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Tag Archives: capitalism

Chris Dillow — Capitalism as a fetter

...there is, if you like, a third way between utopian communism on the one hand and technocratic tweaks on the other. It begins from the idea that ten years of stagnant productivity might mean we are now at the phase of capitalism that Marx foresaw: At a certain stage of development, the material productive forces of society come into conflict with the existing relations of production or – this merely expresses the same thing in legal terms – with the property relations within the...

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Michael Hudson — Argentina back on the debt train

Must-read. Michael Hudson gives the background on Argentina's fall in terms of neoliberal capitalism. Michael Hudson: What really is at issue is whether all debts should be paid, or not? I think that there should be an international rule that no country should be obliged to pay its debts to the wealthy One Percent, especially to a creditor class that prefers to hold its domestic wealth offshore in foreign currencies. No country should be obliged to pay its bondholders if the price of...

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Bill Mitchell — Governments should not issue debt under foreign law

In examining the implications for an exit from a currency union, one of the issues that arises is the proportion of public debt that is issued under foreign law. This is a separate issue to the implications of foreign-currency denominated debt. Both issues are problematic and compromise a government’s capacity to remain solvent. I covered the former issue to some extent in my 2015 book – Eurozone Dystopia: Groupthink and Denial on a Grand Scale – when I was considering different strategies...

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Sam Williams — Modern Money

MMT economists advocate that the central government – the federal government in the U.S. – can and should employ every person who desires to work but cannot find work in the private sector at a living wage. This living wage, the MMT supporters point out, would function as a minimum wage, since no person would work for a private employer who offers a wage lower than the wage the government offers. Assuming such a reform could be implemented under the capitalist system, if your search for...

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Jim O’Reilly — Some thoughts on liberal democracy as a deceptive term

Reflections with which I agree.Comments on Global Political EconomySome thoughts on liberal democracy as a deceptive term Jim O'ReillySee alsoIn my view, Dugin gets this right, too, as opposed to bourgeois liberalism's, "My way, or the highway." The third totalitarianism is transnational corporate totalitarianism under the control of international capital, which happens to be mostly in Western "liberal" hands.Geopolitika The 'Third Totalitarianism' From The West Alexander Dugin

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Diane Coyle — Finance, the state and innovation

Yesterday brought the launch of a new and revised edition of Doing Capitalism in the Innovation Economy by William Janeway. Anybody who read the first (2012) edition will recall the theme of the ‘three player game’ – market innovators, speculators and the state – informed by Keynes and Minsky as well as Janeway’s own experience combining an economics PhD with his experience shaping the world of venture capital investment. The term refers to how the complicated interactions between...

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On the URPE Blog – The Video Edition

The Dynamics of Capitalism: Money and Financialization Greta Krippner – The Power of Abstraction: Marx on Money and Credit Aaron Sahr – From Pen Strokes to Keystrokes: the Production of Money in Early and Contemporary Capitalism Michael Löwy: Marxism and Romantic Anticapitalism Michael Löwy is Emeritus Research Director at the CNRS (French National Center for Scientific Research) Lecturer, École des Hautes Études en Sciences Sociales. Immanuel Wallerstein: The Contemporary Relevance of...

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More Marx, socialism, and ecology

MR OnlineMarx and Metabolism: lost in translation? Ian Angus | editor of Climate and Capitalism MR OnlineOn the eve of Venezuela’s elections, the U.S. empire isn’t sitting idly by Editorial MR OnlineTen Marxist ideas that define the 21st century Sergio Alejandro Gómez EconospeakThe So-called Labour Fund Sandwichman Radical Political Economy Capitalism and the Expropriation of Nature: The Strategic Discourse of Ecosocialism John Bellamy FosterNaked Capitalism To Reform Capitalism,...

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Chris Dillow — Job Guarantee: Marxist or Keynesian?

Must-read. What we have there, then, are two different conceptions of a JG. On the one hand, it might be a policy which helps capitalism function better (Keynes). But on the other, it might be a form of transitional demand – a policy which whilst fulfilling human needs is one that cannot actually be sustainably adopted by capitalism and is instead a stepping stone towards socialism (Marx). I’m honestly not sure which it is. I would not put it in terms of capitalism and socialism but...

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