Subjects Archives: Political Economy

The Crash of 2008 and its ghastly aftermath was not just an economic crisis but also a crisis aided and abetted by economics. Previously I have written about the Econobubble (the handmaiden of the “real” Bubble) and the toxic theories of economists who were very recently rewarded with the Nobel Memorial Prize in Economics.  Following […]

Bolivian President Evo Morales repealed on Friday night the decree issued five days ago to raise gasoline prices, after a meeting with his cabinet, trade unions, and social organizations in La Paz.

  The Bolivian government approved on Sunday a decree to bring fuel prices in line with regional prices, “to protect the economy and stop subsidizing smugglers,” which adjusts gasoline and diesel prices while keeping frozen the prices of liquefied petroleum gas and vehicular natural gas. At a press conference, Vice President Álvaro García Linera, temporarily […]

Introduction Molière’s 1670 his play, The Bourgeois Gentleman, presented before the court of Louis XIV, mocked a foolish, social-climbing merchant.  In his effort to remake himself, the merchant takes lessons to help him pass as an aristocrat.  In a basic lesson on language, he is both surprised and delighted to learn he had been speaking […]

In recent years, radical geographer David Harvey has emerged as one of the leading theorists and popularizers of Marxian political economy in the English-speaking world.  In books such as The New Imperialism and A Brief History of Neoliberalism, as well as his popular online courses in Volume I of Marx’s Capital, Harvey has articulated a […]

Phases of Imperialism Lenin dated the imperialist phase of capitalism, which he associated with monopoly capitalism, from the beginning of the twentieth century, when the process of centralization of capital had led to the emergence of monopoly in industry and among banks.  The coming together (coalescence) of the capitals in these two spheres led to […]

  Paul Jay: Nancy Folbre, in her blog on the New York Times, wrote the following: “The Great Recession has sometimes been dubbed the Mancession because it drove unemployment among men higher than unemployment among women.”  So how is this affecting families?  How is this affecting the future outlook for the population as a whole […]

In her excellent 2003 book Forces of Labor, Beverly Silver discerns within the history of capitalism an ongoing tension between the system’s simultaneous need for both profitability and legitimacy.  That is, it needs to ensure that capital can squeeze as much value as possible out of the workers while making sure that it doesn’t exploit […]

This is not the first time thousands of classified documents have been “liberated,” revealing to a stunned public how their government has waged a concerted war of disinformation against them for the purposes of bending their will to the demands of a pointless war: a war on the altar of which the deceived public are […]

  Listen to the interview with Samir Amin: Can you tell me very briefly what your book Ending the Crisis of Capitalism or Ending Capitalism? is about? The title of my book is indicative of the intention.  The title, in a provocative way, is Ending the Crisis of Capitalism or Ending Capitalism in Crisis?  As […]

  Summary Cutting debt, deficits and wages poses a major crisis for both European governments and the European project.  The ETUC calls for a twin strategy to stabilise the current crisis by (1) transferring a major share of national debt to the ECB and for (2) net European bond issues to finance the European Economic […]

  Michael A. Lebowitz will deliver the Fourth Annual Lecture in Memory of Nicos Poulantzas (“Building Socialism of the 21st Century: The Logic of the State”) on Wednesday, 8 December 2010, 7 PM, at the auditorium of the Goethe Institute (Omirou St. 14-16) in Athens, Greece. Mr. Lebowitz, is Marxism still relevant today?  I ask […]

  Excerpt (Endnotes Omitted): At least since the early 1990s, the share of young people earning a four-year college degree has not increased as quickly as many economists would like.  A higher share of young people today have college degrees than at any point in our nation’s history, yet many economists remain concerned that the […]

Trade disputes with China have been heating up lately, but there really is no reason for the hostility.  Essentially the dispute boils down to the fact that China wants to subsidize the consumption of people in the United States and elsewhere, by propping up the value of the dollar. This is raising objections from the […]

The economic crisis that Obama rode to victory in 2008 also rode him down in the 2010 elections.  Obama and his economic advisors badly “mismanaged the crisis.”  While the Obama team seems to have learned little from its failure, we need to draw its lessons if we are to reduce the costly social consequences of […]

  Outside the General Post Office, Dublin, Ireland, 27.11.10 “Well, our gallant allies in Europe have arrived 95 years too late and uninvited, and instead of guns to help the revolution they have brought economic weapons of mass destruction.  Does anybody in this country or in Dáil Éireann think that we can as a people […]

Default, Debt Renegotiation and Exit When the Eurozone crisis burst out in early 2010, an RMF report identified three strategic options for peripheral countries, namely, first, austerity imposed by the core and transferring the costs of adjustment onto society at large, second, broad structural reform of the Eurozone in favour of labour and, third, exit […]

  Some time before the offer [at the meetings with the IMF and the WB in Dubai on 22 September 2003], [Argentine Economy Minister Roberto] Lavagna was already preparing the ground: he realized that after the offer “there are going to be sad faces everywhere.”  And indeed the first reaction of the creditors was rejection. […]

  Table 14 summarizes the main technical characteristics of the debt restructurings studied in this paper: the size of the exchange, the participation rate, the numbers of instruments tendered and new instruments issued, the options available to investors, etc.  Table 15 contains the main results, both in terms of the level and dispersion of NPV […]

Acclaimed philosopher and activist Noam Chomsky is Institute Professor Emeritus of Linguistics at the Massachusetts Institute of Technology.  He shared his perspectives on international affairs, economics, and other themes in an interview conducted at his office in Boston on September 14, 2010. Keane Bhatt: Your new book Hopes and Prospects begins with the story of […]