Economy
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By Alan Woods
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Saturday, 16 July 2011 |
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The euro zone is heading into stormy
waters. The crisis that opened with the near collapse of the world
banking system in 2008 has now deepened into a crisis of insolvency of
entire nations. The bourgeois has no idea of how to get out of the
crisis, which is sweeping like an uncontrollable tsunami from one
country to another in Europe. In the words of Italy’s finance minister,
“There should be no illusions about who will be saved. Like on the
Titanic, the first class passengers won’t be able to save themselves.”
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By Alan Woods
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Tuesday, 05 July 2011 |
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As I write these lines the destinies of Greece are being decided in a
titanic struggle in which the Greek working class is confronting the big
banks and capitalists of all Europe. The EU is subjecting Greece to the
most shameless blackmail. They say: either accept draconian cuts in
your living standards, or else we will refuse to hand over the next
tranche of 12 billion euros.
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By Rob Sewell
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Tuesday, 26 April 2011 |
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Everywhere you look there is upheaval and crisis, from Europe to Japan
and to the United States. This reflects the worldwide malaise of
capitalism that is struggling to emerge from the recent slump. This is a
confirmation of Marxist ideas, which explains that capitalism is a
crisis-ridden system.
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By Adam Booth (Cambridge Marxists)
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Thursday, 10 February 2011 |
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Earlier this year, it was announced by the Office of National Statistics
(ONS) that inflation had risen from November to December, with the
Consumer Prices Index going up from 3.3% to 3.7% and the Retail Prices
Index (PRI) – which includes housing costs such as mortgage interest
payments and council tax – rising from 4.7% to 4.8%. Inflation was
persistently high throughout 2010, with an average RPI of 4.6% - the
highest since 1991.
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By Socialist Appeal
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Thursday, 06 January 2011 |
How often are we told that Free Enterprise (their words not ours) work best because it encourages free competition? The truth is very different.
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By Rob Sewell
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Tuesday, 26 October 2010 |
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Although everyone has claimed that they have learned the lessons of the
1930s, the ruling classes are again engaging in the same policies that
proved so calamitous 80 years ago. Deep tensions inside the
International Monetary Fund (IMF) have recently emerged over currency
manipulation as countries take action to defend their own national
interests against their rivals
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By Alan Woods
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Monday, 07 June 2010 |
Europe faces a protracted period of austerity, with major
contractions in output, consumption and employment. The crisis has
started with the smaller, more vulnerable economies like Greece,
Portugal and Ireland. But the others will follow, starting with
Britain.
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By Mick Brooks (Ealing Southall CLP)
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Tuesday, 01 June 2010 |
What has the banking crisis cost us all? Andrew Haldane of the Bank of
England has tried to work it all out in a paper called ‘The $100
billion question’.
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By Alan Woods
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Monday, 31 May 2010 |
In
the second part of his article, Alan Woods looks at the dire economic
situation the European Union faces. He also analyses the effects of the
European crisis on the world economy.
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By Alan Woods
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Thursday, 27 May 2010 |
After talk of the so called "credit crunch" gave way to optimistic
comments about the "green shoots" in the economy, events in Greece
caught the bourgeois commentators unaware. Now the world economy has
once again been plunged into chaos and uncertainty as the governments
of Europe try to contain the fall-out from the near-default of Greece
and it is the workers who will be presented with the bill.
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By Mick Brooks
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Thursday, 22 April 2010 |
Goldman
Sachs has been accused of fraud and is up before the American Securities
and
Exchange Commission. What is coming out from all this are the clever
tricks of
the trade, i.e. how to make money from money - without actually
investing in the
real economy - and in the process “advise” people on how to lose their
money
while making the likes of Goldman Sachs very rich... until it all
crashes of
course.
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By Will Roche
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Friday, 19 February 2010 |
Monopolisation of big
business is endemic to the capitalist system. Big business has become
wealthier and more powerful today than ever before.The revolving doors between government and industry has ensured the
continued domination of big business over parliament and state. Capitalist economists constantly argue that
privately run industry driven by pursuit of profit is the best way for
an economy to function. But, even a cursory look at the world around us
tells a very different story. Far from being efficient, capitalism is
riddled with contradictions and crisis. You could write multiple
volumes, as Karl Marx did, on the inadequacies of capitalism, but here,
in this limited space, we shall deal with just a few.
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By Alan Woods
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Friday, 19 February 2010 |
When the economy was booming the euro was seen as a source of strength
for those countries that had adopted the new currency. Now it is
transforming into its opposite, as the crisis in Greece demonstrates.
The Marxists warned about this long ago.
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By Mick Brooks
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Tuesday, 16 February 2010 |
Greece, like all the other capitalist
countries afflicted by the recession, is running a big deficit on its
government budget. Tax revenues have
collapsed and more benefits are having to be paid out to the unemployed.
Deficits for the European Union countries as a whole tripled from 2.3% to 6.9%
from 2008 to 2009 because of the slump.
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By Will Roche
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Wednesday, 27 January 2010 |
Marxists have
long since been conscious of the nature of the state, its industrious defence
of the capitalist class, and its prejudice against working people. But much of
the public are unaware of just how incestuous the capitalists and governments
really are. Read part two of Will Roche's study of monopoly capitalism.
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