Economy
“A financial September 11” - Lessons of the banking crisis – Part One Print E-mail
By Alan Woods   
Wednesday, 26 September 2007
stock-market-panic.jpg The recent chaos on world stock markets is a manifestation of the general turbulence that is the most prominent feature of the present epoch. The crisis that affected the Northern Rock bank in Britain is but an indication of dramatic events that are being prepared globally.
 
The rocky road to ruin Print E-mail
By Michael Roberts   
Wednesday, 19 September 2007
northern-rock-crisis.jpgOver the past 15 years production has risen at about 3% a year in the OECD countries, while money supply, mortgage and company debt, personal borrowing and the massive so-called derivatives market based on this credit has increased at over 25% a year! Result? A huge bubble which is now bursting, starting with Northern Rock.
 
Metronet: A bad case of Begging bowl capitalism Print E-mail
By Mick Brooks and Dan Morley   
Tuesday, 04 September 2007
tube-strike.jpgThe collapse of Metronet , the consortium entrusted with upgrading the tube, spells the collapse of the whole notion of 'Public Private Partnership', otherwise known as the Private Finance Initiative.
 
Nightmare on Wall Street Print E-mail
By Mick Brooks   
Tuesday, 14 August 2007
wall_st.jpgThe financial turbulence of recent days has wiped billions off the price of shares all around the world. On Friday August 10th London’s stock exchange, the FTSE 100, alone dropped £63 billion. What does this mean? The same firms are still employing the same workers and making the same things. But these firms are suddenly worth £63 billion less than twenty-four hours before. And this should sound alarm bells for their workers - and for the rest of us.
 
“Reclaiming Marx's Capital: A Refutation of the Myth of Inconsistency” Print E-mail
By Michael Roberts   
Tuesday, 24 July 2007
kliman.jpgThis is an important book, written by Andrew Kliman, and published by Lexington Books. In a nutshell, what Andrew Kliman shows is that Marx's laws of motion of capitalism (how capitalism works and does not work) are logically consistent and theoretically valid.
 
UK interest rates: the chickens are coming home Print E-mail
By Michael Roberts   
Thursday, 12 July 2007
housing-for-sale.jpgLast week, the Bank of England hiked its interest rates, yet again, to 5.75%. This was the fifth rise since August 2005. And the head of the bank, Mervyn King, said that "further action" on interest rates could be necessary. Most observers reckon the interest rate that most borrowing and mortgages are based on - the bank rate - will go to 6% or more by the end of this year.
 
The profit cycle and economic recession Print E-mail
By Michael Roberts   
Wednesday, 04 July 2007
us-housing.jpgThe world's stock markets having been hitting all-time highs in their prices, especially the markets of India and China, where there seems no end to the upward spiral of the burgeoning capitalists economies and their accompanying stock markets. Only the US economy is slowing as its housing market collapses. 
 
Taxing truth about Brown Print E-mail
By Mick Brooks   
Friday, 01 June 2007
brown_budgetGordon Brown wants the UK to be 'the most attractive location to do business.' He has a problem. Every other finance minister in the capitalist world wants the same for their own country. What is happening is a race to the bottom. The rich get richer, the poor pay more.
 
Age discrimination or work till you drop? Print E-mail
By Mick Brooks   
Tuesday, 17 April 2007
thumb_mcjobs2.1Socialists have always been opposed to all forms of discrimination, not only because it is unfair to a part of the working class, but because discrimination divides us as a class and weakens us as a result.
 
Quality, inequality and opportunity Print E-mail
By Michael Roberts   
Friday, 13 April 2007
thumb_stock_marketMichael Roberts takes a look at the role played by the US Federal Reserve Bank and what its chairman, Ben Bernanke, has had to say about the inequality of income in capitalist society.
 
Private equity - a new capitalist mutation Print E-mail
By Mick Brooks   
Wednesday, 04 April 2007
thumb_corpcrimeBehind the term "private equity" hides good old "asset stripping". It is not about making things. It's about making money from money, buying up companies, stripping them and selling them off with a mountain of debt. Or to use a simpler term, it's capitalism.
 
Brown's budget – tax cuts for the rich Print E-mail
By Michael Roberts   
Thursday, 22 March 2007
The announced income tax cuts in reality are being taken back by increased tax rates for some of the poorest households while the richest income earners would benefit the most.
 
An Introduction to Marxist Economics Print E-mail
By Mick Brooks   
Tuesday, 13 March 2007

thumb_marxThis is an updated version of an educational piece on Marxist economics that was produced in October 1974. It is an introduction to what often seems a complicated subject. It includes recommendations for further reading and should be read by all those interested in deepening their knowledge about Marxism.

 
World stock markets in turmoil Print E-mail
By Michael Roberts   
Thursday, 01 March 2007
thumb_nasdaqChina hints at a tax on capital gains and the Shanghai stock exchange falls by 10%, but then the fall affects all the other major stock exchanges. What does all this indicate? Michael Roberts gives his view on the question.
 
The Great Divide Print E-mail
By Socialist Appeal   
Monday, 19 February 2007
wrong_side_of_the_tracksThe World Institute for Development Economics Research of the United Nations University has carried out what it declares the 'most comprehensive study of personal wealth ever undertaken'. Unsurprisingly it concludes that the wealthy few are getting richer and richer at our expense.
 
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