PURE RATIONALISM

2010, Oil on Italian Linen, 152 x 152cm

For half a century, economic rationalists such as Milton Friedman and his ilk held sway, extolled free market ideology such as exporting manufacturing to countries with cheap labour. 

Corporations loved the idea. It increased their profit. And the resulting unemployment: well, it wasn’t their problem. That responsibility falls upon the rest of society. 

Globally, the issues simply compound. The decline of collective wealth has found some “wealthy” post-industrial nations unable to fund their appetites. To make ends meet they borrow from the supposedly “poor” manufacturing countries, who in turn have no choice but to keep lending so they can be paid. The symbiosis of debt and consumption is sustainable only by more consumption - which no one can afford. Laurence Kotlikoff, Boston University Professor of Economics, has likened this Catch 22 to a six decade Ponzi Scheme. 

On the docks new debt is piled onto old into an ever-rising Jenga tower. This teetering edifice is cemented together only by hope. And the fear any deviation may precipitate it’s collapse.