Have governments everywhere simply lost their marbles? Not much emerged from the Seoul G-20 Summit — and definitely not anything really desirable in the form of coordinated Global Keynesian policies (of the kind that Matías Vernengo has advocated in the TripleCrisis blog). But then, quite frankly, not much was really expected to come out, given […]
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Monthly Review Magazine
Carving Up Sudan
If Sudan gets carved up, it won’t be common people in southern Sudan who will benefit. Fahd Bahady is a Syrian cartoonist. This cartoon was published in his blog on 13 November 2010; it is reproduced here for non-profit educational purposes. The text above is an interpretation of the cartoon by Yoshie Furuhashi. | Print
On Paul Baran’s Political Economy of Growth
In underdeveloped countries the appropriation of the economic surplus by foreign capital or its absorption by nonessential consumption of the parasitic upper classes is emphasized, the repercussions being a low level of investment and slow economic growth.
The Gains from Trade: South American Economic Integration and the Resolution of Conflict
It has long been argued that expanding commercial relations between countries acts as an incentive for nations to avoid hostilities up to and including armed conflict. Indeed this was a major impetus behind the economic integration of Europe1 after World War II, which led to the European Union and more recently the currency union of […]
Let’s Launch an Enquiry into the Debt! A Manual on How to Organise Audits on Third World Debts
Excerpt: The first objective of an audit is to clarify the past, to untangle the web of debt, thread by thread, so as to reconstruct the sequence of events which has led to the present impasse. . . . Who has loaned and what was his role? How did the State find itself committed, […]
David Brooks’ Apocalypse
“Elections come and go, but the United States is still careening toward bankruptcy. By 2020, the U.S. will be spending $1 trillion a year just to pay the interest on the national debt. Sometime between now and then the catastrophe will come. It will come with amazing swiftness. The bond markets are with you until […]
What the Republican Victory Means for US Foreign Policy
Paul Jay: Certainly President Obama had more support for the war in Afghanistan from the Republican Party than he ever did from within his own party. But might this mean increased pressure for a more aggressive stance towards Iran? . . . What’s your take? How do you think this election might affect US foreign […]
Can We Afford Cost-Saving Efficiency?
So there are no technological fixes [to the environmental problem caused by increasing consumption] in sight? I’ve gone on from the basic footprint concept to demonstrate a couple of other interesting spin-offs. The assumption seems to be, in the mainstream, that improved technology, improved material and energy efficiency will help to solve this problem. […]
Econ 101 Fail
OK, folks. It’s time for a refresher on basic national accounts. Treasury Secretary Tim Geithner is interested in reducing current account surpluses around the world without devaluing the dollar. Good luck with that. Even worse, Geithner reiterated that the U.S. “will bring our fiscal position back to a sustainable balance.” Loosely speaking, our national income […]
From Field to Fork: Obama’s Agri Recipe for India
The government of the USA has planned for India to become an important consumer of its agricultural exports and crop science. India has also been planned as a host country for an agricultural research agenda directed by American crop-seed biotech corporations. This is to be achieved through a variety of programmes in India, some of […]
No Fracking Way! PA: Exemption without Taxation in the “Saudi Arabia of Natural Gas”
Part 1 Part 2 Part 1 Tom Corbett, Governor-Elect for Pennsylvania: It’s now time to come together, to tell the rest of the world — to tell the rest of the world Pennsylvania is open for business. Jesse Freeston: And that business is natural gas. Pennsylvania’s race was unique in that it was fought primarily […]
Are Public Sector Workers Overpaid? The Story of Underfunded Pensions
There has been a serious effort by many on the right to claim that public sector workers are overpaid. The typical way that critics make this argument is to simply compare the average wage of workers in the public sector and the private sector. This comparison does indeed show that public sector workers are paid […]
G-20 Barking Up the Wrong Tree
If the G-20 is going to be nothing more than a talking shop on economic issues, they ought to at least talk about the economic problems that really matter, and the ones that they can do something about. Not that currency values don’t matter — they are actually very important. And it is interesting to […]
TDU in Chicago
Chicago. During the 1970s, a small slice of the trade union left was able to tap into working-class discontent and workplace militancy in a very enduring way. The result, in the unlikely venue of the International Brotherhood of Teamsters (IBT), was an on-going “Tea Party” in the best and original sense of that Boston-based organizing […]
Emerging Markets Confront QE2: Capital Controls, Reserve Accumulation, or Both?
Paul Jay: You recently wrote a piece in the Guardian. The title is “Who Pays the Bill for the Fed’s QE2? By Depressing US Interest Rates, Quantitative Easing Forces Developing Countries to Defend Their Currencies at Crippling Cost.” What do you mean by that? Kevin P. Gallagher: One of the unintended effects of QE2 […]
The War on the Resistance in Lebanon Enters Its Fifth Phase
“We have overcome four phases [Resolution 1559, sponsored by France and the United States, imposing the Syrian withdrawal from Lebanon; the French temptation, i.e. Jacques Chirac’s offer of power in exchange for disarmament; Israel’s July War, backed by the United States, against Lebanon in 2006; the 5 May 2008 decision of the Lebanese government, prodded […]
Take a Stand for Peace
This letter invites you to join what will be the largest veteran-led civil resistance to U.S. wars and occupations in recent history, Washington, D.C., December 16: <www.stopthesewars.org>. During the Vietnam War, Martin Luther King called our government “the greatest purveyor of violence in the world today.” That was true then — and is even […]
Fed Bashing at the G-20: A Return to the Gold Standard Anyone?
A strange thing happened on the way to the G-20 meetings: world elite opinion has turned against the Federal Reserve’s “Quantitative Easing” (QE) program, the only significant “Keynesian” macroeconomic policy being implemented anywhere in the face of massive unemployment in much of the developed world; and this criticism is garnering some support from strange places, […]
On Deficit Commission Proposals
November 10, 2010 Senator Alan Simpson and Erskine Bowles appeared to have largely ignored economic reality in developing the proposals they presented to the public today. The country is suffering from 9.6 percent unemployment with more than 25 million people unemployed, underemployed, or who have given up looking for work altogether. Tens of millions of […]
Israel’s Self-Destruction: Reunifying the Palestinian Nation
Benjamin Netanyahu, Israel’s prime minister, is in the United States this week, but few observers expect an immediate or significant breakthrough in the stalled peace talks with the Palestinian leadership. In public, Mr. Netanyahu maintains he is committed to the pledge he made last year, shortly after he formed his right-wing government, to work towards […]
