SafeAsMilk wrote:I'm sure the imaginary golf facilities there are excellent.
I'm surprised he didn't try to convince the leaders to let him build a golf course, or a tower. But then Africa is full of dark-skinned people, and we know he hates those.
Election is over
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SafeAsMilk wrote:I'm sure the imaginary golf facilities there are excellent.
Thank you very much. It’s a great honor and privilege -- because he’s become a friend of mine -- to introduce President Erdoğan of Turkey. He’s running a very difficult part of the world. He’s involved very, very strongly and, frankly, he’s getting very high marks. And he’s also been working with the United States.
We have a great friendship as countries. I think we’re, right now, as close as we have ever been. And a lot of that has to do with the personal relationship.
Calilasseia wrote:Hmm, interesting ... Aggie, has Glubb by any chance been a student of Oswald Spengler?
Cito di Pense wrote:American society is unique only if you believe in American exceptionalism.
Any government that's overly cozy with the US should probably be checking their privilege. I'll just let that stew for awhile.
crank wrote:I've seen a couple of other collections of data that show the US has started demonstrating all the hallmarks of past empires about to crumble. One of the major signs is the growth of rent-seeking as the predominate generator of 'income'. The best example of this in today's world is the derivative markets that do nothing productive, they only shuffle account values, at ever accelerating rates, generating massive profits that are probably the largest piece of the GDP, though the 'p' there is a sham.
And now, Trump is opening the door to all rent-seekers no matter how base their motivation. Perhaps the most dangerous is the attempt to kill net neutrality, we thought we won that, at least for a while, not a mere couple of years.
A most severe case of runaway rent-seeking was described by the historian Rostovtvzeff, who wrote of the late Roman empire:
The reforms of Diocletian and Constantine, by implementing a policy of systematic spoliation to the profit of the State, made all productive activity impossible. The reason is, not that there were no more large fortunes: on the contrary, their build-up was made easier. But the foundation of their build-up was now no longer creative energy, or the discovery and bring into use the new sources of wealth, or the improvement and development of husbandry, industry and commerce. It was, on the contrary, the cunning exploitation of a privileged position in the State, used to despoil people and State alike. The officials, great and small, got rich by way of fraud and corruption.
crank wrote:That's a different kind of rent-seeking. It's a technical term, economics-jargon, it basically means activities that are not in themselves productive, but only serve to gain profits. It's the rent-seeking that's causing a lot of the job insecurity. This looks like an interesting recent piece on this behaviour: Great Problems: An Epidemic of Rent-seeking, and it goes back to the Romans for an example:A most severe case of runaway rent-seeking was described by the historian Rostovtvzeff, who wrote of the late Roman empire:
The reforms of Diocletian and Constantine, by implementing a policy of systematic spoliation to the profit of the State, made all productive activity impossible. The reason is, not that there were no more large fortunes: on the contrary, their build-up was made easier. But the foundation of their build-up was now no longer creative energy, or the discovery and bring into use the new sources of wealth, or the improvement and development of husbandry, industry and commerce. It was, on the contrary, the cunning exploitation of a privileged position in the State, used to despoil people and State alike. The officials, great and small, got rich by way of fraud and corruption.
The origin of the term refers to gaining control of land or other natural resources.
Georgist economic theory describes rent-seeking in terms of land rent, where the value of land largely comes from government infrastructure and services (e.g. roads, public schools, maintenance of peace and order, etc.) and the community in general, rather than from the actions of any given landowner, in their role as mere titleholder. This role must be separated from the role of a property developer, which need not be the same person.
Rent-seeking is an attempt to obtain economic rent (i.e., the portion of income paid to a factor of production in excess of what is needed to keep it employed in its current use) by manipulating the social or political environment in which economic activities occur, rather than by creating new wealth. Rent-seeking implies extraction of uncompensated value from others without making any contribution to productivity.
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