Economics

Marxist economists analyse the crisis

Financial crisis

Author: 

Costas Lapavitsas/Leo Panitch/Fred Moseley/Michel Husson/Andrew Kliman/David Laibman/Simon Mohun/Trevor Evans/Robert Brenner/more
Andrew Kliman and David Laibman are new contributors, and Michel Husson, Fred Moseley, Leo Panitch, and Costas Lapavitsas present second thoughts, in a symposium also including Simon Mohun, Trevor Evans, Robert Brenner, and Dick Bryan.

Marxist Theory and History: 

Fair trade, free trade, and socialism

Author: 

Paul Hampton

Trade is a vital part of the neoliberal economic, political and ideological regime that now dominates the world economy and most national states.

In this pamphlet we try to grasp the essential features of the world economy, especially relating to trade issues.

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Nine years on: the new left, neoliberalism, and the new right

Author: 

Martin Thomas

Click here to download as pdf

The global credit crash of 2008 and the ensuing travails have produced delayed political effects. A shift to more right-wing, nationalist, and "identity" politics may move neoliberalism sharply to the right, or even explode it from within. The economic turmoil has also produced new life on the left, as yet on a low wattage.

Reviewing world economics and politics nine years after the 2008 crash

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Marxist Theory and History: 

Prosperity for the few, stagnation for the many

Author: 

Martin Thomas

Right-wingers are trumpeting the claimed prosperity of the US economy since Trump’s election, and of the British economy after Brexit. A closer look shows the prosperity as very partial.

Stock market prices in the USA have risen strongly since November 2016, though no more than their general rising trend since they hit bottom in March 2009. The slice of corporate profits in total US income is as high as it was at its pre-2008 peak, which in turn was the highest since 1965.

The world is seeing an economic recovery, but sooner or later the mismatches built into the system, and not at all mended since 2008, will bring a new crash.

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Marxist Theory and History: 

Reverse the rise in inequality!

Author: 

Martin Thomas

The Resolution Foundation, a statistical think-tank, reported in March on the economic prospects if the Tories win on 8 June.

"If nothing is done to change [the] outlook... [2015-20] will go down as being the worst [period] on record for income growth in the bottom half of the income distribution.

"It will also represent the biggest rise in inequality since the end of the 1980s".

The banks and high finance are central to the economy's functioning, and their greed for profit has been central to the economic chaos which has engulfed us since 2008. Banking should become a unified, democratically run public service providing banking, pensions and mortgages for everyone who needs them, and funds and resources for investment in public services and all areas of social need – instead of acting as an engine to devastate them and promote inequality.

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Marxist Theory and History: 

The AWL, Labour and the Left: 

Trump and neoliberalism

Author: 

Martin Thomas

“Neoliberalism as a set of principles rules undivided across the globe: the most successful ideology in world history”, declared the left-wing historian Perry Anderson in 2000.

With Trump, we see both a strand of neoliberalism, pushed on a scale which threatens to break up neoliberalism “from the inside”, but in a reactionary way; and a strand of real revolt against neoliberalism, expressed again in a reactionary way.

With Trump, we see both a strand of neoliberalism, pushed on a scale which threatens to break up neoliberalism “from the inside”, but in a reactionary way; and a strand of real revolt against neoliberalism, expressed again in a reactionary way.

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Marxist Theory and History: 

Trump’s “America First” means workers last

Author: 

Lance Selfa

Perhaps it’s foolish to take anything Donald Trump says as an articulation of core principles or beliefs. But this passage from his inaugural address hit many like a bolt of lightning: From this day forward, a new vision will govern our land. From this moment on, it’s going to be America First. Every decision on trade, on taxes, on immigration, on foreign affairs, will be made to benefit American workers and American families. We must protect our borders from the ravages of other countries making our products, stealing our companies, and destroying our jobs.

Labour leaders like Jimmy Hoffa Jr. are giving Trump the cover to paint his economic programme — which in reality is based on tax cuts for the rich, allowing corporations free reign, and selling the US as a low-wage economy — as “populist” and pro-worker.

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Trade Unions: 

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Marxist Theory and History: 

Socialist ideas can beat Trump

Author: 

Editorial

Donald Trump, who becomes US president on 20 January, threatens to push the USA, and maybe more of the world, back decades on women’s rights, ethnic minority rights, migrant rights, and civil liberties. He threatens to batter and marginalise the long-beleaguered US trade-union movement.

Only a resurgent labour movement, fighting boldly and unequivocally for a different world-view, and a different world, of co-operation and solidarity, can turn the tables. Not a bland, moderate, liberal defence of the status quo.

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The economic consequences of Donald Trump

Author: 

Martin Thomas

Newly-elected US president Trump will surely hack back migrants', workers', women's, and civil rights; speed environmental destruction; and raise risks of war, especially with Iran. He may also disrupt the large trends which have allowed capitalist growth for 60-plus years.

Beyond domestic regression, President Trump may also disrupt the large trends which have allowed capitalist growth for 60 years.

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