Subjects Archives: Capitalism

  Summary Cutting debt, deficits and wages poses a major crisis for both European governments and the European project.  The ETUC calls for a twin strategy to stabilise the current crisis by (1) transferring a major share of national debt to the ECB and for (2) net European bond issues to finance the European Economic […]

This is what the G-20 meeting that started yesterday in Seoul, the capital of the Republic of Korea, has been turned into. Many readers, saturated with acronyms, may wonder: What is the G-20? This is one of the many miscreations concocted by the most powerful empire and its allies, who also created the G-7: the United States, Japan, […]

  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 San Jose Mine incident in Chile has brought back old questions about labor and capital.  About those questions, raised by the 33 miners’ struggle to survive, I interviewed Michael D. Yates, Associate Editor of Monthly Review.  Yates was for many years professor of economics at the University of Pittsburgh at Johnstown, USA.  He is […]

John Maynard Keynes, though bourgeois in his outlook, was a remarkably insightful economist, whose book Economic Consequences of the Peace was copiously quoted by Lenin at the Second Congress of the Communist International to argue that conditions had ripened for the world revolution.  But even Keynes’ insights could not fully comprehend the paradox that is […]

CHAPTERS 28 and 29 Obama came down from the residence and saw Biden.  Biden advised him:  “What you’re about to do is a presidential order; it is no longer an issue of continuing a discussion. This is not what you think. This is an order. Without them, we’re locked into in Vietnam”. Obama answered: “I’m […]

  Overlooked in the recent rise of the Tea Party and the Republican Right is the way these groups have learned how to grow and thrive on the failures of capitalism.  The Democrats, in contrast, remain tied to its successes.  With capitalism performing particularly poorly at present, it is no wonder that the Right is […]

Michael Norton (of Harvard Business School) and Dan Ariely (of Duke) have released results (pdf) from a series of experiments they did in 2005 on the subject of wealth inequality.  They asked individuals in a nationally representative online panel to (1) estimate the current US distribution of wealth and (2) “build a better America” by […]

Paper prepared for the American Sociological Association Meetings in Atlanta, August 16th, 2010. There are many explanations for the crisis of capital that began in 2007.  But the one thing missing is an understanding of “systemic risks.”  I was alerted to this when Her Majesty the Queen visited the London School of Economics and asked […]

The new regulations on banks’ capital requirements known as Basel 3, made known to the public in mid-September, are a major institutional boost to the monopolistic position of the largest banks.1  In the new framework the capital that banks must hold against lending activities has been raised from a ratio of 2%, established by Basel […]

DIE LINKE (the Left Party) has initiated a debate on its draft party program, which it wishes to officially adopt in Autumn 2011.  Neues Deutschland is joining this debate with a series of articles.  In the Neues Deutschland article published on 9 August 2010, Michael Heinrich tackles the issue of the relationship between capital and […]

  Excerpt: Household Debt and Credit Developments in 2010Q21 Aggregate consumer debt continued to decline in the second quarter, continuing its trend of the previous six quarters.  As of June 30, 2010, total consumer indebtedness was $11.7 trillion, a reduction of $812 billion (6.5%) from its peak level at the close of 2008Q3, and $178 […]

  Paul Jay: In China in June, leaders of the Chinese Communist Party said that it’s time for workers’ wages to go up.  And there’s been a lot of discussion about whether China’s actually restructuring its economy to try to boost domestic demand.  Certainly in what leaders say in other parts of the world they […]

The Economist (July 15) published an editorial on Egypt and Saudi Arabia (two dictatorial countries allied with the United States in the Middle East) expressing hope that they would become democratic in the future.  What is surprising, however, is that in the same issue the magazine did a favorable review of a book by Stephen […]

A few days ago, an article was published that really contained many facts related to the oil spill that occurred 105 days ago. President Obama had authorized the drilling of that well, trusting in the capacity of modern technology to produce oil, which he wished to make abundantly available, thus freeing the United States from […]

There is a very pervasive view that the current capitalist crisis consists exclusively of the financial crisis and, in so far as the financial crisis is now over, the crisis as a whole is over.  This, I believe, is erroneous, and this is because, like Bob Brenner, I also believe that the current financial crisis […]

Joyce Appleby.  The Relentless Revolution: A History of Capitalism.  New York: W.W. Norton, 2010.  $29.95.  Pp. xii, 494. Joyce Appleby, who taught U.S. history for many years at UCLA, presided over both the Organization of American Historians and American Historical Association, and served her term as professor-in-exile among the Brits at Oxford, comes to the […]

  Paul Jay: So we’ve been talking about macroeconomic policy, the G-20, austerity.  And there was one little line in the G-20 document I thought was interesting, and it’s sort of buried in amongst everything.  It said countries could facilitate wages going up proportional to productivity, which is rather interesting, ’cause it’s the only time […]

  David Stasavage, Public Debt and the Birth of the Democratic State: France and Great Britain, 1688-1789.  xii + 210 pp.  Cambridge and New York: Cambridge University Press, 2003.  Tables, figures, notes, appendix, bibliography, and index.  $60.00 U.S. (cl).  ISBN 0-521-80967-3. In 1989, Douglass North and Barry Weingast published an article in the Journal of […]

“The thesis . . . is that in many ways the form of the current crisis is dictated very much by the way we came out of the last one.” — David Harvey, 26 April 2010 David Harvey is a Distinguished Professor at the City University of New York, Director of the Center for Place, […]