Subjects Archives: Political Economy

  Slavoj Žižek.  Living in the End Times.  Verso, 2010. Reading Žižek has always been as challenging as it is enjoyable, an experience of pleasure and pain that seems at times an intellectual correlate to the operation of objet petit a (little object a).  The concept of objet petit a has been a constant in […]

  David Stasavage, Public Debt and the Birth of the Democratic State: France and Great Britain, 1688-1789.  xii + 210 pp.  Cambridge and New York: Cambridge University Press, 2003.  Tables, figures, notes, appendix, bibliography, and index.  $60.00 U.S. (cl).  ISBN 0-521-80967-3. In 1989, Douglass North and Barry Weingast published an article in the Journal of […]

  Paul Jay: So, in talking to people in Israel, one thing I hear constantly is the fight here is about national identity, it’s about the defense of the Jewish state.  I don’t hear very much about economics of Israel or the economics of occupation.  So how does national identity relate to the economics here? […]

“The thesis . . . is that in many ways the form of the current crisis is dictated very much by the way we came out of the last one.” — David Harvey, 26 April 2010 David Harvey is a Distinguished Professor at the City University of New York, Director of the Center for Place, […]

  Nelida Fuccaro.  Histories of City and State in the Persian Gulf: Manama since 1800.  Cambridge: Cambridge University Press, 2009.  xvi + 257 pp.  $99.00 (cloth), ISBN 978-0-521-51435-4. In many ways, the city of Manama (now the capital of Bahrain) shares affinities with other Gulf city-states.  Like Dubai, Kuwait, and Muscat, the port city drew […]

There is only one message that comes out of Toronto, where the G20 summit has come to an end.  The formation, ostensibly created to reflect changing power equations in the world economy, serves no purpose.  It has turned out to be one more talking shop in which agreement to disagree is presented as a consensus. […]

Under the Gold Standard the values of different currencies were fixed in terms of gold, which meant that the exchange rates between those currencies were fixed.  Exchange rate movements therefore could not be used to enlarge net exports and hence domestic employment.  At the same time governments were committed to the principle of “sound finance”, […]

As the contract impasse between the Twin Cities Hospitals (TCH) and the Minnesota Nurses Association (MNA) has heated up, journalists, commentators, and interested bystanders have looked increasingly to history for insights and lessons.  The participation of more than 12,000 nurses in the one-day strike of June 10 was widely described as the “largest” nurses’ strike […]

  Martin Wolf described it as “a bloodbath.”  The Financial Times editorial called it a “chilling read.”  Britain’s budget is one of austerity, the likes of which has not been seen in generations.  A 25 per cent cut in public spending; a quarter of a million or more public sector jobs to be slashed.  It […]

  Speech to the Panel on Structural Causes of Climate Change, World  Peoples’ Conference on Climate Change and the Rights of Mother Earth, Cochabamba, Bolivia, April 20, 2010 Good afternoon, compañero presidente Evo Morales, thank you for this initiative, for this invitation, and for your hospitality. Thanks to the people of Bolivia and the people […]

That seems to be the main point of Robert Samuelson’s column today.  It might be a bit easier with a bit more careful thought. For example, Samuelson tells readers that the debt burdens of major countries are rapidly approaching “financial and psychological limits” that prevent further fiscal stimulus.  He then cites the 92 percent debt […]

The merger would create an international union of one million metal workers and miners. The United Steelworkers (USW), which represents 850,000 workers in Canada, the Caribbean, and the United States, and the National Union of Miners and Metal Workers (SNTMMSRM), known as the Mineros, which represents 180,000 workers in Mexico, have announced plans to explore […]

  What the group around Khomeini succeeded in doing was to unite behind it a wide section of the middle class — both the traditional petty bourgeoisie based in the bazaar and many of the first generation of the new middle class — in a struggle to control the hierarchies of power.  The secret of […]

Everyone is talking about China’s currency, it seems.  Amidst months of building tension, there is an apparent consensus among most economists, the financial press, and leading economic policy makers in the West that the renminbi is hugely undervalued, making China’s exports unfairly competitive.  The global imbalances created by such ‘mercantilist’ and ‘protectionist’ exchange rate strategies, […]

Abdallah Ahmed is an artist based in Cairo, Egypt.  He blogs at .  This cartoon was published in his blog on 17 May 2010 under a Creative Commons license. | Print

. . . But are the high interest rates that impose such a heavy burden on the budget inevitable?  What happened during the Second World War proves beyond a shadow of doubt that they are not.  In the war years from 1942 to 1945, the average annual deficit was 23 percent of Gross National Product, […]

The U.S. and European Union together make up about half of the global economy, and recovery is quite uncertain in both of these big economies.  Contrary to a lot of folk wisdom and political posturing, the problem is not irresponsible government spending in either case, but a lack of commitment by the authorities in both […]

The latest fad in business journalism is to sound the alarm about the United States having become the biggest debtor in the world.  This is intended to bring visions of our country sliding into a third world-type debt trap.  But even those who don’t draw such dire inferences nevertheless assume that a ballooning U.S. debt […]

There is a remarkable consensus among economists of all ideological and political persuasions — conservative, liberal, and radical — that capitalist economies must grow to be healthy, and that the key to growth lies in the capital accumulation or savings-and-investment process. Accepting this view, we have long been arguing in effect that capitalism, like living […]

  . . . Public debt levels as a share of GDP declined substantially in the Latin American region during the five years preceding the great global crisis of 2008 and 2009.  Data available for the largest seven countries in the region (LAC-7)1 show that the ratio of total public debt to GDP fell from […]