Subjects Archives: Political Economy

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 […]

Today I read the cables from March 11th. They were continuing to rain information about the international economic crisis.

“Also being debated [at the AFL-CIO executive council meeting] is whether to create a mechanism to nudge past-their-prime union presidents to retire so unions are not stuck with tired, uninspired leaders.  One negotiator [of AFL-CIO/ Change-to-Win/NEA unity] talked of creating an advisory ‘Labor House of Lords’ to encourage older union presidents to step aside.” — […]

Last Monday the 9th, like all the others, was a marvellous day in terms of the contradictions of developed capitalism in the midst of its incurable crisis.

At the end of the Globalization and Development event, with the presences of more than 1,500 economists, outstanding scientific figures and representatives of international organizations meeting in Havana, I received a letter and a document from Atilio Boron, a Doctor of Political Science, senior professor of political and social theory, director of the Latin American Program for correspondence courses in the social sciences – PLED, as well as other important scientific and political responsibilities.

Throughout the seemingly intractable Israel-Palestine conflict, civil society has been active in responding to crises and advocating for peace and justice.  Kathambi Kinoti of the Association for Women’s Rights in Development (AWID) interviewed Eilat Maoz, a general coordinator of the Coalition of Women for Peace, an Israeli organization that works for peace in Israel and […]

Interview with Eric Toussaint, President of the Committee for the Abolition of Third World Debt (CADTM), in Havana. Obama Picked People Who Brought You This Crisis as His Advisers What is your opinion of Team Obama? Toussaint: Obama picked the very people who are responsible for this economic fiasco.  Some hoped that Obama would appoint […]

  Jean-Hugues Ratenon is President of the “Agir Pou Nou Tout” [Act for All of Us] Association, which is part of the Collective of Trade Unions, Political Organizations, and Community Associations of Réunion (COSPAR), the organizer of the social movement. The prefect of Réunion announced, on Thursday, 5 March, a decrease in the price of […]

The Center for Economic and Policy Research, Center of Concern and Heinrich Böll Foundation cordially invite you to: Industrializing Amidst a Global Financial Crisis: Is it Possible? with featured speakerHa-Joon Chang, Faculty of Economics, University of Cambridge and remarks byRogerio Studart, Alternate Executive Director for Brazil, World BankandMark Weisbrot, Co-Director, Center for Economic and Policy […]

The AFL-CIO has announced that it now supports nationalizing the nation’s banks rather than continuing to spend billions of dollars in repeated efforts to restore them to solvency. The American labor federation, which represents 10 million workers, released a draft statement expected to be approved by its executive council today stating, “We believe the debate […]

They used to tell me I was building a dream, and so I followed the mob, When there was earth to plow, or guns to bear, I was always there right on the job. They used to tell me I was building a dream, with peace and glory ahead, Why should I be standing in […]

Statement 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 Senior Scholar, Levy Economics Institute, before the Committee on Financial Services, U.S. House of Representatives, Hearings on the Conduct of Monetary Policy, February 26, 2009. Mr. Chairman and […]