Subjects Archives: Political Economy

The curiosum of a ‘red regime’ with a knack to get re-elected term after term for over more than three decades within the ambit of a full-fledged multi-party democracy has finally disappeared.  The Left Front, led by the Communist Party of India (Marxist), has not merely lost the poll in West Bengal, it has been […]

A sword of Damocles, we are told, is hanging over Greece.  Even the Greek EU commissioner says that Greeks must accept that their country will be run, nay micromanaged, by a committee of foreign creditors, or else Greece will be kicked out of the eurozone. This threat is found upon a flagrant lie.  Greece cannot […]

In the long and impressive catalogue of Michal Kalecki’s contributions to economics, the proportion of writings devoted to what is now called “development economics” is relatively small.  And most of his work in this area is concise to the point of being terse, in short articles that simply state some crucial principles, typically without much […]

Testimony before the Subcommittee on Regulatory Affairs, Stimulus Oversight, and Government Spending, the Committee on Oversight and Government Reform, the U.S. House of Representatives, at the Hearing on “How Federal Reserve Policies Add To Hard Times At The Pump,” 25 May 2011 Thank you, Chairman Jordan, Ranking Member Kucinich, and other members of the Subcommittee, […]

I absolutely love how shamelessly frank Naguib Sawiris‘s tweets tend to be. . . Hossam el-Hamalawy is an Egyptian socialist, journalist, and photographer.  Visit his blog: .  Follow Hossam el-Hamalawy at .  This article was first published in his blog on 21 May 2011 under a Creative Commons license. | Print

  Introduction We, the undersigned, are sponsoring a citizens’ debt audit for Ireland.  In the interest of transparency, we wish to know how the Irish debt — especially the bank debt for which the state has assumed responsibility — was incurred and to whom it is owed.  We sponsor this audit as organizations that have […]

What follows below is about the economic and political significance of the arrest of Dominique Strauss-Kahn (DSK hereafter), the Managing Director of the International Monetary Fund.  It will say nothing about the merits (or lack thereof) of the charges against DSK.  All cases of alleged sexual assault brought against high-profile men place two equally important […]

  Over 800 homeowners, clergy, and workers converged in Columbus, Ohio to directly confront JPMorgan Chase and deliver a message that Wall Street banks need to pay their fair share and stop foreclosing on America. For more information, visit <npa-us.org>, <ohorganizing.org>, and <showdowninamerica.org>.   var idcomments_acct = ‘c90a61ed51fd7b64001f1361a7a71191’; var idcomments_post_id; var idcomments_post_url; | Print  

  Excerpt: On January 11, 2006, the United States signed into law the U.S.-Bahrain Free Trade Agreement (FTA), which entered into force between the United States and Bahrain on August 1, 2006.  In light of the ongoing brutal repression of peaceful protest carried out by the police and armed forces of Bahrain and the Gulf […]

The Spiegel story that “Athens is considering withdrawing from the euro zone” is not exactly false — just economical with the truth. Yes, a few weeks or months ago, the Greek government commissioned (as it ought to) several secret studies of the repercussions of various scenarios involving different forms of debt restructure, including one desperate […]

  To Tea Partiers and supporters of the Far Right, Madison, Wisconsin has become the latest “Shining City Upon a Hill,” where one of their courageous leaders, Wisconsin Governor Scott Walker, is waging a heroic battle to tame big government and balance the state’s budget.  American Exceptionalism has always defined liberty as keeping government off […]

John Bellamy Foster, Brett Clark, and Richard York.  The Ecological Rift: Capitalism’s War on the Earth.  Monthly Review Press, 2010.  544 pages. Climate change is often called the greatest environment threat facing humanity.  The threat is very real.  Unless we cut carbon pollution fast, runaway climate change will worsen existing environmental and social problems, and […]

1. Introduction: The Twin Recycling Problems in Brief

Europe’s crisis is caused by its institutional failure to confront two recycling problems: a debt recycling problem and a surplus recycling problem.

  We invite graduate students and young researchers to participate in the URPE (Union for Radical Political Economics) Summer School entitled “Topics in Radical Political Economy: Marxist Theory,” which will take place in Amherst, Massachusetts on the UMass campus on May 24-27, 2011 (right before the World Association for Political Economy conference on May 27-29). […]

Testimony to the House Oversight and Government Reform Subcommittee on TARP and Financial Resources, 15 March 2011 Thank you, Chairman McHenry and Ranking Member Quigley, for inviting me to testify before the subcommittee and to share my views on the debt problem facing state and local governments.  I will make three main points in my […]

On the progressive potential of small, quasi-autonomous states (like Scotland, Ireland, Greece, Portugal, etc.). . . . The strong Scottish accent was conspiring with the noisy pub background to make it difficult for me to understand the words spoken in my ear by an imposing trade union figure.  Thankfully, I managed to decipher his words, […]

Guy Hocquenghem.  The Screwball Asses.  Trans.  Noura Wedell.  Semiotext(e), 2010.  88 pp.  $12.95 “Speak to my ass.  My head is sick.” — Southern French proverb This little book was first published as an anonymous essay at the end of Félix Guattari’s Recherches no. 12, its March 1973 special issue titled Trois Milliards de Pervers [Three […]

Or what’s behind Germany’s hesitant statements on Greek debt restructuring, Ireland’s move against subordinated bondholders, and the ECB’s stance on interest rates. . . . Europe is at it again, trying to pretend that it has stemmed the tide of insolvency through its program of lending huge amounts of money (at high interest rates) to […]

  10 April 2011 Congratulations to the people of Iceland! The Repudiate the Debt Campaign welcomes and applauds the decision of the people of Iceland to reject the bank bail-out that would subsidise the wealthy elite.  They showed great courage in rejecting the terms and conditions and in resisting the pressure from the European Union […]

Debate over public pension funds continues unabated across the nation.  Some have argued that states should assume a risk-free rate of return on pension fund assets, which makes funding shortfalls appear considerably larger.  A new calculator from the Center for Economic and Policy Research (CEPR) demonstrates that such a low rate of return is extremely […]