Subjects Archives: Global Economic Crisis

Economist Michael Hudson discusses the update of his book Super Imperialism: The Economic Strategy of American Empire and the financial motivations behind the U.S. new cold war on China and Russia.

As developing countries struggle to cope with the pandemic, they risk being set back further by restrictive fiscal policies. These were imposed by rich countries who no longer practice them if they ever did. Instead, the global South urgently needs bold policies to ensure adequate relief, recovery and reform.

A wealth tax would raise badly-needed revenue. More importantly, it could reduce the fortunes—and power—of billionaires.

Hello and welcome. I’m Lynn Fries producer of Global Political Economy or GPEnewsdocs. Today’s guest is Prabhat Patnaik. He is talking about his read on the history of capitalism that he breaks up into 5 periods from colonialism into the present.

The answer is plain to see: the two explanations are not contradictory. A combination of the two enables us to understand what has been happening right before our eyes.

In this episode, we’re joined by Rohan Grey (@rohangrey), President of the Modern Money Network, Director of the National Jobs for All Coalition, Research Fellow at the Global Institute for Sustainable Prosperity, and JSD student at Cornell Law school. Our conversation is dedicated to Rohan’s current work on the political, economic, and cultural implications of money’s digital future.

Ecological and social conditions are mostly ignored in a system in which profit is the goal: Fred Magdoff discusses capitalist agriculture

The G-7 meeting that has just concluded has promised to donate one billion doses of anti-Covid vaccine to the rest of the world, consisting primarily of the so-called “developing” countries.

SYDNEY and KUALA LUMPUR. With the pandemic setting back past, modest and uneven progress, huge disparities in containing COVID-19 and financing government efforts are widening the North-South gap and other inequalities once again.

The U.S. is launching a New Cold War against Russia and China in an attempt to deflect our attention from the escalating crisis of global capitalism.

U.S. President Joe Biden’s $1.9 trillion rescue package is one of the most ambitious measures to revive the U.S. and, with it, the world economy.

Science fiction writer Kim Stanley Robinson joins Money on the Left to discuss his Modern Monetary Theory-inspired “cli-fi” novel, The Ministry for the Future (2020).

Before the pandemic, private equity had amassed $2.5 trillion–more than the GDP of Italy–in ‘dry powder,’ waiting for distressed assets to plunder. Covid-19 provided them with the perfect opportunity.

The 2020 crisis we’ve endured isn’t an aberration of the system but, as Alex Callinicos argues, an aspect of its permanent crisis.

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.

Millions of day labourers in India lost their jobs overnight earlier this year when Narendra Modi’s central government hastily announced a national lockdown.

The super-rich increased their combined fortunes by 27.5% during the worst of the market turmoil from April through July.

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.

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.

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.