Marx’s law of profitability after Capital

The Global Marxism series organized by SSK in Korea has delivered a number of important presentations and papers on aspects of Marxist economics. I participated in the second round with a paper on the Economics of Modern Imperialism. Recently Hideto Akashi of Komazawa University, Tokyo returned to the fray with a presentation on Marx’s law ofContinue reading “Marx’s law of profitability after Capital”

Profits call the tune

I have argued in many posts that ‘profits call the tune’ in capitalist accumulation.  What I mean by that is that any change in business profits (and profitability) will lead to changes in business investment – and not vice versa over time.  Profits are key to capitalist investment, not ‘effective demand’ as Keynesians argue, orContinue reading “Profits call the tune”

Peru: a crunch election

Today, 25m Peruvians vote in the second round of a crucial Presidential election.  The voters are being asked to choose between two candidates.  The first and leading in the polls is ‘self-confessed’ socialist Pedro Castillo, 51 years old, a schoolteacher, based Cajamarca, one of the poorest regions of Peru and home to South America’s largestContinue reading “Peru: a crunch election”

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?”

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”


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