Economy
Crisis: The worst since the 1930s Print E-mail
By Michael Roberts   
Tuesday, 06 January 2009

sep.jpgAs we go into 2009, world capitalism is experiencing its worst economic crisis since the 1930s.  In some ways it may even be worse than that because, this time, every country in the world is affected.  In the 1930s, many very poor countries not closely integrated into world markets did not feel the sharp collapse of the capitalist system that was dominant in Europe, North America and Japan.  But since the Second World War, and particularly in the last 25 years, 'globalisation' has brought India, China, Latin America, nearly all Asia and much of Africa fully into the capitalist nexus.  So no country can escape the terrible slump that world capitalism entered in the latter part of 2008 and will continue to grind down through this year.

 
The world economic crisis and the ‘emerging economies’ Print E-mail
By Mick Brooks   
Tuesday, 23 December 2008

realistic-earth-globe-12.jpgThe gravity of the present world economic crisis comes in part from the spectacular imbalances and crazy capital flows that occurred in the years of the boom that finally juddered to a halt last year. Martin Wolf, an eminent spokesperson for big capital, warns in the Financial Times (02.12.08), “The world has run out of willing and creditworthy private borrowers. The spectacular collapse of the western financial system is a symptom of this big fact... In the long run, the global economy will have to rebalance.” If it doesn’t work out, “The open world economy may even break down. As in the 1930s, this is now a real danger.”

He goes on, “In 2008, according to forecasts from the International Monetary Fund, the aggregate excess of savings over investment in surplus countries will be just over $2,000bn...In 2008 the big deficit countries are, in order, the US, Spain, the UK, France, Italy and Australia. The US is far and away the biggest borrower of them all. These six countries are expected to run almost 70 per cent of the world’s deficits.”

 
Irish Bank Rescue Print E-mail
By Seamus Loughlin   
Monday, 22 December 2008
irelandbankbailout.jpgNot that long ago, the Republic of Ireland was being heralded as a Celtic Tiger, with a booming economy, a massive house price bubble and a rising population as people returned home to Ireland to join the boom. But all that seems a long time ago now as the government announces a bail-out plan that will give the Allied Irish Bank and the Bank of Ireland 2 billion Euros ($2.8 billion dollars) each in return for preference shares. In the case of Allied Irish this amounts to nationalisation as the government will have 75% of the voting rights. 
 
Rate of profit and capitalist crisis Print E-mail
By Mick Brooks   
Thursday, 18 December 2008
market_plunges1.jpgIn reviewing Robert Brenner's theories, Mick Brooks looks at the causes of capitalist crisis and delves into such questions as the tendency for the rate of profit to fall and overproduction. This article is to be considered as a contribution to the debate among Marxists on the causes of capitalist crisis. 
 
The crisis of world capitalism is gathering speed Print E-mail
By In Defence of Marxism Editorial Board   
Wednesday, 17 December 2008
crisisgathersspeed.jpgThe crisis of world capitalism is unfolding relentlessly and with gathering speed. First came the financial crisis (the so-called credit crunch), but now the second phase has begun - the crisis of the real economy - and it is accelerating as each day goes by. This is leading to sharp changes in consciousness, rising working class militancy and the beginnings of polarisation within the labour movement itself.
 
Government finances – the looming catastrophe Print E-mail
By Mick Brooks   
Monday, 08 December 2008

gb.jpgThe Institute for Fiscal Studies has estimated that government finances are out of control, and New Labour will have to make cuts of £37bn to balance the budget over the longer term. These cuts amount to 2½% of Britain’s GDP. As right wing Labour MP Frank Field tartly points out, “The government’s forecasts of debt levels have a terrible habit of being way out. This year’s borrowing is 40% up on its estimate last year, standing at a staggering £118bn.” (Guardian 08.12.08) As borrowing rises faster than income from taxes and other receipts, the mass of government debt is likely to hit £1 trillion for the first time ever by the end of 2009. The Financial Times commented, “Mr Darling’s projections look gloomy. The worry is that they may not be gloomy enough.”

 
All Keynesians now? Print E-mail
By Michael Roberts   
Friday, 05 December 2008

jmk.jpgGraham Turner has published The Credit Crunch.  (The credit crunch by Graham Turner, published by Pluto Press) Turner is an independent consultant who worked in the City of London for many years.  What singles out this book is that it claims to approach the problem from a socialist perspective, or at least it has been adopted by the left.  Turner has spoken at many left forums in recent months.

What is Graham Turner’s message?  He outlines his aim in the preface: “the roots of this crisis must be understood to ensure there is no repeat of the flawed economic policies that have created the biggest credit bust since the 1930s.  If we understand the causes, the damage can be mitigated”.

 
Pre-Budget Report: No Jam Tomorrow Print E-mail
By Mick Brooks   
Thursday, 27 November 2008

ad1.jpgThe Report, and the accompanying package of measures, has been greeted in the Financial Times as, “Say goodbye to New Labour.” Philip Stevens goes on, “After a decade when it dared not offend the wealthy, Gordon Brown’s government intends that the most affluent bear the brunt of post-election tax increases. It is not quite socialism but neither is it New Labour.” (25.11.08)

 
From aid agency to cash machine? Print E-mail
By Mick Brooks   
Thursday, 20 November 2008

aid-agency-cash-machine.jpgThis was the headline thrown up by a BBC File on 4 investigation into CDC, formerly the Commonwealth Development Corporation. This was a government body set up in 1946 as part of Britain’s overseas aid programme. In 1998 CDC had over 400 different projects in 50 countries. Crucially more than 40% of its funding went into agriculture – helping to feed the world’s poor. But CDC had a problem. New Labour was determined to privatise it

 
Bankers are having a laugh Print E-mail
By Mick Brooks   
Wednesday, 19 November 2008
northernrock.jpgAt Lloyds TSB, Daniels’ strategy is to pay back the government preference shares that are currently propping up the business in a year or so. Then they can really party! Shareholder dividends, swollen bonuses, and vast salaries will be dished out while the banks ruthlessly cut back loans and repossess homes in honour of the new age of austerity.
 
The Crisis: Make the bosses pay! - Manifesto of the International Marxist Tendency – Part Three Print E-mail
By the International Marxist Tendency   
Monday, 10 November 2008
imt-manifesto-on-crisis-par.jpgWe conclude our Manifesto on the crisis of capitalism by pointing out that the resources exist to guarantee decent living conditions for every man, woman and child on this planet. The private ownership of the means of production, where the profit of the few is the driving force, is at the heart of the crisis. It is capitalism that must be abolished, but this is only possible through an international struggle for socialism.
 
The Crisis: Make the bosses pay! - Manifesto of the International Marxist Tendency – Part Two Print E-mail
By the International Marxist Tendency   
Friday, 07 November 2008
imt-manifesto-on-crisis-par.jpgWe continue publication of our Manifesto which outlines the causes of the present economic crisis and puts forward a programme of action for the international labour movement. In Part Two we offer a programme to combat unemployment and defend living standards, but also specific demands to defend the organisations of the working class and the youth as they come under attack from the bosses in a moment of crisis.
 
The Crisis: Make the bosses pay! - Manifesto of the International Marxist Tendency – Part One Print E-mail
By the International Marxist Tendency   
Thursday, 06 November 2008
imt-manifesto-on-crisis-par.jpgThe crisis capitalism has entered globally is having a deep impact on the real living conditions of billions of workers all over the world. With this comes a growing consciousness among ordinary working people and youth that something is seriously wrong with this system, that this cannot be the way human beings have to live. Workers are looking for an explanation and proposals of how to get out of this mess. We have produced a Manifesto which outlines the causes and puts forward a programme of action for the international labour movement. In Part One we deal with the causes of the crisis and its effects.
 
Back to Corporate Welfare Print E-mail
By John Gandy   
Wednesday, 05 November 2008

corporate-welfare1.jpgUS Democratic Congressman Dennis Kucinich described the $700bn bail-out of the US banks by the Bush administration as: “The largest single act of class warfare in the modern history of this country” In Britain £50bn is being doled out in a similar scheme. That’s approximately £833 for every man, woman and child in the country, or £1,500 for every taxpayer. If someone was to help themselves to £1,500 of your money and spend it wouldn’t you at least want to know how and why? Yet the language saturating the media is full of panic and obfuscation.

 
Top Economic Strategist warns of ‘Catastrophe and Revolution’ Print E-mail
By Rob Sewell   
Wednesday, 29 October 2008

mw.jpgMartin Wolf in the Financial Times today: “…this would be a recipe… for xenophobia, nationalism and revolution… Everything must be done to prevent the inescapable recession from turning into something worse… Deflation is a real danger… At stake could be the legitimacy of the open market economy itself… the danger remains huge and time is short.”

 
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