Socialist Appeal
The Marxist voice of Labour and youth
In the midst of the pandemic, some parts of the economy are booming. Speculative investments are continuing in a frenzied fashion. The latest celebrity-driven fads, NFTs and SPACs, are among the insane expressions of this whirlpool of speculation.
Organised on Reddit, a movement of amateur stock traders has taken on the big hedge funds, exposing how rigged and rotten the whole system is. Capitalism is a casino. We need socialism, not speculation.
Modern Monetary Theory has become in vogue on the left, as a supposed answer to the austerity agenda pursued by big business politicians. But the limits of a new book by a leading MMT proponent show why we need the ideas of Marxism.
Governments everywhere are pumping money into the world economy to keep it on life support. Subscribers to Keynesian economic ideas - of government stimulus and demand-side management - feel vindicated. But only Marxism offers a solution.
Labour-led Sheffield City Council recently announced that they would support a trial of Universal Basic Income. This is being championed as a victory for the left. But just how radical is the demand for a UBI?