Canada’s Liberal Party prime minister Justin Trudeau has managed to get re-elected for the third time in the snap general election he called. The Liberals won or were leading in 158 seats out of a total of 338 seats, and the Conservatives trailed the Liberals, winning or leading in 122 seats, four more than theirContinue reading “Canada: no change”
China’s Evergrande Group is the second largest property developer in China and it is teetering on the brink of bankruptcy. Evergrande has hired ‘restructuring advisers’ and warned that its liquidity is under “tremendous pressure” from collapsing sales, facing protests by home buyers and retail investors. Based in Shenzhen in southern China, Evergrande is saddled withContinue reading “Not so Evergrande”
Back in May the Chinese government set up a special zone to implement ‘common prosperity’ in Zhejiang province, which also happens to be the location of the headquarters of several prominent internet corporations– Alibaba among them. And last month, China’s President Xi Jinping announced plans to spread “common prosperity”, heralding a tough crackdown on wealthyContinue reading “China and common prosperity”
Major stock markets are hovering near all-time highs and commodity prices (food and materials) are rocketing. At the other end of the scale, short-term interest rates are near or below zero, and even long-term government and corporate bonds are at record prices (record low yields). All this is driven by huge injections of money createdContinue reading “Booms and bezzles”
Professor David Harvey is probably the best-known scholar of Marxist economics in the world. Over the years, Professor Harvey and I have engaged in debate and discussion on Marx’s law of value and Marx’s law of the tendency of the rate of profit to fall. Professor Harvey has always been sceptical of the relevance ofContinue reading “The rate and the mass of profit”
Next weekend, the central bankers of the world meet in a slimmed down COVID annual jamboree at Jackson Hole, Wyoming US. The bankers will hear from Fed chair Jay Powell and US Treasury secretary Janet Yellen and wade though academic papers commissioned from various mainstream ‘monetary economists’. The big issue is whether it is timeContinue reading “The Jackson Hole dilemma”
The swift collapse of Afghanistan puppet government when US troops withdrew from the war with the Taliban and left the country after 20 years has been likened to the fall of Saigon at the end of the 30-year ‘American’ war against the Vietnamese people. The scenes of Afghans trying to get onto US planes atContinue reading “The relative decline of US imperialism”
The sixth report from the Intergovernmental Panel on Climate Change (IPCC) runs to nearly 4,000 pages. The IPCC has tried to summarise its report as the ‘final opportunity’ to avoid climate catastrophe. Its conclusions are not much changed since the previous publication in 2013, only more decisive this time. The evidence is clear: we knowContinue reading “Climate change: the fault of humanity?”
A December 2020 meeting of the Chinese Communist party Politburo, vowed to end what it called a “disorderly expansion of capital”. The Chinese leaders were worried that the capitalist sector in China had got too big for its boots. Companies like Jack Ma’s Ant Group had expanded into consumer financing and looked to raise foreignContinue reading “China’s crackdown on the three mountains”
The Austrian school of economics is outside the mainstream. The Austrians start from micro-assumptions. This is not the neoclassical view of rational, fully informed human agents, maximizing their utility and profits. On the contrary, human actions are speculative and there is no guarantee of success in investment. According to Karl Menger, the founder of thisContinue reading “The Austrian Business Cycle”
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