Biden’s four years

It’s inauguration day.  There is a new president in the US, the most powerful capitalist economy and state in the world.  Joe Biden’s four-year term begins today, as Donald Trump slinks off to his Florida estate and golf course, after saying that his “movement is just beginning”. What is the state of the United StatesContinue reading “Biden’s four years”

ASSA 2021: part two – the radical answers

At the annual conference of the American Economics Association (ASSA), there are sessions hosted by the Union for Radical Political Economics (URPE) for Marxist and other heterodox economists to present papers. At this year’s ASSA 2021, many of the URPE sessions were concerned with the economic impact of COVID-19 and climate change, as did theContinue reading “ASSA 2021: part two – the radical answers”

Forecast for 2021

This time last year, I started my post on the forecast for 2020 by making a distinction between predictions and forecasts.  I argued that we can make predictions that can be tested, say about the climate and global warming.  Climate scientists predict that if carbon emissions keep rising, then global temperatures will keep rising and eventuallyContinue reading “Forecast for 2021”

The Brexit deal

The UK finally leaves the European Union on 31 December, after 48 years of membership (if you include joining the European Economic Community in 1973).  The initial decision to leave, made in the special referendum back in June 2016, has taken over four tortuous years to implement.  So what does the deal mean for BritishContinue reading “The Brexit deal”

Top ten posts of 2020

As usual at this time of the year, it’s the annual stock take for this blog.  This year there have been 670,000 hits on the blog to date.  That’s up 45% on 2019, another record!  That may not match the millions that hit the sites of mainstream economists but it’s not bad for a Marxist.Continue reading “Top ten posts of 2020”

Books in the year of the COVID

Every year, I do a post on books that I have reviewed during the last 12 months. What’s a bit surprising in this year of the COVID is that I did not review any books specifically on the pandemic. Even the excellent book by John Bellamy Foster, The Return of Nature: Socialism and Ecology, whichContinue reading “Books in the year of the COVID”

The Friedman doctrine in the 21st century

The Stigler Center at the Booth Business School of the University of Chicago has just published an e-book commemorating Milton Friedman’s pronouncement on the valuable and virtuous role of modern capitalist corporations. Named after leading neoclassical economist George Stigler, the Stigler Center wanted to honour the work of Milton Friedman in justifying capitalist corporations as aContinue reading “The Friedman doctrine in the 21st century”

A credit crash ahead?

The pandemic global slump of 2020 is different from previous slumps in capitalism.  The boom and slump cycle in capitalist production and investment is often triggered by a financial crash, either in the banking system (as in the Great Recession of 2008-9) or in the ‘fictitious capital’ world of stocks and bonds (as in 1929Continue reading “A credit crash ahead?”

G20: the debt solution

This weekend, the G20 leaders’ summit takes place – not physically of course, but by video link.  Proudly hosted by Saudi Arabia, that bastion of democracy and civil rights, the G20 leaders are focusing on the impact on the world economy from the COVID-19 pandemic. In particular, the leaders are alarmed by the huge increaseContinue reading “G20: the debt solution”

Bidenomics: boom or bust?

With just two days to go, all the public opinion polls indicate that Democratic Party candidate Joe Biden is going to win the US presidential election and oust incumbent Donald Trump.  The Democrats will also solidify their majority in the lower house of the US Congress, the House of Representatives; and perhaps take over theContinue reading “Bidenomics: boom or bust?”