Subjects Archives: Political Economy

An important US political delegation is visiting us right now. Its members belong to the Congressional Black Caucus (CBC) which, in practice, has worked as the most progressive wing within the Democrat Party.

On April 2nd, while the G-20 Summit Meeting was beginning and ending in London, the well-known journalist of the influential Washington Post, Karen De Young, wrote: “Senator Richard G. Lugar called on President Obama to appoint a special envoy to initiate direct talks with the island’s communist government.

Yesterday on Thursday April 3rd, at midday, I had an almost two-hour meeting with Daniel Ortega and his wife Rosario Murillo.

At a 2:30 press conference, Cuban time, after the G-20 Summit concluded, the president of the United States declared that unemployment has reached its highest level in 26 years in his country.

Today the G-20 Summit began. The experts in economic matters have made an enormous effort. Some, with experience in important international positions; others, as learned researchers. The subject is a complex one, the language is new and demands that we be familiar with the terms, the economic facts, the international agencies and the political leaders who have the greatest weight on the international scene. Therefore, our desire to simplify and to explain intelligibly what is happening in London, just as I see it.

  A group of seven highly indebted rich countries (HIRC) of the world have organized a meeting of twenty nations in London in order to discuss the future of the world’s finances.  They have invited some creditors among developing countries such as Brazil, Argentina, Mexico, some Arab countries, China, and India, leaving aside all the […]

During his speech, the Venezuelan head of state insisted that “the agreements not remain on paper” as in previous years.  He condemned the arrest warrant on the president of Sudan, Omar al-Bashir, issued by the International Criminal Court “by order of the United States” and stressed the need to create a currency to confront the […]

The financial crisis is not the only problem; there is another that is worse because it deals not with the production and distribution methods but with existence itself. I am referring to climate change. Both are present and will be discussed at the same time.

The baseball and football classics fill the stadiums and amuse the masses all over the world. Obviously we all consider ourselves experts on the subject –myself included- and get involved in heated arguments with anybody…

Most of the international cable news referred only to my criticisms of Biden’s statements in Viña del Mar contained in my Reflection aired by CubaDebate and published by our press on Monday 30 under the title: “China, the future great economic power”. Only EFE included a few lines at the end of its news report […]

I think that what we’re going through now — which is really just starting, we’re nowhere in the middle of it yet either, I think — is much bigger and more extensive than the Great Depression.  There are particular difficulties of fixing it because of the fact that it is bigger, it is more global, […]

Private capitalism (in which productive assets are owned by private individuals and groups and in which markets rather than state planning dominate the distribution of resources and products) has repeatedly demonstrated a tendency to flare out into overproduction and/or asset inflation bubbles that burst with horrific social consequences.  Endless reforms, restructurings, and regulations were all […]

The government estimates the growth rate will be 2% at the maximum this year.

“The strategy is to create a public instrument in which the banks place certain percentages of their targeted portfolios.”

  The Venezuelan minimum wage, including the value of food vouchers, will reach $636 in September this year, when the process of raising it by 20% gets completed; the second highest minimum wage in South America is Argentina’s $310 per month. The anti-crisis measures announced by the Bolivarian government last Saturday, although affecting Venezuelans negatively […]

  2009 started off badly.  The international economic crisis is the top priority of governments, companies, international organizations, and individuals preoccupied with having a roof to sleep under and food on the table. The situation has surprised almost everybody, albeit Cuba to a lesser degree.  Almost a decade ago, Comandante Fidel Castro warned that the […]

  Capitalism is going through its greatest crisis since the 1930s or before.  The banking system has been saved from meltdown (at least for the time being) only by extensive government intervention in the USA, Britain, and a number of other countries.  Stock markets all over the world have plummeted.  A long and deep recession […]

  It is a story that could make The Return of the Living Dead 6.  A group of good people huddle on a roof, with a limited supply of raw meat.  A crowd of zombies surrounds the house: hungry, mad, aggressive.  Fear spreads and bodies collapse; the odour is terrible.  The zombies smell blood and […]

At the beginning of the Revolution the Olympics were an event for amateurs. When the concepts of developed capitalism managed to penetrate the Olympic Games, athletic activity ceased being an issue of health and education, its objectives throughout history. The only country in the world where that character was preserved was Cuba which, over many […]

The essence of Keynes’s contribution was the demolition of Say’s law of markets. Say’s Law argued that supply created its own demand, so that there could never be an actual glut of production. Marx had rejected Say’s Law from the beginning, calling it “the childish babbling of a Say, but unworthy of Ricardo.” But neoclassical economics was built on it.

Abstract The paper analyzes the possible distributional consequences of the global crisis based on the lessons of the past crises experiences.  The decline in the labor share across the globe has been a major factor that led to the current global crisis.  What we are going through is a crisis of distribution, and similarly the […]