Subjects Archives: Political Economy

Local budget cuts enacted a decade ago left states and cities dangerously unprepared for COVID-19. We shouldn’t make those same mistakes again.

How could Karl Marx (1818–1883) help us interpret the current crisis? His theory of history offers critical resources to interpret the unprecedented crisis which is shaking the world today, while indicating at the same time that ‘the world after’ so much mentioned could only be anti-capitalist.

Oil-producing nations led by Russia, the U.S. and Saudi Arabia reached an unprecedented agreement on Sunday to cut oil production by 9.7 million barrels per day, or nearly 10 percent of what is currently produced, as The New York Times reported.

As Donald Trump and his band of “hacks and grifters” are preparing to prematurely reopen the U.S. economy, they’re also rehearsing the language they’ll use to justify their irresponsible decisions. Here’s how Peter Navarro, the White House trade adviser, is discussing the terms of the reopening: The unfair China trade shock that hit so many […]

Rohan Grey and Nathan Tankus join Money on the Left to discuss the flurry of debate about Modern Monetary Theory (MMT) arising out of the Coronavirus crisis. We focus, in particular, on the Modern Money Network’s multi-pronged efforts to illuminate and remedy the resulting economic devastation. At the center of our conversation is Rohan’s contribution […]

If the coronavirus lockdown leads to a fall in GDP of more than 6.4% more years of life will be lost due to recession than will be gained through beating the virus.

Newly released data from the Boston Public Health Commission (BPHC) show that COVID-19 is present at higher rates in certain Boston communities, including Hyde Park, Mattapan, Dorchester, and East Boston.

Covid-19 has laid bare a fundamental truth: that capitalist healthcare is a contradiction in terms, since capital–like the killer virus–cares for nothing but reproducing itself.

Cuba’s preparation for COVID-19 began on January 1, 1959. On that day, it laid the foundations for what would become the discovery of novel drugs, bringing patients to the island, and sending medical aid abroad. Coping with HIV/AIDS, dengue fever and Ebola helped Cuba develop the ability to cope with pandemics, both internally and abroad.

Capitalism has accelerated the transmission of diseases. Historically, most epidemics have spread geographically through two common forms of human long-distance movement: trade and war. The timing, however, changed dramatically with the rise of capitalism.

The lockdown in South Africa has been extended till the end of April. However, the government’s execution of the lockdown, along with decades of under-investment in health, has left the country unprepared.

Muni Purchases Are Finally Here

In the backdrop of the coronavirus (Covid-19) pandemic, Michael D. Yates, decades-long union activist, director of Monthly Review Press and former Associate Editor of Monthly Review magazine, discusses condition of the working people and steps required.

As COVID-19 grips the world, in country after country, there is socialization of healthcare and of production of some essential goods, which markedly departs from the capitalist norm

With the U.S. failing and China taking a leadership role in the international response to this crisis, could the COVID-19 crisis mark a turning point in the transition to a multipolar world in which China will be just as important as a world leader as the United States?

The principal deputy assistant secretary at the Bureau of South and Central Asian Affairs (SCA) in the U.S. State Department, Alice Wells, dropped a bombshell on the Afghan government and the country’s political elites on April 4—and caught the international donors by surprise, too—by linking all aid to Afghanistan to the formation of an inclusive government in Kabul.

Ten days after the last central bank swap line announcement, the Federal Reserve followed up with an announcement of another facility meant to help a lower tier of central banks. In this facility the Federal Reserve would make a standing offer to temporarily purchase U.S. treasury securities from central banks (and supranational monetary institutions) and sell them back to them the following day.

All told, more than 16 million American workers have filed initial claims during the past three weeks.

The government, university bosses and national officials of the National Tertiary Education Union are combining to attack uni workers’ pay and conditions.

Socialist ideas have been jeered and sneered at by the same establishment now faced with the consequences of their profit driven contempt. We should be done with those bellowing cheerleaders of capitalism, argues Eamonn McCann.