The ’emerging market’ slump

Forecasts of a global slump in the rest of 2020 are coming in droves from mainstream economists – it’s now the consensus that there will be a contraction in global real GDP in at least two consecutive quarters (Q1 and Q2), in the wake of COVID-19 pandemic and the ‘lock down’ in response. The InternationalContinue reading “The ’emerging market’ slump”

Engels’ pause and the condition of the working class in England

On this day, 15 March 1845, Friedrich Engels published his masterpiece of social analysis, The Condition of the Working Class in England.  This year is the 200th anniversary of Engels’ birth.  Below is a short (rough) extract from my upcoming book on the contribution that Engels made to Marxian political economy.  Engels was just 24Continue reading “Engels’ pause and the condition of the working class in England”

It was the virus that did it

I’m sure when this disaster is over, mainstream economics and the authorities will claim that it was an exogenous crisis nothing to do with any inherent flaws in the capitalist mode of production and the social structure of society.  It was the virus that did it.  This was the argument of the mainstream after theContinue reading “It was the virus that did it”

UK budget: too little, too late

Rishi Sunak, the ex-hedge fund UK Chancellor, has presented the first budget of the Johnson government.  The first thing is that the government is increasing spending by £30bn this fiscal year (of which £12bn is for handling the coronavirus outbreak) and plans to spend £175bn more than previously in this parliament. The government’s policy decisionsContinue reading “UK budget: too little, too late”

Let’s get fiscal!

How to grease the aching wheels of a sickening world capitalist economy?  Let’s get fiscal is the universal cry of economists and policy makers.  The COVID meltdown and impending global recession is forcing authorities to consider fiscal stimulus. Monetary policy is running out of ammunition and was not working anyway in restoring business investment, productivityContinue reading “Let’s get fiscal!”

Disease, debt and depression

As I write the coronavirus epidemic (not yet declared pandemic) continues to spread.  Now there are more new cases outside China than within, with a particular acceleration in South Korea, Japan and Iran.  Up to now more than 80,000 people infected in China alone, where the outbreak originated. The number of people who have been confirmedContinue reading “Disease, debt and depression”