The productivity crisis

It has been the historic mission of the capitalist mode of production to develop the “productive forces” (namely the technology and labour necessary to increase the output of things and services that human society needs or wants).  Indeed, it is the main claim of supporters of capitalism that it is the best (even only) systemContinue reading “The productivity crisis”

China: demographic crisis?

Much has been made recently of the slowdown in population growth in China.  China’s population grew at its slowest rate in decades in the ten years to 2020, according to the latest census data, which also showed that births declined sharply last year. The nation’s once-in-a-decade census, which was completed in December, showed its populationContinue reading “China: demographic crisis?”

The unending nightmare of Gaza

The bombs rain down on Gaza city and the rest of the strip compounding the nightmare that Gaza is already for the people living there. Gaza, measuring 375 square kilometers (145 square miles) is home to around 2 million Palestinians, more than half of them refugees. Since 2007, the besieged enclave has been under aContinue reading “The unending nightmare of Gaza”

Some notes on the world economy now

These notes were based on an interview with me by Swiss-based journalist Thomas Schneider in German in early May. A sugar rush or economic recovery? The IMF foresees a strong economic recovery. The assumption is that the virus can be controlled to such an extent that lockdowns and social distancing are no longer necessary.Continue reading “Some notes on the world economy now”

Inflation and financial risk

Is inflation coming back in the major capitalist economies?  As the US economy (in particular) and other major economies begin to rebound from the COVID slump of 2020, the talk among mainstream economists is whether inflation in the prices for goods and services in those economies is going to accelerate to the point where centralContinue reading “Inflation and financial risk”

Wealth inequality

I have written before about the fact that, both in advanced and so-called ’emerging economies’, wealth is significantly more unequally distributed than income.  Moreover, the pro-capitalist World Economic Forum has reported that: “This problem has improved little in recent years, with wealth inequality rising in 49 economies.” The usual index used for measuring inequality in an economy is theContinue reading “Wealth inequality”

Post-Keynesianism: the principles

Like Marxist or mainstream economics, Keynesian economics has several strands.  There is Keynesian economics seen within the parameters of general equilibrium economics, where changes in income and expenditure, consumption and investment, interest rates and employment will tend to an equilibrium between employment and inflation, as long as there are no exogenous ‘shocks’ to the marketContinue reading “Post-Keynesianism: the principles”

Football: a people’s sport?

The collapse of the attempt to form a ‘super league’ of top European soccer teams by the billionaire owners of the big clubs is only an interrupted chapter in the story of the commodification of sport into profitable capitalist enterprises, owned and controlled by capital.  It is no accident that JP Morgan was the fundContinue reading “Football: a people’s sport?”

The roaring twenties repeated?

The latest data on economic recovery in China and the US suggest that both economies should be back to or above the pre-pandemic levels of national output by the end of this year (in the case of China probably some 10% above).  This has renewed optimism that the pandemic slump may quickly be reversed.  KeynesiansContinue reading “The roaring twenties repeated?”

IMF and debt: a new consensus?

There is much talk among ‘progressive’ economists that the IMF and the World Bank have turned over a new leaf.  Gone are the days of supporting fiscal austerity, demanding that national governments get public debt levels down and insisting on conditions for countries borrowing IMF-WB funds that their governments privatise their state assets, deregulate marketsContinue reading “IMF and debt: a new consensus?”