Subjects Archives: Political Economy

  Four Lectures on Marxism (Monthly Review Press, 1981).  Reprinted by Cornerstone Publications, Kharagpur, West Bengal.  ISBN 978-81-88401-17-8.  Rs 55. pp 97 Back in the dog days of the Great Depression, “a very bourgeois American first-year graduate student” (as he would describe himself in a letter to a friend decades later) from Harvard landed in […]

As all working people know, April 15 is Tax Day, when we have to pay our annual financial tribute to the Powers That Be.  Naturally, we resent this, because we know that the rich and powerful hire expensive tax attorneys to make sure they get out of paying taxes, leaving us to foot most of […]

  Industrial production fell 1.5 percent in March after a similar decrease in February.  For the first quarter as a whole, output dropped at an annual rate of 20.0 percent, the largest quarterly decrease of the current contraction.  At 97.4 percent of its 2002 average, output in March fell to its lowest level since December […]

Anyone would think that after the Summit of the Americas, just 13 days after the G-20 meeting and on the heels of the exhausting tour of France, Germany, Prague and Turkey by President Obama, the world would have the right to rest for a few days.

Abstract Following the 2000-01 crisis, Turkey implemented an orthodox strategy of raising interest rates and maintaining an overvalued exchange rate.  But, contrary to the traditional stabilization packages that aim to increase interest rates to constrain domestic demand, the new orthodoxy aimed at maintaining high interest rates to attract speculative foreign capital.  The end result was […]

A huge chorus now clamors to heap new regulations on banks, credit markets, international capital flows, and so on.  Regulations, for many in politics, the media, and academia, seem to have become the magic bullet that will not only “solve” the current economic crisis but also prevent future meltdowns.  Many labor union and left voices […]

Deep economic crises violently interrupt daily lives and force more radical responses onto the public agenda.  In the case of the North American auto industry, however, that radicalism has been remarkably one-sided.  Absent an alternative of their own, workers were (and remain) trapped by their dependency on “their” corporations becoming stronger.  On the one hand, […]

  This article analyzes one of Japan’s most widely reported labor stories in recent years.  The unusual degree of national attention given to this incident is evidence that the labor question has become a central issue in Japanese politics.1  It also offers insight into critical shifts in the landscape of both labor politics and labor […]

Paper presented at the Congrès Marx International V, Paris-Sorbonne et Nanterre, October 2007 1.  Introduction About a decade ago the radical left, both in Italy and elsewhere in Europe, had been gripped by an understanding of contemporary capitalism as based on a three-pronged tendency: ‘globalization’ as an already accomplished state, the ‘end of labor’ due […]

After the G-20 Summit that took up the world’s attention, news continued to arrive through the press agencies about the feverish activity of the man who had been the star in London, Barack Obama, the new president of the United States; he has embarked on the first 100 days of his administration, under the scrutiny of those who closely follow international politics.

If we take a look at the recent self-described progressive US presidents (Jimmy Carter and Bill Clinton), we will notice that their progressiveness invariably fades away, not even intentionally.  That is because the beast compels them to align themselves with its own reality.  Carter, who campaigned against the wage stagnation of the Nixon-Ford years, collapsed […]

The morning was stormy, damp and cold. Strong winds were blowing and the sky was dark. This was no spring day, not warm.

  2008 — Annus Horribilis for the world economy — produced successive food, energy, and financial crises, initially devastating particularly the global poor, but quickly extending to the commanding heights of the US and core economies and ushering in the sharpest downturn since the 1930s depression. As all nations strive to respond to the financial […]

In the Financial Times of March 31st, Martin Wolf set down a straightforward criterion to evaluate the outcomes of the G20 meeting in London.  Will they decide, he asked, to put forward a plan to shift world demand from the countries with a balance of payments deficit to those with a surplus?  The underlying reasoning […]

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 […]