In keeping with corporate tradition, it is a no-no for a pharmacist to speak ill of the doctor in the centre of drug distribution; the same time a financial commentator is to the economy.
The language of economic fabrication is spiced with technical jargon for a reason. It is why social commentators if any independent ones are more relevant to publicise real trends deriving from economic (mis)management.
Was there any standard reason why the rate of unemployment remained low, or was a logical explanation why the sudden dip in the global economy explained? No, it is as usual depended upon financial and business fabrication of the cause. Again I refer to corporate and mainstream media tradition in controlling public opinions.
Firstly for sensitivity to economic relations that any reports of a stark reality might cause a landslide; secondly to convince the public that everything is under control therefore don’t panic – don’t withdraw all your investments and savings at the same time.
Still, nobody knows the time and the hour when it will strike!
A hard copy might show a trend or sudden movement in financial exchange, but not showing on paper is the true cause; a social trend. And the reality of low rate of unemployment is consistent with the ongoing low rate of wages; many people need to work long hours and several jobs to sustain the high cost of living. (No business or financial commentator would say that).
Also, there seems to be a growth in service jobs, but many of those jobs are funded. It’s a tax payer funded growth that is keeping the rate of unemployment low.
Further, employers might find it easier to employ many workers on low wages when returns can sustain profits and costs. That explains low wages and high cost of living. At the same time, the change of government may only indicate a temporary trend of no great significance until developments are put in place further down the line.
Thus the fact remains a significant contrast evidential in developments; the economy manages to stabilise the same time social consequences remain substantial.
So we are back to the old cliché of the rich still rich while the poor are gradually becoming slave workers in order to survive. This is the social development achieved by modern money economies. They manage to sustain contrasting growths to prove accumulation of wealth at the one end the same time accumulation of poverty at the other end. Karl Marx is a prophet!
If a survey is run by a worker’s union or a neutral party about working conditions today, it would prove the fact that people are going out of their way to maintain a job including slave wages. They of course would not say anything to risk their employment – a real condition to the work environment.
Some technical advisor informed me that the employer under law cannot keep your holiday pay as a condition of giving notice to leave your job. But if your holiday pay cannot cover the cost of an employment court claim, you the worker will have to folk out some money to pay for the cost. You have worked for your holiday pay, you have earned it. The employer has no legal right to take it off you.
So, some folks who are not informed of their rights are stuck in menial and miserable jobs for the sake of their families. Is that a forceful condition or slave condition or what? I sincerely hope the government would do something to the employment law for our sake.
Now, this is the mystical reality of material economic relations. Nobody knows the time.
I have promoted various concepts in My Social Relations. And following from subjectivism is populous collective; objectivism is conscious collective. Populous collective is that consumer population which is led by their noses – feelings and senses. They follow material attractions to satisfy their fix and necessarily leaving behind a material or economic trend. A financial adviser describes meaningless technical abstracts; a social commentator observes reality in social terms describes what is happing in reality.
While the populous collective favours anything according to material desire, it could be a sudden decision or a change of decision. It might be a good or bad decision, but the populous doesn’t know the impact in terms of right or wrong. All they know is self-satisfaction all the time.
The phenomenon is not objective, it is true psychology. The psychology of the economy deals with subjective materialism and their entities. And from this world view, human is no different from other creatures. And if so, then psychologists and vets among general practitioners make good economists. However, that is not the case for we are not animals.
We are human beings. We are so far organised into populous and conscious collectives. At the same time, we are not static but progressive in stages of growth and developments in mind, body and soul.
The early stages of our lives we live in the realm of the populous collective and for most the second half of their life is lived in the realm of conscious collective. Nobody knows the time transformation occurs, but we know we don’t have to live like slaves in order to accumulate wealth in the hands of the few and use up the world’s resources to support their lifestyle.
There is a good balance to sustain our living without resorting to slavery and desperate conditions for living, let alone the innocent children in poverty.
The economy can be structured to organise a sustainable quality of life for all irrespective of difference while sparing world resources for the sake of the environment and climate change.