Subjects Archives: Global Economic Crisis

THE G-20 meeting in Delhi was occurring in the midst of an acute economic crisis of the world economy.

AS SIGNIFICANT as the fact of BRICS expansion are which countries are now set to join: Iran, Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia and Argentina.

Despite the limitations of the BRICS project, it is clear that the increase in South-South trade and the development of Southern institutions (for development financing, for instance) challenges the neo-colonial system even if it does not immediately transcend it.

South Africa’s media agencies report that the country’s authorities have rejected a French request to send an invitation to President Emmanuel Macron to attend the upcoming summit of the BRICS economic group.

The 2019 Global Climate Strike—in which more than 6 million people from 150 countries partook—is a misnomer.

A gas mogul’s case against Beto O’Rourke could deter candidates from ever talking about money in politics.

Jayati Ghosh warns against historically disastrous approaches to the sovereign-debt crisis hitting low- and middle-income countries.

The International Labour Organisation’s Global Wage Report 2022–23 tracks the horrendous collapse of real wages for billions of people around the planet.

It is in vogue nowadays to describe the multifaceted and intertwined crises of capitalism without referring to capitalism itself. Obscure jargon of ‘overlapping emergencies’ and ‘polycrisis’ are brought up to describe the complexity of the situation, and they serve, with or without intention, to conceal the culprit, namely the totality of capitalist relations.

A new book explains how an economist, in challenging the orthodoxy, has helped activists change the world.

Preoccupied with enhancing their own ‘credibility’ and reputations, central banks (CBs) are again driving the world economy into recession, financial turmoil and debt crises.

WHAT is called OPEC+, that is the 13 members of the Organisation of Petroleum Exporting Countries (OPEC) together with 11 other petroleum exporting countries led by Russia, decided on October 5 to cut their oil production by 2 million barrels per day, starting from November. The U.S. had been pressing OPEC not to take this decision.

SYDNEY and KUALA LUMPUR, Sep 27, 2022 (IPS)—Inflation phobia among central banks (CBs) is dragging economies into recession and debt crises. Their dogmatic beliefs prevent them from doing right. Instead, they take their cues from Washington: the U.S. Fed, Treasury and Bretton Woods institutions (BWIs). Costly recessions  Both BWIs—the International Monetary Fund (IMF) and World […]

As rich countries raise interest rates in double-edged efforts to address inflation, developing countries are struggling to cope with slowdowns, inflation, higher interest rates and other costs, plus growing debt distress.

Developed countries use 3.5% of their income to pay interest on their debt, while developing ones must use 14%, which complicates their situation.

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…

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.” 

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.

According to an analysis by Elements Newsletter based on the BP Statistical Review of World Energy 2022, roughly 43% of the world’s oil production came from just three countries in 2021 — the US, Saudi Arabia, and the Russian Federation. Together, these three countries produced more oil than the rest of the top 10 combined.

Sri Lanka owes 81% of its external debt to US and European financial institutions and Western allies Japan and India. China owns just 10%. But Washington blames imaginary “Chinese debt traps” for the nation’s crisis, as it considers a 17th IMF structural adjustment program.