UK: wishing for a V-shape

Last week, the Conservative Chancellor (finance minister) Rishi Sunak in the UK presented a plan to support businesses and workers as Britain emerges from the pandemic lockdown.  The financial support for workers ‘furloughed’ by their employers is being ratcheted down by the government to zero by end October.  After that, workers and employers are onContinue reading “UK: wishing for a V-shape”

Sweatshops and monopsony power – a review

Leicester is a medium-sized city in the centre of England.  It has come into the limelight in the last few weeks because of an outbreak of COVID-19 in the city, forcing a local lockdown, while the rest of England starts to ‘come out’.  Leicester has a relatively high British Asian community and many are concentratedContinue reading “Sweatshops and monopsony power – a review”

Deficits, debt and deflation after the pandemic

The Great Lockdown enforced by the COVID-19 pandemic has driven governments across the globe to apply extensive bailout and fiscal stimulus programmes.  On average, these measures of wage supplements, furlough payments, loans and grants to firms; and emergency spending on health and other public services, have been paid for by extra government spending equivalent toContinue reading “Deficits, debt and deflation after the pandemic”

Trade wars are class wars – part two: global imbalances?

Trade wars are Class Wars by Matthew Klein and Michael Pettis has now been entered as one of the best books of the year by the FT and one to read over the summer by Martin Wolf, the FT’s economics guru. Wolf says that “This is a very important book. Its central argument is thatContinue reading “Trade wars are class wars – part two: global imbalances?”

Trade wars and class wars: part one – the global savings glut?

This review of a new book is in two parts as there is much to say. Here is the first part. ‘Trade wars are class wars‘ is the title of a new book by Matthew Klein and Michael Pettis. Matthew C. Klein is the Economics Commentator at Barron’s. He has previously written for the FinancialContinue reading “Trade wars and class wars: part one – the global savings glut?”

The deficit myth

Stephanie Kelton is  professor of economics and public policy at Stony Brook University, a former Chief Economist on the U.S. Senate Budget Committee (Democratic staff) and was an economic policy adviser to Senator Bernie Sanders, the leftist American presidential hopeful.  Kelton is a prominent exponent and populariser of what is called Modern Monetary Theory (MMT).Continue reading “The deficit myth”

Resetting the economy – for social need not profit

In a recent World Economic Forum (WEF) virtual meeting, the ageing heir to the British monarchy, Prince Charles spoke with IMF chief Kristalina Georgieva. Charles’s speech was part of a launch event for The Great Reset, a project involving the WEF and the Prince of Wales’s Sustainable Markets Initiative, aimed at rebuilding the economic and social systemContinue reading “Resetting the economy – for social need not profit”

Coronavirus, the economic crisis and Indian capitalism

Below is the transcript of the presentation that I made on 30 April to the Indian Students Forum (TISS) in Mumbai.  It has been published by Students’ Struggle, the monthly bulletin of the Students Federation of India, a student organisation associated with the Communist Party of India (Marxist).  It is a little out of dateContinue reading “Coronavirus, the economic crisis and Indian capitalism”