economics

By Martin Hart-Landsberg

July 7, 2011 -- Reports from the Economic Front, posted at Links International Journal of Socialist Renewal with the author's permission -- The charts above deserve a long careful look. According to the US National Bureau of Economic Research, the Great Recession ended in the United States in June 2009. Not many working people are celebrating the expansion’s second anniversary.

As Paul Wiseman, an Associated Press economics writer, notes:  

[This economic] recovery has been the weakest and most lopsided of any since the 1930s. After previous recessions, people in all income groups tended to benefit. This time, ordinary Americans are struggling with job insecurity, too much debt and pay raises that haven’t kept up with prices at the grocery store and gas station. The economy’s meager gains are going mostly to the wealthiest.

By the Rosa Luxemburg Foundation (Germany)

July 9, 2011 -- It’s that time again! Greece needs more loans and governments in Europe are arguing about whether it’s really necessary and who should foot the bill. There is widespread opinion in Germany that Greece itself is to blame for the problems it now finds itself in. It is claimed that first of all cheated its way into the eurozone, then the government spent too much and the governed worked too little, many believe.

Latently nationalistic interpretations of this kind have been nourished by German politicians and the media, who have no end of proposals for how to "solve" the crisis. For example, the Greeks should save more, work more and sell their public property – and if all of these measures do not help, then Greece will just have to leave the eurozone or declare itself bankrupt.

The stupid thing is, neither are the causes of the crisis that have been named are correct, nor will the proposed ways out of the crisis achieve their goal.

The Rosa Luxemburg Foundation has produced Sell your islands, you bankrupt Greeks! to explain the truth about the fallacies being spread about the causes of the Greek crisis, and who is responsible.

By Martin Hart-Landsberg

June 12, 2011 -- Reports from the Economic Front, posted at Links International Journal of Socialist Renewal with the author's permission -- More than 3000 participants from 183 countries are attending a two-week UN sponsored climate gathering in Bonn, Germany.  The talks are supposed to help prepare the agenda for COP 17, or as it is more formally known, the 17th Conference of the Parties of the United Nations Framework Convention on Climate Change (defenders of the environment have renamed the meeting the Conference of Polluters) which will take place November 28 to December 9, 2011, in Durban, South Africa. 

The cost of climate inaction grows worse.  As the Earth Island Journal reports:

By Martin Hart-Landsberg

June 6, 2011 -- Reports from the Economic Front, posted at Links International Journal of Socialist Renewal with the author's permission -- Although capitalism has always been a global system, the international integration of production and finance and our dependence on cross-border activities seems greater than ever before. At the risk of oversimplifying, we now have a world system within which Latin America, Africa and the Middle East specialise in the production and export of primary commodities, increasingly to East Asia.

East Asia operates as the world’s manufacturing hub, exporting final products to the developed capitalist world, especially the United States.And the United States specialises in providing the finance that underpins the international production system and developed capitalist country consumption. 

Demonstrators in London against government cutbacks, March 26, 2011.

By Dimitris Fasfalis

Africans who spend between US$2-$20 a day are now "middle class", says the African Development Bank chief eco

Introduction by Mike Treen

I hope that reading this post will encourage people to look more closely at the entire series on Critique of Crisis Theory, which has taken the form of a developing book on crisis theory.

The first chapter explains the biggest challenge the author faced — the fact that Marx did not leave a completed crisis theory. It was certainly the plan when Marx began Capital, but in the end only one volume was completed before his death and volumes two and three only took partial steps to a completed theory.

Grameen Bank's Muhammad Yunus (right) with Bangladeshi women. The promised empowerment and poverty reduction failed to eventuate.

By Patrick Bond

April 27, 2011 -- Links International Journal of Socialist Renewal -- Bangladesh’s once-legendary banking environment is now fatally polluted. The rot is spreading so fast and far that the entire global microfinance industry is threatened. Controversy ranges far beyond poisonous local politics, the factor most often cited by those despondent about Grameen Bank’s worsening crisis.

By Patrick Bond

April 24, 2011 -- Links International Journal of Socialist Renewal -- South Africa’s most vocal neoliberal politician, Trevor Manuel (pictured above), has just been named as co-chair of the Green Climate Fund. On April 28-29, 2011, in Mexico City, Manuel and other elites met to design the world’s biggest-ever replenishing pool of aid money: a promised US$100 billion of annual grants by 2020, more than the International Monetary Fund (IMF), World Bank and allied regional banks put together.

The Climate Justice lobby is furious because, as the network of 90 progressive organisations wrote to the United Nations, “The integrity and potential of a truly just and effective climate fund has already been compromised by the 2010 Cancún decisions to involve the World Bank as interim trustee.” A Friends of the Earth International study earlier this month attacked the World Bank for increased coal financing, especially $3.75 billion loaned to South Africa’s Eskom a year ago.

South Africa’s trade and industry minister Rob Davies.

By Patrick Bond

April 18, 2011 – Links International Journal of Socialist Renewal -- Hosting the Durban COP17 – let’s rename it the “Conference of Polluters” – starting in late November puts quite a burden on the African National Congress government in Pretoria: to pretend to be pro-green.

Embarrassingly, last week’s US Export-Import Bank loan of US$805 million to South Africa will feed huge profits to the notorious US corporations Black & Veatch so that a vast coal-fired power plant, “Kusile”, can be constructed, mainly on behalf of huge smelters run by BHP Billiton and Anglo American Corporation – whose profits soar away to Melbourne and London.

Audio of Tariq Ali's full address (63 minutes):

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March 29, 2011 -- ABC Radio's Big Ideas -- In 2008, Obama could do no wrong. To the educated middle class, he was an intelligent and reflective writer who had penned his own insightful memoir. To the conservative elite, he was a Harvard graduate and expert in constitutional law. To the young people who came out in droves to vote for him, he liked the same TV shows, listened to the same music and "got" social networking.