Economy

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...

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 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...

China: myths and reality

There is an interesting debate to the interior of Marxist tendencies on the current nature of the Chinese State. There are different points of view regarding this. However, the predominant idea is that in China, unlike in the former URSS, capitalism has not been restored, although deep pro-capitalist reforms...

A new situation of political crisis opens in the UK

Post Brexit, a political crisis has deepened in the UK for both Labour and Tory parties. The majority vote was 52 percent with a turn out of 72 percent (higher than 2015 general election turn out of 67 percent). A majority of older workers and a majority of populations...

Decreasing of China’s growth is followed by an increase in working class struggles

The expectations were high when the Chinese government announced on April 14 the 2015 first-quarter growth figures of the country. Governments and banks around the world wanted to know if the reduction in the growth of the Chinese economy, expressed by the Gross Domestic Product (GDP) would be...

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...

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...

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 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...

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