economics

"Random events, those happenings that nobody could foresee, always have a huge impact on historical outcomes."

March 15, 2010 -- This is an excerpt from an essay that forms the entire contents of the March 2010 edition of UNITY, Socialist Worker New Zealand's quarterly Marxist journal for grassroots activists. Following editions of the journal will expand on the crises which are converging to tip global capitalism towards collapse. To subscribe to UNITY journal, email Len Parker at office@sworker.pl.net. UNITY is posted to your letterbox four times a year. Price: $25 for NZ subscribers, NZ$40 offshore fastpost. This excerpt has been posted at Links International Journal of Socialist Renewal with permission.

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By Grant Morgan

Part 1: History lessons

The fable behind the stereotype

By Martin Hart-Landsberg

[A version of this article appeared in the South Korean journal, Marxism 21. It has been posted at Links International Journal of Socialist Renewal with Martin Hart-Landsberg’s permission.]

February 2010 -- The consensus among economists is that China’s post-1978 market reform policies have produced one of the world’s greatest economic success stories. Some believe that China is now capable of serving as an anchor for a new (non-US dominated) global economy. A few claim that the reform experience demonstrates the workability (and desirability) of market socialism. This paper is critical of these views.

Eric Toussaint interviewed by Igor Ojeda for the Brazilian weekly paper Brasil de Fato. Translated from French by Judith Harris and Chris

By Grant Morgan

October 22, 2009 -- Something molecular is changing in the DNA of capitalism. Look at these three recent quotes:

• "The future will be a total disaster, with a collapse of our capitalistic system as we know it today."

• "Capitalism is near the tipping point, unprepared for a catastrophe, set up for collapse and rapid decline."

• "There is a high probability of a crisis and collapse by 2012. The 'Great Depression 2' is dead ahead. Unfortunately, there's absolutely nothing you can do to hide from this unfolding reality or prevent the rush of the historical imperative."

What's particularly important about these quotes is who made them. Not socialists. No, they were made by ardent, intelligent and reputable defenders of capitalism. For more information, read the MarketWatch essay "America's soul is lost and collapse is inevitable".

Claudio Katz.

Claudio Katz interviewed by Fernando Arellano Ortiz. Translated by John Mage for IIRE.

July 10, 2009 -- The exit from the systemic crisis of capitalism needs to be political and "a socialist project can mature in this turbulence". So says the Argentine economist, philosopher and sociologist Claudio Katz, who also warns that the "global economic situation is very serious and is going to have to hit bottom, and now we are but in the first moment of crisis".

On September 17, 2009, John Bellamy Foster appeared on Democracy Now! to discuss the financial

By Dale T. McKinley and Ahmed Veriava, Johannesburg

“I'm collecting a register for the indigent people and I had 37,000 applications from Emfuleni only. Each and every day I come across children who are left in their homes -- the parents are deceased -- they are hungry. When I knock at the door, I say how you are surviving and they say we have been hungry for three days, we haven't got food. You wouldn't think it's a reality in an urban area like this but it is a reality. People are unemployed, a lot of people are unemployed.”

-- Priscilla Ramagale-Ramakau, government social worker in Sebokeng

July 5, 2009 -- It wasn't always this way for Sebokeng, one of the older urban ``townships'' in South Africa, a place synonymous with the early settlement and subsequent massive growth of the black industrial working class.