Paul Mason

It would work for a while because the ‘memory’ of the appropriate prices would be imprinted on to the system, but once that memory faded, it would collapse in chaos.

we must understand from the outset that neoliberalism can exist only because certain key countries do not practise it.

The ‘network effect’ was first theorized by Bell Telephone boss Theodore Vail 100 years ago. Vail realized that networks create something extra, for free. In addition to utility for the user of a telephone and revenue for the owner, he noticed a third thing: the more people join the network, the more useful it becomes to everybody.