From the horse’s mouth

Alan Greenspan was chairman of the US Federal Reserve during the great credit boom of 2002-07, which, as we know, ended in the massive credit crunch and financial sector collapse and the Great Recession of 2008-9. During the boom period, he was hailed as a virtual god by Wall Street speculators and mainstream economists.  BobContinue reading “From the horse’s mouth”

The British election – it’s the economy stoopid!

Britain will go to the polls on Thursday 6 May.  The campaigns of the major parties are under way and the usual ‘scandals’ and ‘revelations’ are coming to the surface, whether it is Gordon Brown’s bullying behaviour to his staff or Lord Ashton’s economics with the truth over his ‘offshore’ tax status as the mainContinue reading “The British election – it’s the economy stoopid!”

The rate of profit and economic crisis – the debate

It’s been a while since my last blog – other things to do, I’m afraid.  And I promised to deal with some of the key criticisms of my view of the laws of motion of capitalist crisis that I raised in my  book, The Great Recession (available from However, that will have toContinue reading “The rate of profit and economic crisis – the debate”

Unfair society, unhealthy lives

Coming on hard behind the recent UK report on inequality of income and wealth in the UK (see my blog, Inequality in Britain, 28 January 2010) is a new report on the health of Britons (or the English, to be more exact).  Commissioned by the UK government , chaired Sir Michael Marmot, Professor of PublicContinue reading “Unfair society, unhealthy lives”

Profit cycles – do they exist?

Nobody agrees with me, whether they are Marxist or non-Marxist economists, but I reckon that profitability of capitalism moves in cycles.  The profit cycle is about 32-36 years, with an up phase of 16-18 years followed by a down phase of similar length. In my book, The Great Recession, ( or at Amazon, reading “Profit cycles – do they exist?”

US unemployment (17% without work)

The latest figures for US employment came out on Friday.  January’s data showed that the US economy is still shedding jobs.  Indeed, from the start of the recession until March 2009, the US economy lost 8.4m workers (this figure was just revised up over a million).  And of course, there is probably another 1m furtherContinue reading “US unemployment (17% without work)”

Greek countdown

Who is paying for capitalism’s worst financial crisis and slump since the Great Depression?  As Marxists could easily predict – it won’t be the top 1% of income earners and owners of capital.  No, it will be ordinary working people and their families, who are in no way responsible for the trillions on investment valueContinue reading “Greek countdown”

Overproduction and capitalist crisis

I have recently had a few emails that have asked me whether the Great Recession that we have just been through (and previous economic recessions) was caused by overproduction or by the falling rate of profit.  It would be churlish for me to answer by saying: read my book!  After all, that is what aContinue reading “Overproduction and capitalist crisis”

Inequality in Britain

It is truly shocking.  The just published report of UK’s National Equality Panel, called An anatomy of Economic Inequality in the UK, could not be more devastating as an indictment of the inequalities bred by the capitalist system.  The report shows what Marxists already know: that the capitalist system of production enables a very smallContinue reading “Inequality in Britain”