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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Marxist Theory and History: 

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Give them all €10,000!

Author: 

Rhodri Evans

The economists John Muellbauer and Willem Buiter have proposed that the European Central Bank fixes the euro-depression by handing out €500 to each citizen or resident of the eurozone.

Wolfgang Munchau, in the Financial Times (12 January), argues that a handout of €10,000 per person would be more realistic.

It won't happen, but these are all conservative, mainstream economists, trying to think outside the box.

The economists John Muellbauer and Willem Buiter have proposed that the European Central Bank fixes the euro-depression by handing out €500 to each citizen or resident of the eurozone.

Around the world: 

Marxist Theory and History: 

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Finance and the “other exploitation”

Author: 

Martin Thomas

Review of Costas Lapavitsas' Profiting without producing, Verso 2013

Capitalist exploitation is not just by the boss extracting from the worker, in return for a meagre more-or-less “living wage”, an expansible value-added which may be something like three times what’s paid out in wages.

It also comes from making working-class households pay interest on debts which they run up, often on disadvantageous terms, because of their relative poverty and relative lack of power in the markets.

A review of Profiting without producing by Costas Lapavitsas (Verso 2013).

Culture and Reviews: 

Marxist Theory and History: 

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Britain's neo-liberal car boot sale

Author: 

John Cunningham

John Cunningham reviews Private Island: Why Britain Now Belongs to Someone Else, by James Meek (Verso Press) and How To Speak To Money by John Lanchester (Faber and Faber).


Both these books perform a valuable service to those concerned with mounting a sustained critical analysis of how capitalism in its present day forms actually works. Although neither author draws any radical conclusions from his analysis, there is rich material in these pages to learn from.

Reviews of Private Island: Why Britain Now Belongs to Someone Else, by James Meek (Verso Press) and How To Speak To Money by John Lanchester (Faber and Faber).

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Marxist Theory and History: 

Trade Unions: 

Culture and Reviews: 

The hegemony of neoliberalism

Review of Philip Mirowski: Never let a serious crisis go to waste: how neoliberalism survived the financial meltdown. Verso, 2013


Philip Mirowski addresses the left, very broadly defined - "people who have taken it as a fundamental premise that current market structures can and should be subordinate to political projects for human improvement" - but with "a simple message: Know Your Enemy before you start daydreaming of a better world".

He dismisses most already-circulating "better world" schemes as helpless against the dominance of neoliberalism.

Marxist Theory and History: 

Finance and the "other exploitation"

Review of Costas Lapavitsas: Profiting without producing, Verso 2013


Capitalist exploitation is not just by the boss extracting from the worker, in return for a meagre more-or-less “living wage”, an expansible value-added which may be something like three times what’s paid out in wages.

It also comes from making working-class households pay interest on debts which they run up, often on disadvantageous terms, because of their relative poverty and relative lack of power in the markets.

Marxist Theory and History: 

“Red warning” on economy

Author: 

Martin Thomas

Prime Minister David Cameron has used the occasion of the G20 summit of big-power governments in Brisbane to declare that "red warning lights are once again flashing on the dashboard of the global economy", as in 2008.

"The eurozone is teetering on the brink of a possible third recession... Emerging markets [like Brazil, Russia, India, China, South Africa...] are now slowing down... [There is] instability and uncertainty".

The most likely focus for a new financial crash is China, where over-investment and bad debt have ballooned. There is no special reason visible why it should happen soon, but no guarantee that it won’t. More likely than a crash, in fact almost certain, is continuing dull depression.

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