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Blogging from a Marxist economist

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Russia under Putin

In my last post, I described how Western capital is planning to take over and control Ukraine’s resources and exploit its labour force to the maximum in order to boost the profitability of both Ukraine’s domestic capitalists (oligarchs) and foreign multi-nationals. However, there is a problem for Western capital and Ukraine’s oligarchs: it’s Russia.  TheContinue reading “Russia under Putin”

Ukraine: the invasion of capital

Last week, Ukraine’s foreign private creditors agreed to the country’s request for a two-year freeze on payments on about $20bn of foreign debt.  This would enable Ukraine to avoid defaulting on its overseas borrowings.  Unlike other ‘emerging economies’ in debt distress, it seems that foreign bondholders are happy to help Ukraine out – if onlyContinue reading “Ukraine: the invasion of capital”

The IRA and the four horsemen of the climate apocalypse

The announcement that US President’s Biden’s Inflation Reduction Act (IRA) has got the backing of pro-business, coal-mining owner Democratic Senator Manchin has been greeted with a wave of optimism that the US target of cutting carbon emissions in half before the end of this decade (or 40% compared with 2005 levels), can be met.  “ThisContinue reading “The IRA and the four horsemen of the climate apocalypse”