Subjects Archives: Political Economy

The neoliberal model that has dominated mainstream politics and economics for decades is in crisis.… Mass dissatisfaction has joined with the growing realisation by the managers of the capitalist system that neoliberal policies are incapable of dragging the world economy out of the rut in which it now finds itself 10 years after the onset of the global financial crisis.

Art and Value: Art’s Economic Exceptionalism in Classical, Neoclassical and Marxist Economics reveals the irreconcilable differences between the Marxist economic definition of the term ‘value’ and its other uses in relation to the art object. It corrects the faulty assumption that rare or historical objects bear intrinsic value, symptomatic of capitalist worldview. Beech’s analysis of art’s value-form is critical to unpacking the double ontological condition of art as both an object of collective symbolic value and a hoard of monetary value, since the two operate in mutually exclusive spheres, yet function to constitute one another. The book can help us understand the capitalist sleight of hand that allows art to flicker between two forms of being, making profit appear as value, and value appear as significance (and vice versa), the toggling between the two facilitating the transfer of commonly held symbolic value in support of the individual accumulation of wealth.

Martin Hart-Landsberg takes a look at the tragedy of what life is like for the working class. Allowing for us to directly see what we already know, that US capitalism works to enrich the few at the expense of the many.

Looking at the present and future system of capitalism, there is a vital crisis at the heart of it all. Democratic capitalism, starting out in the 18th century, has had its ups and downs but even Marx, Keynes, Rosa Luxemberg, and Kondratieff have all failed to establish theories to break out of the capitalist system.

David Russio takes a look into the punishments (deaths) that come from capitalism. For is it really bringing balance to the destruction that it causes. That seems to be the loaded question we all know the answer to.

Murders of trade unionists and social leaders, paramilitary activity, coca production… If we only paid attention to the mainstream media we would not get the idea that these problems are actually growing in Colombia, one year after the peace agreement between the Colombian government and the FARC came into place. To get a better picture and understand how all these elements connect to US policy and corporate interests, we interviewed Daniel Kovalik, a lawyer and human rights activist who has long been involved in the struggle for peace and justice in Colombia.

IMF, World Bank, & Structural Adjustment

Talk by Robin D. G. Kelley on “What is Racial Capitalism and Why Does It Matter?” recorded November 7, 2017 at Kane Hall, University of Washington, Seattle, WA. Sponsored by the UW Simpson Center for the Humanities.

Nary a day goes by that President Trump and/or the talking heads on CNBC fail to mention the following unemployment chart as evidence that “everything is awesome” with the U.S. economy…

Venezuela is an emblematic case of the infernal cycle that Latin America has been struggling with over the last two centuries. It all began in 1810, when Simon Bolivar, a figurehead of the Spanish colonies in their fight for freedom, began borrowing from London in very unfavourable conditions to finance the wars of independence.

Key to social reproduction theory (SRT) is an understanding of the ‘production of goods and services and the production of life are part of one integrated process’, or in other words: acknowledging that race and gender oppression occur capitalistically.
In this article, Susan Ferguson, a contributor to Social Reproduction Theory, shows how SRT can deepen our understanding of everyday life under capitalism. She explores the history of this dialectical approach, its variances, and its potentialities; providing an answer to the question: social reproduction theory, what’s the big idea?

This is expanded and updated from an article first published in German in Das Argument: Zeitschrift für Philosophie und Sozialwissenschaften, no. 323 (2017/3); republished with the kind permission of its editors; originally presented in a panel “The Crisis of the Political,” Institut für kritische Theorie, Berlin, June 9, 2017. For their comments and suggestions, I […]

The Precariat under Rentier Capitalism Guy Standing We are in the midst of a Global Transformation, analogous to Karl Polanyi’s Great Transformation described in his seminal 1944 book. Whereas Polanyi’s Transformation was about constructing national market systems, today’s is about the painful construction of a global market system. To use Polanyi’s term, the ‘dis-embedded’ phase has been dominated by an ideology of market liberalisation, commodification and privatisation, orchestrated by financial interests, as in his model. The similarities also extend to today’s fundamental challenge, how to construct a ‘re-embedded’ phase, with new systems of regulation, distribution and social protection.

It is probably obvious to everyone that global capitalism is in dire straits, notwithstanding the brave talking up of output recovery that now characterises almost every meeting of the international governing elite. Even so, discussions of the end of capitalism still typically seem overstated and futile, not least because those hoping and mobilising for bringing in an alternative system are everywhere so scattered, weak and demoralised

As of July 2017, the Bank of England measured the stock of private debt held by individuals at £1.548 trillion; making household sector indebtedness one of the biggest problems facing the United Kingdom’s economy and society. There is growing public policy concern over the historically unprecedented level of household debt but little by way of proposed solutions to deal with it.

Thanks to the release of the so-called Paradise Papers, and the additional research conducted by Gabriel Zucman, Thomas Tørsløv, and Ludvig Wier, we know that a large share of the surplus captured by corporations is artificially shifted to tax havens all over the world.

Why is the book called “Political Economy of Labor Repression in the United States”, and not the “History of Labor Repression in the United States”? Considering it is a rather comprehensive survey of labour history in the US, how do you explain your choice of the title?

The North American Free Trade Agreement (NAFTA) is unpopular with many working people in the United States, who correctly blame it for encouraging capital flight, job losses, deindustrialization, and wage suppression.

Let us not forget that Standard & Poor, Moody and Fitch rating services are financed by the banks and therefore have no real independence.

Following is the text of a talk delivered by the author on Nov. 4 at the “The Solution is Socialism” educational conference in Connecticut. The conference was hosted by the Youth for Socialist Action chapter at Central Connecticut State University, where the sessions were held.