Subjects Archives: Political Economy

Since the second half of the 1990s, the internal public debt of the world’s developing countries has increased significantly.  This increase is now reaching alarming proportions in a number of middle-income countries.  While some very poor countries have not yet been affected, the historical trend indicates a continuing rise in the debt level for developing […]

Recently, economist Joseph Stiglitz called the current crisis “avoidable.”   He blamed it on “ideology, special-interest pressure, populist politics, and sheer incompetence.”  In tune with the norms of his profession, he proposed “policies” to fix the problem.  Debates over the worsening economic crisis increasingly turn on which “policies” to use to stop, reverse and “avoid” […]

Some of you may have been present at our meeting in this building in May this year, when I recalled what I had said to Lucien Goldman in Paris a few months before the historic French May 1968.  In contrast to the then prevailing perspective of “organized capitalism,” which was supposed to have successfully left […]

The libertarian moment in U.S. bourgeois politics is quickly passing today.  It was burning bright in the spring, when Ron Paul banners were hung from every overpass.  Soon his books will be remaindered.  Libertarians have nothing to say that will get a hearing in a period of crisis.  Libertarianism can rationalize the economic success or […]

Today, I read that the US Federal Reserve had opened a new line of credit for the Central Banks of Mexico, Brazil, South Korea and Singapore.

John Bellamy Foster: We need to go down to 350 parts per million [the safe upper limit for carbon dioxide in the atmosphere], which means very big social transformations on a scale that would be considered revolutionary by anybody in society today — transformation of our whole society quite fundamentally.  We have to aim at […]

  金融危機是全球化資本主義的罩門？ 知名經濟學者阿敏專訪 Samir Amin: “It’ a monster, yes, it’s a monster, but it’s a monster which can be defeated also.  This pattern of globalization, this pattern of the exclusive rule of dominant capital, that is, of oligopolies, is not acceptable and is not accepted.  The breakdown is starting by the financial crisis, because financial […]

Here is Capital, Volume One, pictured as a word cloud identifying 125 words that most frequently appear in the volume and representing the size of each word in proportion to its frequency (the more frequently a word is used in the volume, the larger it is in the picture). Click here to download the word […]

Today’s food and financial crises have, in tandem, triggered a new global land grab.  On the one hand, “food insecure” governments that rely on imports to feed their people are snatching up vast areas of farmland abroad for their own offshore food production.  On the other hand, food corporations and private investors, hungry for profits […]

The boardrooms and finance ministries of Seoul, Bangkok, Jakarta, and Kuala Lumpur are today filled with a fair degree of schadenfreude at America’s troubles.  Schadenfreude is not a very nice emotion; Theodor Adorno once defined it as “unanticipated delight in the sufferings of another.”  But asking Asia’s business and governing elites to repress shivers of […]

In Zulia, Chavez made reference to “comrade Sarkozy,” and did so with a certain irony but he meant no offense. On the contrary, he was rather recognizing the sincerity of the president when he spoke in Beijing in his capacity as chairman of the European Community.

This widening and deepening economic crisis is transforming US politics.  New possibilities are emerging for activists and potential activists if they can see and respond creatively to them. One possibility follows from rethinking the Obama candidacy in the light of recent German politics.  Obama has already garnered an historically disproportionate share of the campaign contributions […]

Bail Out Homeowners, Create Trust, and Unfreeze Credit Markets The bailout scheme imposed by the United States government misrepresents the ongoing credit crunch as a problem of illiquidity, i.e. lack of cash.  In reality, the problem is a lack of trust due to widespread insolvency in the financial market.  In such an environment of widespread […]

Six months ago the United States was already deep in a financial crisis — the roots of which were explained in this article.   Yet, the conditions now are several orders of magnitude worse and are affecting the entire world.  We are clearly in the midst of one of the great crises in the history […]

Far-reaching strategic debate is underway about how to respond to the global financial crisis, and indeed how the North’s problems can be tied into a broader critique of capitalism. The 2008 world financial meltdown has its roots in the neoliberal export-model (dominant in Africa since the Berg Report and onset of structural adjustment during the […]

Labor unions around the world have reacted to the financial crisis and the economic recession with words and actions reflecting their national experience, their political ideology, and their leaderships. Unions and workers have already seen the financial crisis and the growing recession result in the closing of plants and offices, in shorter workweeks, pay cuts, […]

For the last several months, headlines about the global financial crisis have regularly made the front pages of international newspapers.  Over this period, Europe and the US have come to realise that corporations are facing the worst economic crisis since the 1929 crash.  In South Africa, however, articles on the global crisis have tended to […]

The financial crisis does not skip over Israel.  The country that has been integrating itself in global capitalist markets in the last decades is once again seeing the ugliest side of capitalism, as the stock markets have dropped over a stunning 10 percent since the beginning of the month and the GDP growth forecast for […]

The current financial crisis in Iceland is of course part of and connected to the international upheaval, but it also has its domestic roots.  To put it briefly, for more than 17 years, we Icelanders have had a right-wing government led by the right-wing Independence Party in coalition with social democratic or center parties.  The […]

Don’t panic!  That’s the panicked cry of governments and central bankers around the world.  Meanwhile their behaviour shows that they expect a very, very deep recession. After repetition over more than a quarter of century — by mainstream economists, ministers, the World Bank and International Monetary Fund — neo-liberal platitudes have been forgotten.  Today, we […]