Subjects Archives: Political Economy

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. Can such a system serve as a symbol of “freedom” to anyone in the world?

“Capitalism cannot reform itself; it is doomed to self-destruction. No universal selfishness can bring social good to all. Communism—the effort to give all men what they need and to ask of each the best they can contribute—this is the only way of human life.” With this sober stroke of his insurgent pen, the 93-year-old scholar joined the Communist Party.

Organizing a strategy that is likely to win is no easy task. After all, the enemies of the working class are more powerful today than ever before; they have control over the military, the media, the courts, the politicians, and even the unions. The fight against the patriarchal capitalist system, therefore, must be strategic to be effective.

If you reject from the outset the idea of uniting a majority based on shared economic interests, then pretty much all you’ve got left is the “thoughtful and humane co-optation” of racism and xenophobia.

Capitalism is characterized by both centripetal and centrifugal tendencies. There is not and cannot be a transnational capitalist state and for that reason there cannot be a transnational capitalist class.

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.

Spending cuts, deregulation, outsourcing: between them they have turned a state supposedly there to protect and support citizens into a machine to make money for the rich while punishing the poor. It’s never described like that, of course. Class warfare is passed off as book-keeping. Accountability is tossed aside for “commercial confidentiality”, while profiteering is dressed up as economic dynamism. One courtesy we should pay the victims of Grenfell is to drop the glossy-brochure euphemisms. Let’s get clear what happened to them: an act of social murder, straight out of Victorian times.

The experience of the last three decades has clearly demonstrated that social struggles in and of themselves are not sufficient to stop the drift to the right and re-establish a dynamic of social advances. That requires going beyond defensive strategies and creating a positive alternative project that is authentically social and democratic.

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.

Visitors will be invited to reflect on capitalism as if looking back at it from a world in which capitalism is dead. “Much of the evidence of capitalism is either eroding over time or simply not known or easily accessible to the public,” the mission statement reads. “Our ambition is to connect and integrate these many efforts before the evidence is erased forever.”

When it came to the general election in Britain, everything was settled in advance. The Conservative Party led by Theresa May was supposed to prevail. The Labour Party, victim of its own confusion, its refusal to support the will of millions of members and voters who wanted to put an end to the straitjacket of the European Union, was supposed to be trounced.

Responding to the United States vice president’s recent statements that “democracy is undermined” in Venezuela, Venezuelan President Nicolas Maduro and Foreign Minister Delcy Rodriguez strongly rejected Pence’s claims.

The Bolivarian leaders denounced the plan to destabilize Venezuela as “imperialist,” saying that the “extremism” and “militarism” of the U.S is a “serious threat to humanity.”

Foreign support to the Venezuelan right in the form of money, weapons, and propaganda is ongoing. Some oil corporations, such as Exxon Mobil, are directly involved in destabilization policies.

USA-North Korean relations remain very tense even though the threat of a new Korean War has receded. Yet the U.S. government remains determined to tighten economic sanctions on North Korea and continues to plan for a military strike aimed at destroying the country’s nuclear infrastructure.

For Klein, developing a meaningful anti-shock politics involves some combination of what Sanders represented and what Clinton symbolized: Sanders with respect to class and economics, Clinton as far as race and gender, and everything else. Imperialism and war scarcely enter the argument.

Populism has emerged as the latest bad word in the liberal commentary on current politics in the West. The understanding is simple. Populist politicians are supposed to appeal to the ‘people’ and stoke their jealousy against those who are economically, socially and politically successful. Another word used in liberal discourse to identify extreme right wing is ‘post truth’, designated as the word of the year by Oxford Dictionaries. The implication is that popular opinion now is easily swayed by emotionally charged rhetoric and fake news having no factual basis. The claim that this is happening only now is odd.

Between the end of the Civil War and the early 20th century, the United States underwent one of the most profound economic transformations that any country has ever experienced. In 1865, the United States lagged far behind Britain in manufacturing output; by 1900, it would surpass the totals of Britain, France, and Germany combined.

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.

The Republican leaders of Congress killed off Trump’s much touted infrastructure plan months before he even reached the Oval Office. What we are left with is a farce.

If accumulating wealth is the basic objective of capitalism, organising production using wage labour is only one of the ways it can be achieved. What finance does is to open an alternative route to reach the same objective, that is via transaction.