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Michael Roberts blog

Blogging from a Marxist economist

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Covid and fictitious capital

During the year of the COVID, output, investment and employment in nearly all the economies of the world plummeted, as lockdowns, social isolation and collapsing international trade contracted output and spending.  And yet the opposite was the case for the stock and bond markets of the major economies.  The US stock market indexes (along withContinue reading “Covid and fictitious capital”

Biden’s four years

It’s inauguration day.  There is a new president in the US, the most powerful capitalist economy and state in the world.  Joe Biden’s four-year term begins today, as Donald Trump slinks off to his Florida estate and golf course, after saying that his “movement is just beginning”. What is the state of the United StatesContinue reading “Biden’s four years”