Subjects Archives: Economic Theory

In no time after the retreat from Afghanistan, NATO is already immersed in another proxy war in Europe, and the alliance, at U.S. behest, is lurching toward the Arctic to counter Russia and China’s “big plans for the polar region.”

The basic justification of every policy of the West is the ideology of ecumenism the West is projecting, full of complacency and arrogance. However, it is a false ecumenism, as it corresponds only to the narrow interests of the Western ruling classes, not the interests of humanity, writes Valdai Club expert Dimitris Konstantakopoulos. This article was written as a follow-up to the author’s presentation at the expert discussion “The Global Ideological and Spiritual Landscape and Russia’s Place on the New Values Map of the World”.

The story of the Visakhapatnam Steel Plant is not only a story about its workers. Their resistance, aspirations, and victories are part of a wider canvas that is interwoven with struggles to defend the public sector, confrontations with neoliberalism, and the fight to carry out a national modernisation project. Each collage in this dossier combines […]

I grew up in a small town in Vermont, and like many I learned to love the smell of fresh cow manure being spread on fields in the spring.

Renowned Indian economist and political analyst Prabhat Patnaik spoke with Bengali newspaper Ganashakti about the present state of India’s economy and politics, on the occasion of the 75th anniversary of India’s independence from British colonial rule.

Coinbase recently filed its interim financial report. It makes pretty grim reading. A quarterly net loss of over $1bn, net cash drain of £4.6bn in 6 months, fair value losses of over 600k…

The hegemony of the U.S. dollar was based on the fact that the world’s wealth-holders considered it to be “as good as gold”, even when it was no longer officially convertible to gold at a fixed rate, as it had been under the Bretton Woods system, after the collapse of that system.

SYDNEY and KUALA LUMPUR. Half a century after the 1970s’ stagflation, economies are slowing, even contracting, as prices rise again. Thus, the World Bank warns, “Surging energy and food prices heighten the risk of a prolonged period of global stagflation reminiscent of the 1970s.” 

“The people of Afghanistan have been made to suffer doubly for a government they did not choose.”

The post-colonial state in India had two primary tasks before it: one was to overcome the hegemony of metropolitan capital, so that a development strategy in relative autonomy from imperialism could be pursued; the second was to attack landlordism both to free the agrarian population from its clutches, and to increase agricultural output for rapid industrialisation based on a growing home market.

Last week, Republican Senator Ron Johnson called for ending Social Security and Medicare as entitlement programs, instead transferring them into the discretionary budget where they would be gutted.

As yours truly has reported repeatedly during the last couple of years, university students all over the world are increasingly beginning to question if the kind of economics they are taught–mainstream economics–really is of any value. Some have even started to question if economics is a science.

Democrats were set to mostly preserve, not close, a Wall Street tax loophole, before they dropped it entirely.

Capitalism comes into the world “dripping from head to foot, from every pore, with blood and dirt”. So concludes Marx after a lengthy account of the transition from feudalism to capitalism near the end of Capital, Volume I.

Fossil fuel firm’s profits are ‘an insult to families struggling to get by,’ TUC says.

Pivotal economic crises frequently evoke multiple explanations that are all correct while missing the point.

The New York Stock Exchange is perhaps the premier institutional expression of the capitalist economy.

The Western strategy to weaken Russia backfires on Europe.

The major economies are moving closer to recession, if they are not already there; and yet inflation rates continue to rise (for now). 

So, is this the moment of collapse in the Chinese model of development and the end of all that talk about ‘moving towards socialism’ etc? Many Western experts think so.