Public versus private

The threat by Scott Walker, the governor of Wisconsin in the US, to end collective bargaining arrangements with public sector workers in that state is nastiest move yet by the ‘free market’ Republicans as a response to the slump in US capitalism.  The governor is trying to portray the very victims of the banking collapseContinue reading “Public versus private”

Taxing capitalists

The big talk in the UK this weekend (at least among those interested in such things) is the news that although Barclays Bank made £4.85bn (nearly $8bn) operating profit in 2009, it paid just £113m in taxes to the UK government, or an effective tax rate of 2.4%.  This is against the official corporate taxContinue reading “Taxing capitalists”

America: from progressive to rentier

US capitalism is no longer a progressive force in the development of productive forces.  What do I mean?  An economy is ‘progressive’ in the sense that it develops more and new things that people can use to improve their living standards and reduce their hours of toil.  Capitalism is a social mode of production thatContinue reading “America: from progressive to rentier”

Is America recovering?

The January employment figures in the US were totally confusing.  The increase in jobs in January was announced as just 36,000, way below most economists’ forecasts.  That suggested the US economy is stuttering and would not sustain an economic recovery.  On the other hand, the January unemployment rate fell from 9.4% to 9.0%, a hugeContinue reading “Is America recovering?”