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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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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Socialist ideas can beat Trump

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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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Bankers’ greed brings us down

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Editorial

“For questions about the survival of big European banks to be swirling almost ten years after the financial crisis started is utterly damning”, writes the big business magazine The Economist.

Questions are indeed swirling. On 26 October, the Bank of England asked British banks to say how much they are owed by Germany’s huge Deutsche Bank and Italy’s oldest bank, MPS, in case those banks prove unable to pay. Deutsche Bank’s share price has fallen by over 50% this year.

In today’s global-markets capitalism, the financial piping is central. Banks are not quiet enterprises, doing backroom work in a steady and cautious fashion, but the leaders in general capitalist speculation, corner-cutting, and reckless greed. If banks go down, as they did in 2008, they bring everything else down.

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The pound and the Marmite crisis

Author: 

Martin Thomas

It’s often thought bad in Marxist publications to write articles on the theme “we don’t know”, but that is what I have to do about the falling pound.

The exchange rate of the pound against other major currencies has fallen 17% since the Brexit vote on 23 June, and has recently had a further sudden lurch downwards. The inflation rate is ticking up a bit. Marmite is disappearing from the shelves at Tesco because its producer demanded a price rise to compensate for the falling exchange rate.

The exchange rate of the pound against other major currencies has fallen 17% since the Brexit vote on 23 June, and has recently had a further sudden lurch downwards.

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No hard Brexit

Author: 

Editorial

Loud voices among the Tories are pushing for a “hard Brexit”. They want to slam the door on migrants from Europe and make things difficult for migrant workers already here.

Smaller economic units — Britain, as compared to the EU — are even more subordinate to markets and global capital than larger.

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Marxist Theory and History: 

The world of neoliberalism, three years on

Author: 

Colin Foster

Three years ago, we surveyed “the world of neoliberalism” as it had emerged from the 2008 financial crash and the acute phase in 2010-12 of the eurozone government-debt crisis.

Many patterns have continued since 2013. Overall economic growth has been slow by historical standards, even slower by comparison with the rates expected in recovery from a big slump. Of the global growth, the bulk, 63% in 2015-6, has been in China and India, and the Chinese growth figures are dubious.

The financial crash of 2008 was a distinct crisis, and, like all other capitalist crises in fact, had its own special features.

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