Subjects Archives: Political Economy

The President of Argentina, Cristina Fernández, recently fired the head of the central bank, Martín Redrado, when he rejected the government’s plan to use $6.6 billion of international reserves to pay off debt. The domestic and international press response was overwhelmingly negative, with complaints that this would “kill central bank independence.” Leaving aside the question […]

  For more information about the education crisis and the 4 March 2010 strike and day of action to defend public education in California, go to <checkingeducation.com>, <defendcapubliceducation.wordpress.com/>, or <www.facebook.com/event.php?eid=184333923808>. | | Print  

  The Democratic defeat in Massachusetts on the anniversary of the start of the Obama administration makes a fitting conclusion to the lessons that the last year should have taught everyone in this country.  The question is: will the lessons be learned, especially by left activists?  Let us try to see what these lessons are. […]

The capitalist world has experienced its deepest economic meltdown since the Great Depression of the 1930s.  Paradoxically, whereas the earlier period saw the breakdown of liberal capitalism, the rise of fascism and Nazism, and the Soviet alternative to liberal capitalism, today neo-liberalism and capitalist globalization still remain powerful, and apparently supreme, on the stage of […]

  In the United States, the mismanagement of the financial crisis, in particular the ill designed Troubled Asset Relief Program (TARP), has led to a wave of populist protests, and to a narrow confirmation vote for Bernanke.  In Argentina, where the recession was considerably milder than in the United States and had no financial cause, […]

In most parts of the world today (except perhaps in India, where optimism about the benefits of unregulated financial markets still seems to dominate over the undisputable evidence of their many fragilities) most policy makers talk about imposing regulations on the financial sector.  Of course, the events of the past two years in the world […]

Executive Summary: The Latvian recession, which is now more than two years old, has seen a world-historical drop in GDP of more than 25 percent.  The IMF projects another 4 percent drop this year, and predicts that the total loss of output from peak to bottom will reach 30 percent.  This would make Latvia’s loss […]

The Dynamite Prize in Economics, to be awarded to the three economists who contributed most to enabling the Global Financial Collapse (GFC), or more figuratively, to the three economists who contributed most to blowing up the global economy. Vote for three.  The candidates’ dossiers are below the ballot. View This Pollpolling Short List of Nominees […]

The gap between annual incomes of the top 10 per cent of US citizens and what the other 90 per cent gets has been widening sharply for the last 30 years.  The nation’s economic development has been increasingly divisive.  Professor Emmanuel Saez of the University of California at Berkeley, a leading expert, summarizes the facts […]

  If you want to be reminded of the myriad of ways in which markets fail, you will welcome the new and timely book by John Cassidy titled simply How Markets Fail.  Cassidy is not only an economist but a rare one who can write. Indeed, he writes so well that he is a regular […]

John Bellamy Foster is editor of Monthly Review and author of The Great Financial Crisis (2009, with Fred Magdoff) and The Ecological Revolution (2009) — both from Monthly Review Press.  This interview was conducted from Dhaka by Farooque Chowdhury (editor of Micro Credit: Myth Manufactured, 2007) for MRzine and Bangla Monthly Review.  It is part […]

The stunning win of a Republican novice in the Massachusetts Senate race to replace Ted Kennedy is well known.  It is being interpreted as a sign of Obama’s fading popularity and also as a sign that the US electorate wants more right-of-center policy.  To show the flaw in thinking that right-wing answers to the economic […]

Can we ever get equal care for all?  We can’t — at least, not by going down dead-end roads. A year ago hope was alive for equal health care for all.  Bush was defeated, and the Democrats won control of both houses of Congress.  Throughout 2009, though, every week brought a slap across the face […]

Vali Nasr.  Forces of Fortune: The Rise of the New Muslim Middle Class and What It Will Mean for Our World.  New York: Free Press, 2009.  320 pp. This empirically informative yet analytically defective book labors to dissect the complexities of political and economic development in the Muslim world, strongly focusing on Iran, Turkey, Pakistan, […]

  William I. Robinson es profesor de sociología, estudios globales y estudios latinoamericanos en la Universidad de California-Santa Bárbara. | | Print  

How is it that we could be facing a crisis of empire, of imperialism, of war, of conflict internationally, we could be facing an environmental crisis on a scale that threatens the whole planet as we know it, and we could be facing at the same time being in the midst of the greatest economic crisis since the Great Depression? And how do we deal with all these problems simultaneously?

Labor productivity soared in the United States in 2009.  According to the Transport Times of December 3, 2009, productivity increased by 6.4% in the second quarter and leaped by 8.1% in the third quarter. Labor costs fell at a 2.5% rate in the third quarter of 2009, capping the biggest 12-month drop in seven years. […]

N.B. The statement in the article below simply attributed to FETRAELEC President Angel Navas is actually one first published by Marea Socialista. — Ed. Venezuelan President Hugo Chavez ordered the suspension of programmed power outages in the capital city on Wednesday, and asked for the resignation of his minister for electricity, citing errors in the […]

Well before the financial crisis broke out so violently in the US and caused ripple effects all over the world, most people in developing countries were already reeling under the effects of dramatic volatility in global food and fuel markets.  In 2007 and 2008 prices of most primary commodities first increased very rapidly, to a […]

The signs of recession are more noticeable to those who live here — restaurants and coffee shops have lost most of their customers, and construction has practically ground to a halt.  Emigration has soared. Latvia has set a world-historical record by losing more than 24 percent of its economy in just two years.  The International […]