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Finance versus the people in the era of the pandemic
THE current pandemic has brought to the fore, and with exceptional clarity, the fundamental contradiction underlying contemporary globalisation, namely, the contradiction between the interests of finance and those of the people. Indeed this contradiction, which characterizes the era of globalisation as a whole, has now come to a head.
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Pandemic and socialism
As COVID-19 grips the world, in country after country, there is socialization of healthcare and of production of some essential goods, which markedly departs from the capitalist norm
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Some basic lessons from the pandemic
The coronavirus attack has so far been much less deadly than the Spanish flu of a century ago. That had affected 500 million people worldwide, about 27 per cent of the world’s population of the time, and had a death rate of about 10 per cent among those affected.
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The uses of “populism”
CLASS struggle occurs in the realm of concepts too. The World Bank for instance systematically counters Left concepts by employing a novel tactic: it uses the very same concepts as are used by the Left, but gives them a wholly different meaning; as a result they either come to mean something entirely different from what the Left had originally meant by them, or, at the very least, they become fuzzy and hence useless to the Left. In either case the power of the Left concept is neutralised.
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Capitalism, socialism and over-production crises
Unlike capitalism, socialism avoids any waste or slack, such as is caused by an over-production crisis, by raising the consumption of workers appropriately to avert it.
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The perversity of the neo-liberal fiscal regime
When income growth slows down in an economy, so does the growth of tax revenue within the given tax regime. Since the government has certain expenditure obligations, to meet these obligations it has to either impose additional taxes or expand its fiscal deficit.
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Some comments about Marx’s epistemology
Marx’s eleventh thesis on Feurbach: “the philosophers have hitherto only interpreted the world in various ways, the point is to change it”, has been often taken to mean that interpreting the world and changing the world are two separate and disconnected activities.
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The systemic crisis of world capitalism
THE hallmark of a systemic, as distinct from a cyclical or sporadic, crisis of capitalism is that every effort to resolve the crisis within the broad confines of the system, defined in terms of its prevailing class configuration, only worsens the crisis.
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The debate over inequality
The debate over inequality has become hotter world-wide. While Trump had introduced substantial tax cuts for the rich in 2017, and Britain’s Boris Johnson, the front-runner to succeed Teresa May, has promised to do the same if he becomes Prime Minister, there are strong proposals for taxing the rich which have also been mooted. Bernie Sanders had such a proposal for the U.S. during the time that he was seeking the Presidential nomination of the Democratic Party.
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The global shift to the right
No matter how successful the Right may be in the short-run in mobilising people around a divisive agenda, it is incapable of leading them out of the current economic crisis. It is only the Left that can provide a way out.
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Finance and growth under neo-liberalism
A neo-liberal capitalist economy therefore does not have the instruments that capitalism earlier had for providing a bulwark against its slipping into recession and stagnation; the question is: does it have any instruments at all?
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Shadow of fascism
In its attack on civil liberties, its restructuring of the State to effect an acute centralization of power, and its pervasive purveyance of fear, the Modi years resemble Indira Gandhi’s Emergency. But the resemblance stops there. In fact the two differ fundamentally in several ways.
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How economics is serving to camouflage imperialism
The intellectual hegemony of mainstream bourgeois economics, by invariably seeing capitalism as a self-contained closed system, serves to obscure the phenomenon of imperialism.
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The Yellow Vest movement
Nothing shows the crisis of neo-liberal capitalism more clearly than the popular uprising in France that is occurring under the banner of the “Yellow Vest” movement.
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Contemporary capitalism and the world of work
The most significant feature of contemporary capitalism which is of relevance to the world of work is its inability to provide work to a substantial proportion of persons looking for it.
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Vilifying the intelligentsia
NARENDRA Modi said the other day, rather disparagingly, that the “Urban Naxals” live in air-conditioned comfort. Since all who speak or write in public upholding the right to dissent from the Hindutva positions, including even known critics of the Left, which means virtually all members of the intelligentsia who display any integrity, have been dubbed “Urban Naxals” by his government, his remark in effect amounts to targeting the entire intelligentsia.
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Neo-Liberalism and the diffusion of development
Capitalism in short was the panacea for mass poverty in the third world and not its progenitor as the Marxists had been arguing. The crisis that is enveloping the third world economies at present, is putting an end to that claim.
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The Indian economy in a tailspin
THE Indian economy is in a tailspin. This cannot be attributed only to innocence in economic matters of the command-centre of the NDA government. While that is indubitably a contributing factor, the current travails of the economy point to something deeper, namely the dead-end to which neo-liberalism has brought the economy.
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Dossier 7: The imperialism of finance capital and ‘trade wars’
Trump wants to resolve the crisis for America, caused by neo-liberalism, within the basic confines of neo-liberalism itself, i.e. without violating its core characteristic, which is free global mobility of finance.
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In memoriam: Samir Amin
Samir Amin, the renowned Marxist thinker and economist, passed away on August 13 in Paris. Born in Cairo on September 3, 1931, to an Egyptian father and a French mother, he had his initial education in Egypt before moving to Paris where he obtained his doctorate in Political Economy.