Subjects Archives: Political Economy

There is a very pervasive view that the current capitalist crisis consists exclusively of the financial crisis and, in so far as the financial crisis is now over, the crisis as a whole is over.  This, I believe, is erroneous, and this is because, like Bob Brenner, I also believe that the current financial crisis […]

In 1972 Selma James, founder of the International Wages for Housework Campaign and, more recently, Global Women’s Strike, wrote the following: “We demand the right to work less.”  Her reasoning was clear — when women work for a wage for 40 hours a week and still carry the weight of childcare and housework, what is […]

  Excerpt: [T]he conventional growth accounting based on the national income identity does not provide an adequate framework for assessing the contribution of components of demand to growth.  The standard exports/GDP ratio overestimates the income (value-added) generated by exports because it ignores the foreign (import) contents of exports, which tend to be particularly high in […]

  Excerpt: Importantly, the initial collapse and following standstill in economic activity and nominal levels of GDP is also extremely bad news for the strategy of fiscal consolidation itself.  On the one hand, to keep on servicing interest payments (see above), nominal debt will continue to go up.  On the other hand, nominal GDP goes […]

Joyce Appleby.  The Relentless Revolution: A History of Capitalism.  New York: W.W. Norton, 2010.  $29.95.  Pp. xii, 494. Joyce Appleby, who taught U.S. history for many years at UCLA, presided over both the Organization of American Historians and American Historical Association, and served her term as professor-in-exile among the Brits at Oxford, comes to the […]

  Paul Jay: So we’ve been talking about macroeconomic policy, the G-20, austerity.  And there was one little line in the G-20 document I thought was interesting, and it’s sort of buried in amongst everything.  It said countries could facilitate wages going up proportional to productivity, which is rather interesting, ’cause it’s the only time […]

As we have pointed out on more than one occasion in this space, the government deficit is far from being a primary trouble spot.  In fact it serves as an important counteracting force to the prevailing stagnation.  On the other hand, the business community here and abroad sees the deficit, presumably because of its effect […]

Executive Summary: This paper looks at the planned austerity measures in Spain, the rationale for the spending cuts and tax increases, likely outcomes for future debt-to-GDP ratios, and the probable results of alternative policies. It is widely believed that Spain got into trouble because of the over-expansion of government spending.  However, during the economic expansion […]

The issue of “blood diamonds” has once again made the news: Farai Maguwu, Director of Zimbabwe’s Mutare-based Centre for Research and Development (CRD), languishes under the long arm of Zimbabwe’s laws on alleged charges related to his research on Zimbabwe’s Marange mines.  According to a confidential 44-page report produced by investigators mandated by the Kimberley […]

I love the prospect of secular stagnation (raised by Bob Reich) primarily because the answers are so easy: Let’s keep our eyes on the ball.  The problem in this picture is that we are capable of producing more goods and services than we want to consume.  It’s a problem of too little money chasing too […]

  An interactive cinematic experiment that reinterprets a shot from the film Umberto D by Vittorio de Sica, manipulating it in response to the attention that the viewer devotes to it.  Umberto D depicts Italy in 1952 in the middle of a deep recession, a mirror of the current economic crisis. Fernando Nabais, Project Manager, […]

  Kenneth Mouré, The Gold Standard Illusion.  France, the Bank of France and the International Gold Standard, 1914-1939.  Oxford and New York: Oxford University Press, 2002.  x + 297 pp.  Figures, tables, notes, bibliography, and index.  $72.00 (cl.) ISBN 019-924904-0. Kenneth Mouré’s new book extends and develops the analysis of his previous study of Bank […]

I We live at a time when resistance to the inequities that exist in this world and the struggle for a better world are almost totally detached from any striving for socialism.  Climate change, imperialist aggression, forcible dispossession of peasants in the name of “development”, oppression of the tribal population, gender discrimination, and ecological degradation […]

Statement to the Commission on Deficit Reduction by James K. Galbraith, Lloyd M. Bentsen, jr. Chair in Government/Business Relations, Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin, and Vice President, Americans for Democratic Action, June 30, 2010 Mr. Chairmen, members of the commission, thank you for inviting this statement. I […]

The European public debt crisis, artificially created by the puritan obtuseness of German Chancellor Angela Merkel, has spread to even Japan.  In fact, Naoto Kan, the new prime minister, mentioned Greece in a speech in which he claimed to fear the collapse of the Japanese economy under a heavy public debt equal to 230 percent […]

Executive Summary: There has been a serious push in policy circles to cut Social Security benefits for near- and/or current retirees.  The argument for such cuts has been based on the deficits in the federal budget; the finances of the Social Security program have been at most a secondary consideration. However, the finances of the […]

A starlet in a strapless dress smiles on the cover of the February 17, 1941, issue of Life.  Then, there are ten pages of ads: Oldsmobile, Knox Gelatine, Bendix automatic home laundry, Birds Eye Frosted Foods.  Further in, between one photo essay on iceboating and another on a woman racecar driver, there is an editorial, […]

  Michael Lebowitz.  The Socialist Alternative: Real Human Development.  New York: Monthly Review Press, 2010.  Pp 192; $15.95 Only about ten or fifteen years ago, leftist theory was in a sorry state.  It seemed as if socialism had ceased to be a viable project with the fall of the Soviet Union.  Instead of an alternative […]

  These are original poster designs by EDUdebtorsunion.org.  They are all formatted for print on standard 8 1/2″ x 11″ letter paper.  Please print and display anywhere you think this information would be relevant, provocative, or necessary! Some ideas of placement: Within Universities: Financial Aid Office, Bursar’s Office, Cashiers’ Windows, Student Unions Within the City: […]

  The economic crisis is in essence a debt crisis.  For all the economic complexity involved in the details it is basically easy to understand.  There are way too many pieces of paper that supposedly entitle their holders to social wealth and there is not enough of that wealth to meet all those claims.  Debt […]