Economy

A Global Manufacturing Recession

As we enter October, the global recession is with us – in manufacturing.  The PMI manufacturing activity indexes for most of the major economies are below 50, the threshold for expansion or contraction.  These are only surveys of corporate managers asking them about production, sales, employment etc.  But PMIs...

The G20 and the Cold War in Technology

Last weekend’s G20 summit in Osaka resolved nothing substantial in the ongoing trade and technology war that the US is now waging with China. At best, a truce was agreed on any further escalation in tariffs and other measures against Chinese tech companies.  But there was no long-lasting agreement...

What leaves 2018 and what is coming in 2019 for our struggles

No one can deny that 2018 was an intense year. Imperialism and the national bourgeoisies have not ceased in their attacks, standing firm in their intention to make the working class and the exploited people of the world paying for the economic crisis, which they generated. By Daniel Sugasti More than...

Turkey: The beginning of the “Raki Effect”?

In 1994, the Mexican financial crisis had a strong international impact called the “tequila effect”. Currently, the crisis lived by the Turkish currency (lira) also begins to expand to other countries. Has the “raki effect” began? By: Alejandro Iturbe The current crisis of the Turkish lira was triggered by the announcement...

What Lies Behind Trump’s Threat of Trade War?

"We are like the piggy bank that everyone is robbing, but this is over." With these words, US President Donald Trump announced that his country would not sign the G7 summit’s joint statement held in Canada on June 8-9. By Marcos Margarido.   A few hours earlier, Canada's Prime Minister Justin Trudeau...

The underlying reasons for the Long Depression

There are two new mainstream papers out that offer some interesting analysis on the reasons behind the Long Depression that the major economies (or at least, the US) have suffered since the end of the Great Recession in 2009 – in the growth of real GDP, productivity, investment and...

Forecast for 2017

It has now been eight years of what I have called a Long Depression, since the Great Recession started in January 2008 (see Recessions, depressions and recoveries 071215).  So, in looking ahead to 2017, I thought it might be necessary to check what my forecasts or predictions were in...

ASSA 2017 – part one: productivity and inequality

One of the main themes of this year’s annual conference of the American Economics Association, ASSA 2017, was whether capitalism was slowing down. Was the productivity of labour (output per ASSAworker or per hours worked) no longer growing at previous trend rates and indeed capitalism was entering some level...

Testing Trumponomics

Before Donald Trump was elected, stock markets went down every time he improved in the public opinion polls.  Finance capital did not want him to win.  But since his surprise election, stock markets have not slumped.  On the contrary, they have risen substantially along with a strengthening dollar.  It...

The Long Depression – an interview with Michael Roberts

Mark Kilian from de Socialist, a Dutch socialist journal, talked to me about my new book, the current economic stagnation, the prospects for another recession and the way out for capitalism.  Here is the English translation of the interview kindly provided by Mark and edited by me. MK: Our government...

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