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”
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”
This weekend, the leaders of the ‘free world’ are flying (and helicoptering) into Cornwall, at the tiny end of England, for the first physical meeting of the G7 nations. As they increase the carbon footprint sharply through extensive fossil fuel activity, the G7 agenda will include dealing with climate change, global ‘action’ on the COVIDContinue reading “Imperialism meets in Cornwall”
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”
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”
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 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”
These notes were based on an interview with me by Swiss-based journalist Thomas Schneider in German in early May. https://www.facebook.com/klaus.klamm.9235/ 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”
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”
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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