economics

May 13, 2013 – Links International Journal of Socialist Renewal -- Europe is sinking into crisis and social regression under the pressure of austerity, recession and the strategy of “structural reforms”. This pressure is tightly coordinated at the European level, under the leadership of the German covernment, the European Central Bank and the European Commission. There is a broad consensus that these policies are absurd and even “illiterate”: fiscal austerity does not reduce the burden of the debt but generates a spiral of depression, more unemployment and despair among the European peoples.

Yet, these policies are rational from the point of view of the bourgeoisie. They are a brutal way -- a shock therapy -- for restoring the profits, for guaranteeing the financial rents and for implementing the neoliberal counter-reforms. What is going on is fundamentally the validation by the states of the financial claims on future production and GDP. That is why the crisis takes the form of a sovereign debt crisis.

[For more articles by or about Michael Lebowitz, click HERE.]

By Michael A. Lebowitz, Ljubljana

May 4, 2013 -- Links International Journal of Socialist Renewal -- If we don't understand a system as it is fully developed [its "being"] and thus its critical characteristics, we cannot investigate the "becoming" of those characteristics.

This is why Marx discussed primitive (or original) accumulation of capital only at the end of volume 1 of Capital. Exclusive focus upon the emergence of the new elements, however, is not real history. "Becoming" is two sided: it is both a coming into being and a passing away. The concept of primitive accumulation explores only the former; it considers the new being born but not the old struggling to remain alive. It is, in short, one-sided. Not only does it fail to explore on its own the struggle of the old for its reproduction but it also does not consider the interaction, the morbid symptoms and dysfunction when two sets of productive relations are engaged in contested reproduction with respect to their control of the elements of production.

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By Patrick Bond

January 1, 2013 – Links International Journal of Socialist Renewal

Either:

1) Africa owes its takeoff to a variety of accelerators, nearly all of them external and occurring in the past 10 years:

  • billions of dollars in aid, especially to fight HIV/AIDS and malaria;
  • tens of billions of dollars in foreign-debt cancellations;
  • a concurrent interest in Africa’s natural resources, led by China; and
  • the rapid spread of mobile phones, from a few million in 2000 to more than 750 million today.

Business increasingly dominates foreign interest in Africa. Investment first outpaced aid in 2006 and now doubles it.

Or:

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President Barack Obama bragged how he had saved the US auto industry by handing out billions in taxpayers’ money to the auto bosses, and even establishing what amounted to temporary federal ownership of the old General Motors plants when GM went bankrupt during the “Great Recession”.

By Sam Williams

December 23, 2012 -- A Critique of Crisis Theory, posted at Links International Journal of Socialist Journal with permission -- December 11, 2012, brought news of a major new attack on basic labour rights in the United States. The following day, the Federal Reserve [the US central bank] announced new inflationary measures designed to end the economic stagnation the US economy has been mired in since the “Great Recession” bottomed out in July 2009.

June 28, 2012 -- ATTAC.TV -- A recently released, short animat
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Protesters rally, coinciding with the 45th annual meeting of the board of governors of the Asian Development Bank. May 2, 2012, in Manila, Philippines.

By Reihana Mohideen

May 4, 2012 -- Socialist Feminist, posted at Links International Journal of Socialist Renewal with permission of the author -- The Asian Development Bank (ADB) has just held its annual board meeting in Manila, accompanied by much publicity and fanfare about "sustainable and socially inclusive development". A key framework document presented is entitled How Can Asia Respond to Global Economic Crisis and Transformation. The paper was prepared by a team of ADB technocrats and other leading gurus of neoliberal economic dogma, such as Jeffrey Sachs. There are some key underlying themes that ran through the document, reflected in the major conference sessions: