This post was first published on May Day in the Lebanon journal, Project Zero, in Arabic. https://alsifr.org/new-era-labourer May Day is traditionally celebrated as International Workers Day when people mobilise to support the strength and importance of labour in its perennial struggle against capital in society. Apart from participating in marches and demonstrations around the world,Continue reading “A new Spring for Labour?”
Author Archives: michael roberts
Joseph Stiglitz and ‘progressive capitalism’
The liberal leftist economist and Nobel (Riksbank) prize winner Joseph Stiglitz has another book out to proclaim the benefits of what he calls ‘progressive capitalism’. The Road to Freedom is a play on the title of Friedrich Hayek’s infamous book, The Road to Serfdom, published in 1944, which claimed that government intervention into the ‘freedomContinue reading “Joseph Stiglitz and ‘progressive capitalism’”
Vulture capitalism
Grace Blakeley is a media star of the radical left-wing of the British labour movement. She is a columnist for the left-wing journal, Tribune, and a regular panellist on political debates in broadcasting – often the only spokesperson on the left advocating socialist alternatives. Her profile and popularity took her last book, Stolen, straight intoContinue reading “Vulture capitalism”
Inflation and interest rates: the US experience
Once again the US Federal Reserve is in a quandary. Does it cut its policy interest rate soon in order to relieve pressure on debt servicing costs for consumers and businesses and perhaps avoid a stagflationary economy (ie low or no growth alongside higher inflation); or does it hold its current interest rate for borrowingContinue reading “Inflation and interest rates: the US experience”
Inclusive economics and the IMF
The great and the good have just finished attending a special World Economic Forum in Riyadh, Saudi Arabia. The theme of the conference for the over 1000 delegates from corporations, governments and international agencies was global cooperation and inclusive growth. In other words, how to reverse the growing international trade wars and rising inequality ofContinue reading “Inclusive economics and the IMF”
Further thoughts on the economics of imperialism
Back in 2021, Guglielmo Carchedi and I published a paper in Historical Materialism called The Economics of Modern Imperialism. The paper focused exclusively on the economic aspects of imperialism. We defined that as the persistent and long-term net appropriation of surplus value by the high-technology advanced capitalist countries transferred from the low-technology dominated countries. WeContinue reading “Further thoughts on the economics of imperialism”
India: Modi and the rise of the billionaire Raj
A general election in India starts today. 970m Indians, more than 10% of the world’s population, will head to the polls in what will be the largest election in history for the Lok Sabha (House of the People) parliamentary elections. The poll will spread across India and take up to 4 June to complete. OpinionContinue reading “India: Modi and the rise of the billionaire Raj”
The tepid twenties
The semi-annual meeting of the IMF and World Bank starts this week. The agencies and their invited guests will discuss the state of the world economy and the challenges ahead and present policy solutions. At least that’s the ostensible idea. Kristalina Georgieva, managing director of the IMF, has just been re-appointed for another five-year termContinue reading “The tepid twenties”
China’s unfair ‘overcapacity’
The recent nonsense issued by the US Treasury Secretary Janet Yellen on China’s ‘overcapacity’ and ‘unfair subsidies’ to its industries is particularly pathetic. As Renaud Bertrand put it: “the so-called threat of China’s industrial overcapacity” is a buzzword that actually means that China is simply too competitive, and by asking it to address this, whatContinue reading “China’s unfair ‘overcapacity’”
From the Magnificent Seven to the Desperate Hundred
In Q1 2024, global stock markets recorded their best first-quarter performance in five years, buoyed by hopes of a soft economic landing in the US and enthusiasm about artificial intelligence. A MSCI index of worldwide stocks has gained 7.7% this year, the most since 2019, with stocks outperforming bonds by the biggest margin in anyContinue reading “From the Magnificent Seven to the Desperate Hundred”