Subjects Archives: Financialization

  These are original poster designs by EDUdebtorsunion.org.  They are all formatted for print on standard 8 1/2″ x 11″ letter paper.  Please print and display anywhere you think this information would be relevant, provocative, or necessary! Some ideas of placement: Within Universities: Financial Aid Office, Bursar’s Office, Cashiers’ Windows, Student Unions Within the City: […]

  9 July 2010 Today’s most e-mailed article on the New York Times website is “Biggest Defaulters on Mortgages Are the Rich” — in a nutshell, homeowners with loans over $1 million are more likely to have stopped paying their mortgages than those with more modest homes.  As law professor Brent White states, the wealthy […]

  The economic crisis is in essence a debt crisis.  For all the economic complexity involved in the details it is basically easy to understand.  There are way too many pieces of paper that supposedly entitle their holders to social wealth and there is not enough of that wealth to meet all those claims.  Debt […]

  Paul Jay: So, in talking to people in Israel, one thing I hear constantly is the fight here is about national identity, it’s about the defense of the Jewish state.  I don’t hear very much about economics of Israel or the economics of occupation.  So how does national identity relate to the economics here? […]

  Martin Wolf described it as “a bloodbath.”  The Financial Times editorial called it a “chilling read.”  Britain’s budget is one of austerity, the likes of which has not been seen in generations.  A 25 per cent cut in public spending; a quarter of a million or more public sector jobs to be slashed.  It […]

Everyone is talking about China’s currency, it seems.  Amidst months of building tension, there is an apparent consensus among most economists, the financial press, and leading economic policy makers in the West that the renminbi is hugely undervalued, making China’s exports unfairly competitive.  The global imbalances created by such ‘mercantilist’ and ‘protectionist’ exchange rate strategies, […]

The U.S. and European Union together make up about half of the global economy, and recovery is quite uncertain in both of these big economies.  Contrary to a lot of folk wisdom and political posturing, the problem is not irresponsible government spending in either case, but a lack of commitment by the authorities in both […]

  Colin Leys is an honorary professor of politics at Goldsmiths College London, who has worked in the UK, Africa and Canada.  He was until recently the co-editor of Socialist Register.  One of Colin’s books is Market-Driven Politics.  A week before the UK general election Edward Lewis spoke to him about some of the themes […]

The current turmoil in financial markets around the world is another illustration of the damage that can be done by a bloated and politically powerful financial sector, combined with finance ministers and central bankers who identify with this sector and have their own right-wing policy agenda. Welcome to Europe, which has become the epicenter of […]

  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 […]

  A week ago eurocrats launched their campaign of overwhelming force designed to shock and awe the ”wolf pack” of professional speculators and institutional investors (hedge funds and pension fund managers) into a more docile, subservient position.  In the currency market, the shock and awe wore off after the first 48 hours, while, by the […]

  On 26 April 2010, the management of Middlesex University in London, England announced that it was cutting all its philosophy programs and shutting down the Centre for Research in Modern European Philosophy, the top-rated research department at Middlesex.  The statement below offers solidarity from Zagreb, Croatia to the campaigners to Save Middlesex Philosophy. — […]

  Abstract: China’s integration into the global economy, while rapid, has been managed as part of a wider liberalization process.  The structural changes in the rural economy arising from these twin processes have led to widening intra-rural inequalities.  To address these, the central leadership has, in Polanyian manner, moved to counter some of the adverse […]

  CALL TO ACTION Organize Events in Your City! Confront Dow Chemical at the Dow/Live Earth Run for Water Tell Dow: You Can’t Run from Your Responsibilities! APRIL 18 2010, 8:00 am Dow Chemical was among the chief producers and profiteers of Agent Orange during the Vietnam War.  In addition to wartime exposure resulting in […]

  An interview with Egyptian economist Samir Amin: his latest book reiterates his search for alternatives to surpass capitalism, which he describes as “a historical parenthesis”; meanwhile, processes of migration are building a planet of slums. “Memoirs of an Independent Marxist”: that is the subtitle of A Life Looking Forward (Zed Books, 2006), the latest […]

  Andrew Fischer: The Chinese oversaving, I think, is a false argument.  If you say it’s because of Chinese oversaving, what you’re basically implying is that Chinese households save a lot of money because their consumption is being repressed because of industrial policies in China that take money away from households and direct it toward […]

  What are the consequences of the implementation of neo-liberal economic philosophy for industrialization and development of poor countries?  The answer: de-industrialization of many low-income countries; destruction of their food production (influenced also by protectionist agricultural policies of developed countries), thus their heavy dependence on food imports.  The boom in commodity prices had improved the […]

Harvard just announced its charges for the 2010-2011 academic year: $51,000 per undergraduate.  That covers tuition, fees, room and board.  It does not cover such things as clothing, books and computers, school supplies, room furnishings, cleaning expenses, travel to and from Cambridge, MA, and entertainment.  If we conservatively estimate these to cost another $9,000 on […]

  Economist Heiner Flassbeck holds the German wage policy responsible for the problems of Greece. Neither the drastic Greek austerity program nor the proposed European Monetary Fund can help the euro zone out of its difficulties.  Instead, Heiner Flassbeck calls for higher wages in the Federal Republic of Germany in order to cope with the […]

The prospects for democracy, socio-economic development, and conflict resolution will suffer if the West continues to rely on punitive measures. This time, the warmongers’ silly season found its apogée in U.S. neo-conservative Daniel Pipes’ advice to Obama to “bomb Iran,” which appeared shortly after Tony Blair, having outlined why he helped invade Iraq, remarked ominously, […]