The 2020 crisis we’ve endured isn’t an aberration of the system but, as Alex Callinicos argues, an aspect of its permanent crisis.
Subjects Archives: Global Economic Crisis
Chart of the day
Both the number of initial unemployment claims for unemployment compensation and the number of continued claims for unemployment compensation are once again on the rise, signaling a worsening of the Pandemic Depression.
How the rich are cashing in on pandemic pain
Millions of day labourers in India lost their jobs overnight earlier this year when Narendra Modi’s central government hastily announced a national lockdown.
Billionaires’ net worth grows to $10.2 trillion during pandemic
The super-rich increased their combined fortunes by 27.5% during the worst of the market turmoil from April through July.
Debt disaster with no escape
According to the IMF, about half of Low Income Economies (LIEs) are now in danger of debt default. ‘Emerging market’ debt to GDP has increased from 40% to 60% in this crisis.
Paradise for human victims of corporate persons
Any day now, Zambia will be the first African country to slip into a private debt default. It can only pay interest on the $3 billion in dollar-denominated bonds if it totally ignores the needs of the Zambian people.
Chart of the day
U.S. billionaires have recouped all of their wealth—and more—during the Pandemic Depression. Meanwhile, since May, the number of poor Americans has grown by about 8 million.
A missing pledge in the 2020 Democratic Party platform
For 52 years—from 1936 to 1988—the Democratic Party pledged support for the achievement of full or maximum employment.
Deutsche Bank money laundering scandal could create greatest economic crisis in history
The leak of the FinCEN Files over the weekend has rocked global markets and augurs a financial crisis of epic proportions as Deutsche Bank hovers over the precipice.
Beyond the mainstream
This is certainly not the first time people have looked beyond mainstream economics.
The protracted crisis of capitalism
THERE is a commonly-held view that the current crisis in capitalism, which has resulted in a massive output contraction and increase in unemployment, is because of the pandemic; and that once the pandemic gets over, things will go back to “normal”.
“A disturbing milestone”: America’s top 12 plutocrats now own $1 Trillion in wealth
New figures from the Institute for Policy Studies show that, despite a pandemic that has stunted the economy for months, America’s billionaire class is becoming richer than ever, adding nearly $700 billion to their fortune since the nationwide lockdown in March.
Leftist leaders call for cancellation of debts owed by developing countries
A statement signed by former Brazilian president Dilma Rousseff and Indian Kerala State’s finance minister Thomas Isaac, among others, highlights the inadequacy of the measures announced recently by the G20 and IMF to postpone debt repayment.
Some are in super-yachts and others are clinging to drifting debris
COVID-19 has exposed the lie that free markets can deliver healthcare for all, the fiction that unpaid care work isn’t work, the delusion that we live in a post-racist world. We are all floating on the same sea, but some are in super-yachts and others clinging to drifting debris.
Laos has tackled COVID-19, but it is drowning in debt to international finance
On June 11, Laos (Lao People’s Democratic Republic)—a country of 7 million in Southeast Asia—said it had temporarily prevailed over COVID-19.
Congress is a month away from cutting the economy’s fiscal life support
The most important economic problem the United States is facing is the failure to contain Coronavirus and the unethical decisions politicians have been making to reopen without the administrative capacity to limit the virus’s spread.
Ten-Point agenda for the Global South after COVID-19
In 1974, the United Nations General Assembly passed a New International Economic Order (NIEO), which was driven by the Non-Aligned Movement (NAM).
The problem of external debt
There is a massive problem of external debt building up for the third world, of which the recent Argentine debt crisis was only one manifestation. At the root of the problem is the collapse of primary commodity prices in the world market which began in April 2011.
Catastrophe capitalism and the COVID-19 crisis
ÖŞK: In an interview with Michael D. Yates (“Trump, neo-fascism, and the COVID-19 Pandemic,”April 11, 2020, MR Online) you mentioned that “Capitalism is in its biggest crisis this century.” What makes this crisis the “biggest”? What will the outcome of this crisis look like? Will this crisis and failure lead to a major change in […]
Facing the ecosocial crisis: Is a socialist planning of the economy feasible?
The current ecological and social crisis, a crisis which has seen its effects increased by a public health emergency caused by the COVID-19 pandemic, is a crisis which raises serious concerns over environmental sustainability and social polarization and which has a fundamental cause: the blind logic pursued by our economy system, where everything is secondary […]
