Mike Norman Economics

Russia was ready to cooperate with the United States in the production of specific components for its MC-21 [commercial] jet but eventually decided to build the aircraft completely on its own, President Vladimir Putin said, speaking at the plenary session of the Eastern Economic Forum on Thursday. "It would be appropriate to cooperate [with the US in the production of components and parts for the MC-21 — TASS], we were ready to purchase the proper American materials, since they buy large...

Overall, a fiscal stimulus coordinated across countries appears to be increasingly expedient as the intensity of the trade stand-off among the leading trading powers is showing further signs of escalation. Rather than an ad hoc response from a number of countries a decade ago a more comprehensive, rules-based and coordinated arrangement could be advanced in a way that renders this anti-crisis mechanism a systemic part of an effective use of the Global Financial Safety Net (GFSN). Indeed, in...

I did get to explain MMT to Emmanuel Wallerstein recently. He was non-committal, saying essentially that he did not understand it. Not in his bailiwick. Oriental Review World Systems And Capitalism: Immanuel Wallerstein’s Legacy Binoy Kampmark

So much for freedom of navigation. "Control of the seas" is more appropriate. The new sanctions, targeting an oil tanker network involving 11 vessels, 16 entities, and 10 individuals, according to Xinhua, aim to further squeeze Iran’s international oil shipments. The new penalties come days after Tehran said it will not return to the negotiating table unless it was allowed to export crude. As French President Emmanuel Macron leads an effort to relieve the pressure on Iran, the signal from...

No single cause, but Putin has a large part of the answer. Obama had the chance to deal with this in the aftermath of the crisis, but instead he made the banks whole and hung "the little people" out to dry.Ruusia InsiderPutin: US Middle Class Voted Trump Because Globalization Is Killing Them A Political Junkie

The U.S. military and its weapons are regularly hyped in 'western' media. But it has long been clear to (non-U.S.) experts that U.S. military technology is not superior to that of other countries. In several important fields Russian, Chinese and even Indian build weapons have much better capabilities. The reason is simple. U.S. weapons are not developed or built with a real strategic need in mind. They don't get developed for achieving the most effect in an existential war against a capable...

Russian President Vladimir Putin has said the leading role of the West is coming to an end, and no serious international group makes much sense anymore without economic juggernauts like China and India. Putin shared his thoughts on the Group of Seven (G7) during the Eastern Economic Forum, held outside Vladivostok in Russia’s Far East on Thursday. He was asked whether he would attend the group’s meeting in the US next year if invited. US President Donald Trump said last month he will...

It contains a video. The FT says that the British Labour Party is unlikely to win in an election but there are often surprises. Beyond the divisions in Labour over Brexit and antisemitism problems, the party has a radical economic agenda being led by shadow chancellor John McDonnell. FT chief political correspondent Jim Pickard talks to the Labour insiders behind the policies including economist Ann Pettifor, Cat Hobbs from WeOwnIt, Laura Parker from Momentum and Bob Kerslake, former civil...

Agnès Labrouse quote.  The most revelant sentence:  While Duflo and Banerjee are in line with a technocratic democracy, the Ostroms sustain a Tocquevillean democratic self-governance. For the latter, institutions emanating from democratic processes, far from being straitjackets, are the core of economic processes. They simultaneously constraint and enable human action. Paternalism versus democracy.  That's pretty much the "compassionate conservative," liberal divide. Lars P. Syll’s...

Had that info for you yesterday.