Subjects Archives: Economic Theory

  . . . Public debt levels as a share of GDP declined substantially in the Latin American region during the five years preceding the great global crisis of 2008 and 2009.  Data available for the largest seven countries in the region (LAC-7)1 show that the ratio of total public debt to GDP fell from […]

  Abstract: Few would dispute that sovereign defaults entail significant economic costs, including, most notably, important output losses.  However, most of the evidence supporting this conventional wisdom, based on annual observations, suffers from serious measurement and identification problems.  To address these drawbacks, we examine the impact of default on growth by looking at quarterly data […]

This essay was first published in Political Quarterly in 1943; it is reproduced here for non-profit educational purposes. A shorter version of this essay was published in The Last Phase in the Transformation of Capitalism (Monthly Review Press, 1972). I 1. A solid majority of economists is now of the opinion that, even in a […]

  The Fourth Strini Moodley Annual Memorial Lecture, University of KwaZulu-Natal, 13 May 2010 I In her historical novel, A Place of Greater Safety, which is played out against the backdrop of the Great French Revolution through an illuminating character analysis and synthesis of three of that revolution’s most prominent personalities, viz., Maximilien Robespierre, Georges […]

  You now describe yourself as a Marxist, with plans for a Marxist theory group in Hungary in addition to your ongoing work as a writer and political commentator from the Left.  Why Marx now?  In Central and Eastern Europe after 1989, Marxist ideas and theories were hard-pressed to survive their connection to state socialism […]

  The austerity measures imposed on Greek workers to reduce the deficits are nothing but a prelude of what may happen to the other European countries.  The Greek crisis demonstrates the divisions in the ruling class on the strategies to adopt. For the second time since December 2008, Greece is at the heart of politics […]

  The Brazilian expression “Greek Present” (Presente de Grego) means unwelcome gift, an obvious reference to the infamous Trojan Horse.  The current crisis in Greece might show that the euro was just one of those presents.  If the European Union (EU) does not provide sufficient resources to preclude not just a default, but also and […]

In Part 1 of this article we argued that Slavoj Žižek and Alain Badiou’s account of the foundation of Communist universalism in the event of Christianity signals a number of inconsistencies immanent to their respective ontologies (Coombs 2009).  For Žižek it appears difficult to reconcile his touted open interpretation of Hegel with the ontological significance […]

Boston, MA, December 4, 2009 — “More tax breaks for the super wealthy is one of the last things our economy needs right now,” says Lee Farris, Estate Tax Policy Coordinator for United for a Fair Economy (UFE). “Back in 2001, the Bush Administration enacted a massive tax cut for multi-millionaires by gradually reducing the estate tax over several years. Now, instead of reversing at least part of this damaging Bush tax break, the House voted to make that cut permanent.”

  John Bellamy Foster is the editor of the socialist magazine Monthly Review and teaches sociology at the University of Oregon.  He has written on numerous subjects, from political economy to Marxist theory.  This year Foster published The Ecological Revolution: Making Peace With the Planet. Max van Lingen is a student of political philosophy and […]

  Introduction to Shlomo Sand, The Invention of the Jewish People by Bertell Ollman The Invention of the Jewish People is divided into two parts.  The first is a long section on the theory of nationalism, whose main characteristic, according to Sand, is the tendency to invent a past that suits the current needs and […]

  “[I]t may be surprising to learn that faculty salaries are not a major component of the total costs at most universities.  For instance, at my institution, Eastern Michigan University, faculty salaries make up only 24 percent of total expenses.  So where is the money going?” — Howard Bunsis Conclusion: Yes, these are bad economic […]

  Amandla: Early in 2009 you published your book The Great Financial Crisis (coauthored with Fred Magdoff).  Could you reflect now almost a year later on what made the current recession more severe than previous recessions?  Why has it been compared to the Great Depression and what type of recovery are we likely to see? […]

  Abstract: This dissertation is an in-depth study of the structures, actors, and policy communities associated with U.S. public diplomacy toward Iran.  Since 2006, the U.S. government has spent more than $200 million for its Iran-related public diplomacy via State Department “democracy promotion” programs, National Endowment for Democracy, and the Broadcasting Board of Governors.  These […]

In the months following the outbreak of the financial crisis in late 2007, the general climate among economists and economic commentators was kind of a stupor.  Mainstream economists and conservative politicians — who had clamored for decades for the government to keep its hands off the economy, for balanced budgets, and for taxes as low […]

The Maoist movement in India is a direct consequence of the tragedy of India ruled by her big bourgeoisie and governed by parties co-opted by that class-fraction.  The movement now threatens the accumulation of capital in its areas of influence, prompting the Indian state to intensify its barbaric counter-insurgency strategy to throttle it.  In trying […]

  Anastasia Pinto is executive director of the Center for Organizing, Research and Education in India.

  The Obama administration’s decision to scrap the Bush era anti-missile defense plans in Eastern Europe was actually expected.  Nonetheless, this was a very pragmatic move on the part of Washington.  However, the immediate talk and plans for a different American-led “stronger, smarter, and swifter” anti-missile strategy was not helpful.  I will reserve judgment on […]

  There is growing anger in Swaziland as it emerges that the media have been forced to censor news that a group of King Mswati III‘s wives have been on another international shopping trip squandering up to E50 million (6 million US dollars) that should belong to ordinary Swazis. When the wives went on a […]

  For many years, various American governments have called on Israel to stop the expansion of settlements, but Israel has consistently ignored this demand.  The Obama administration has been the most vocal administration so far in articulation of this demand.  Yet unfortunately a number of American individuals and institutions have provided large quantities of material […]