Tag Archives: capitalism

There are often attempts in the west to depict China as capitalist rather than socialist. After decades of China going from strength to strength on macroeconomic criteria – and in view of its undeniable achievement in reducing poverty at a rate unmatched in recorded human history – some on the right wish to deny that this could have been accomplished through socialism and so instead claim China to be capitalist. At the same time, there are those on the left who wish to distance notions of...

Minsky’s journey from socialism to stability for capitalist profitability comes about because he and the post-Keynesians deny and/or ignore Marx’s law of value, just as the ‘market socialists’, Lange and Lerner, did. The post-Keynesians and MMTers deny/ignore that profit comes from surplus value extracted by exploitation in the capitalist production process and it is this that is the driving force for investment and employment. They ignore the origin and role of profit, except as a residual...

Earlier this year, I worked on two books—featuring insights from 40 executives—exploring corporate purpose and impact. A clear theme emerged: To ensure that new capitalism doesn’t look a lot like old capitalism, we need more than just good intentions. We need a radical redesign of business at the structural level. Here are three big design questions that I encourage all leaders to ask themselves if they’re serious about inclusive capitalism: I don't think that use of highly abstract terms...

Must-read. Note: Xi Jinping was trained as a chemical engineer.Andrew Batson's BlogWhat Xi Jinping thinks about development economics Andrew Batson

Oppenheimer’s Law of Transformation can be read as the paradox of cooperative economics and it refers to macro-social dynamics: the beginning of a cooperative group endeavor will end up in a capitalist calculation enterprise or cease to exist as long as the macro-social conditions are based on capitalist monetization and accounting. Knowledge is about predictability and wisdom is about outcome: the later Kibbutzim were from the Oppenheimer viewpoint a survival mechanism which will be...

Must -read. This places economic power front and center and shows how without addressing social, political, and economic the result of captialism is neo-feudalism.Surprisingly, or may not so much, Yves Smith leaves out a major contribution of the universal employment guarantee by government, in which government guarantees to match a job with a person who is otherwise idle and wants to work. This removes the onerous aspect of capitalism that uses unemployment to discipline labor through the...

Michael Roberts reviews and critiques The Debt Delusion by John Weeks.Michael Roberts Blog — blogging from a marxist economistThe debt delusionMichael Roberts

One economic system dominates the world. But there’s more than one kind of capitalism. Excerpt from Branko Milanović forthcoming book. EvonomicsCapitalism(s), Alone Branko Milanovic | Visiting Presidential Professor at City University of New York Graduate Center and senior scholar at the Stone Center on Socio-economic Inequality, senior scholar at the Luxembourg Income Study (LIS), and formerly lead economist in the World Bank's research department and senior associate at Carnegie...

Interesting form the point of view of the changing nature of the mode of production from industrial to digital.  This suggests that an economic system more appropriate to emerging conditions is in the making — and in the interregnum it will be somewhat messy, especially given the accumulated challenges arising from negative externalities such as climate change  This further suggests a new phase on the historical dialectic where opposing forces hammer out the response to systemic...

This is a good analysis of the political economy of capitalism in general and as it applies specifically to the UK now. The links are important in developing the nuance.Stumbling and MumblingShoring up capitalismChris Dillow | Investors Chronicle