Subjects Archives: Financialization

China and India are generally regarded as the two large countries in the developing world that are the “success stories” of globalisation.  This success has been defined by the high and sustained rates of growth of aggregate and per capita national income; and the substantial reduction in income poverty.  Further, both China and India are […]

  Democracy Insurgent is a majority people-of-color activist group animated by principles of democracy, anti-racism, anti-imperialism, queer liberation, Third World Feminism, and workers’ power.  We are based in Seattle, Washington.  We are a member group of the UW Student Worker Coalition.  Find out more at <nobudgetcutsuw.blogspot.com> and <democracyinsurgent.org>.  Contact us at <d.insurg@gmail.com>. | | Print […]

  The current Greek economic crisis has an aspect of ancient tragedy (for the Greek people) mixed with a bad theatrical farce (staged on behalf of the European and the Greek bourgeoisie). The farce comes first.  Till very recently the two establishment parties (the center-left PASOK and the center-right ND) preached that their economic policies […]

The President of Argentina, Cristina Fernández, recently fired the head of the central bank, Martín Redrado, when he rejected the government’s plan to use $6.6 billion of international reserves to pay off debt. The domestic and international press response was overwhelmingly negative, with complaints that this would “kill central bank independence.” Leaving aside the question […]

In most parts of the world today (except perhaps in India, where optimism about the benefits of unregulated financial markets still seems to dominate over the undisputable evidence of their many fragilities) most policy makers talk about imposing regulations on the financial sector.  Of course, the events of the past two years in the world […]

The Dynamite Prize in Economics, to be awarded to the three economists who contributed most to enabling the Global Financial Collapse (GFC), or more figuratively, to the three economists who contributed most to blowing up the global economy. Vote for three.  The candidates’ dossiers are below the ballot. View This Pollpolling Short List of Nominees […]

The gap between annual incomes of the top 10 per cent of US citizens and what the other 90 per cent gets has been widening sharply for the last 30 years.  The nation’s economic development has been increasingly divisive.  Professor Emmanuel Saez of the University of California at Berkeley, a leading expert, summarizes the facts […]

  If you want to be reminded of the myriad of ways in which markets fail, you will welcome the new and timely book by John Cassidy titled simply How Markets Fail.  Cassidy is not only an economist but a rare one who can write. Indeed, he writes so well that he is a regular […]

John Bellamy Foster is editor of Monthly Review and author of The Great Financial Crisis (2009, with Fred Magdoff) and The Ecological Revolution (2009) — both from Monthly Review Press.  This interview was conducted from Dhaka by Farooque Chowdhury (editor of Micro Credit: Myth Manufactured, 2007) for MRzine and Bangla Monthly Review.  It is part […]

It should be noted that the words of the four trade unionists quoted in the last section of this article — Vilma Vivas, Stalin Pérez Borges, Ismael Hernández, and José Meléndez — are all part of the statement of Marea Socialista (mentioned but once in the article), so they should not be regarded simply as […]

The United Nations conference to address climate change in Copenhagen over the last week has illustrated several crucial features of contemporary politics, as Obama completes a year in power, the NATO plots a military surge into the war spanning from Palestine to Afghanistan, and an economic recovery staggers along. Three Features of Political Climate First, […]

  Every gathering with a foretold script.  The security barriers mark a neutered zone for dissent.  Finally though, there is this one day in Brooklyn.  The air is traversed (by bridge) and the marchers walk from one bank to another.  It isn’t a miracle but it is beautiful.  x number of women and men for […]

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.”

December 3, 2009 To Whom It May Concern: A modest set of financial transaction taxes could raise a substantial amount of needed revenue while having little impact on trades that have a positive economic impact. The cost of trading financial assets has plummeted over the last three decades as a result of computerization.  This has […]

Testimony at the Hearing Entitled “Taking Stock: Independent Views on TARP’s Effectiveness,” before the Congressional Oversight Panel for the Troubled Asset Relief Program, 19 November 2009 Thank you, Chairwoman Warren for inviting me to share my views on the success of the Troubled Asset Relief Program (TARP) to date and its impact on the broader […]

As the world looks to full stabilisation and a rebound from the crisis due to the efforts of governments, clearly, it is finance rather than the real economy that has benefited more from those initiatives.  In fact, the turnaround in the financial sector, which was responsible for the crisis in the first instance, has been […]

President Obama will go to Asia and has promised to say something about the exchange rate between the Chinese yuan and the U.S. dollar.  It would be good if some enterprising journalist asked him why the United States is worried about the Chinese dumping their dollars, and why U.S. Treasury Secretary Tim Geithner recently said […]

  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? […]

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 […]

Mike Whitney: In your new book, The ABCs of the Economic Crisis: What Working People Need to Know, you allude to right-wing think tanks, like the Heritage Foundation and the American Enterprise Institute, which promote a “free market” ideology.  How successful have these organizations been in shaping public opinion about capitalism?  Do you think that […]