Forida is a 22-year-old sewing machine operator in a clothing factory in Dahka, Bangladesh. She often works 12-hour days producing clothes for brands such as H&M and Target. Sometimes, during busy production cycles, the hours are even longer.
Subjects Archives: Monopoly
Bitcoin has left the world of finance gasping. Although the total market value of all that cryptocurrency in circulation is only a fraction of the value of the world’s financial assets, the rapid rise in the value of the currency has made it the most wanted of those assets. On January 1, 2017, the currency […]
Given the thick haze of disinformation surrounding the economic situation in Venezuela, we thought it would be useful to publish the first chapter of The Visible Hand of the Market: Economic Warfare in Venezuela.
The images below are from a lecture I gave to at SOAS, London University, on 18 October. This was part of a series organised by the SOAS Economics Department, and my lecture covered the forms taken by corporate power today, focusing on Apple, Google/Alphabet, Facebook, Amazon and Alibaba.
The Federal Reserve released the 2016 version of the Survey of Consumer Finances today. I will be doing a lot of work with this data in the coming months. But for starters, here is a short post about overall wealth inequality.
The Hoover Company’s vacuum cleaners once so dominated its market that people often still describe using any make of vacuum cleaner as ‘hoovering up’. Similarly, people ‘Google’ information from the Internet, even if they do not use Google.
Where were the pundits and elected lawmakers who complain about the cost of providing healthcare to all Americans when the Senate voted to spend $700 billion on the military?
The US market evidently has a powerful influence on social trends elsewhere in the world. It has been shown not only by the popularity among youth of wearing low-hanging trousers and baseball caps backwards—although, thankfully, these trends have, like, faded—but also by how a system designed for an elite US university, Harvard, could end up […]
Amazon is an unusual company. With a market capitalization hitting $500bn at the end of July and no profit to show, it is not a company trying to be a part of the market, it is trying to become the market.
US policy toward Cuba (Trump reverses Obama’s Cuba deal, limiting travel and trade, 17 June) has been hijacked by a clique of Cuban-American politicians, who have sold their support in Congress to President Donald Trump. Above all, these individuals – and Trump – have demonstrated the corrupt and clientelist nature of the US political system. […]
In the U.S., where wealth is most highly concentrated, almost a quarter of income goes to the rich. So it should come as no surprise that a big chunk of the world’s richest call America home. Two out of five millionaires and billionaires live there, and their ranks are growing fast.
In this presentation Mexie begins to elaborate the theory of monopoly capitalism developed by Paul Baran and Paul Sweezy, incorporating recent theoretical development by John Bellamy Foster and Robert McChesney. Mexie has produced a number of other videos on the topic as well.
Growing inequality has been one of the most salient features of the US economy over the last 40 years. A variety of explanations for this rapid growth in top incomes have been proposed, including growing firm size new technology, the market for superstars, poor governance, and changes in top tax rates.
Prof Patrick Bond from the University of the Witswatersrand (Wits) tells Business Day TV why the World Economic Forum, which held its annual Africa meeting last week, serves the interests of the ruling elite at the expense of communities.
Why is the cause of abnormally high corporate profit margins in the US. The phenomenon is amongst other things upsetting the standard notion that profits are mean reverting to historic averages. Jeremy Grantham (of the global investment management firm, GMO) puts the cause down to three other factors: increased monopoly power, increased political power and […]
Those who advocate “freeing the market” claim that doing so will encourage competition and thereby increase majority well-being. These advocates have certainly had their way shaping economic policies. And the results? According to several leading economists, the results include the growing monopolization of product markets and the steady decline in labour’s share of national income. […]
1. The recent election of Donald Trump after Brexit, the rise of fascist votes in Europe, but also and much better, the electoral victory of SYRIZA and the rise of Podemos are all manifestations of the depth of the crisis of the system of globalized neoliberalism. This system, which I have always considered unsustainable, is […]
To add your signature to this open letter in solidarity, please sign at <bit.ly/2dtPmzP>. Open Letter to San Francisco State University President Leslie Wong: Uphold the MOU with An-Najah University and Support Professor Abdulhadi! Members of the Delegation with faculty and students from An-Najah University. In March 2016, nineteen of us were part of a […]
There is currently too much dramatic news abroad in the world, mostly bad. What can an election in one single city mean, far from most fronts? Yet the voting in Berlin last Sunday (September 18th) was full of drama and meaning, also outside Germany. The results caused some to grieve, some to applaud, and analysts […]
The defense of national sovereignty, like its critique, leads to serious misunderstandings once one detaches it from the social class content of the strategy in which it is embedded. The leading social bloc in capitalist societies always conceives sovereignty as a necessary instrument for the promotion of its own interests based on both capitalist exploitation […]