE HOLI/IC & EFFECTIVE1 MU/ 9CLUDE ANALYZES ?AT GO BEYOND QUANTITATIVE M>KET MODELS1 BO? TO PO9T \T ! DI/URB+ RELATION%IPS BETWE5 CAPITALISM & PUBLIC 9/ITUTIONS1 & TO SUGGE/ PA?S MOV+ =W>D ?AT CREATE MORE SU/A9ABLE & LESS HI]>*ICAL SOCIETIES4 ,ULTIMATELY IT WILL REQUIRE A MASS MOVEM5T TO DEMOCRATIZE & R$EF9E PUBLIC $UCATION & TO 5D ! RULE ( ELITES 9 ALL POLITICAL ECONOMIC & SOCIAL LIFE--BUT !SE EF=TS >E LIKELY ONE & ! SAME TO A GREAT EXT5T4 ,9 ORD] TO BUILD SU* A MOVEM5T1 WE CAN & MU/ BEG9 9 9/ITUTIONS SU* AS S*OOLS1 :]E MU* ( \R 9DIVIDUAL & COLLECTIVE 0KN[L$GE0 IS CREAT$1 COMMUNICAT$1 & DEEM$ 7IL7LEGITIMATE4 ,WE WI% TO JO9 RADICAL /UD5TS1 WORK]S1 TEA*]S1 S*OL>S1 & ACTIVI/S 9 ! BATTLES AHEAD TO RIP ! PROCESSES ( KN[L$GE & MEAN+ MAK+ FROM ! H&S ( RUL]S4 ,WE URGE ?OSE 9T]E/$ 9 RADICAL SOCIAL *ANGE TO TAKE ADVANTAGE ( P]IODS ( SOCIAL RUPTURE TO RECONCEPTUALIZE 0$UCATION0 & ITS PLACE 9 =M+ SU/A9ABLE NON-HI]>*ICAL COMMUNITIES 9 ! ,UNIT$ ,/ATES & BEYOND4 

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