Articles Economic Crisis

  • For Whom the Wall Fell? A Balance Sheet of the Transition to Capitalism

    Economic Crisis

    Most people’s expectations on November 9, 1989, were that the newly established capitalism in Eastern Europe will result in economic convergence with the rest of Europe, moderate increase in inequality and consolidated democracy. These hopes and expectations are fulfilled most likely in only one country (Poland) and, at the very most, in another two rather small countries (Estonia and Albania).

  • Monetary Imperialism

    Economic Crisis

    The most destructive fiction of international finance is that all debts can be paid, and indeed should be paid, even when this tears economies apart by forcing them into austerity. Yet European countries, and especially Germany, have shied from pressing for a more balanced global economy that would foster growth for all countries and avoid the current economic slowdown and debt deflation.

  • The Current Conflict In Spain Has A Lot to Do With Economic Failure

    Economic Crisis

    As Spanish Prime Minister Mariano Rajoy threatens to take over the autonomous region of Catalonia, it is becoming clearer even to casual observers who the bad guys are in this conflict. Generally, when one side is peaceful and seeks dialogue, and the other is committed to resolving the disagreement through force, repression, and violence — well, you get the picture.

  • World’s 8 Richest Have as Much Wealth as Bottom Half, Oxfam Says

    Economic Crisis

    Oxfam bases its figures in part on Forbes’s annual list of billionaires and the magazine’s estimates of their wealth. This year, Oxfam said, new data gathered by Credit Suisse about the global poor led it to lower its estimates of their assets, and revise its findings about how few rich men — the eight are all men — were needed to equal the wealth of 3.6 billion people.

  • Economic power to the people!

    Economic Crisis

    Sadly little known today, Robinson was a radical, defiantly outside the mainstream. She engaged the orthodoxy of her day in fiery debates, defending the core belief that the free-market profit system was no way to organize the economy and society. In this, Robinson was very much like the Marxist economists of her day, although she was explicit that she was not a Marxist.

  • The Basic Income debate

    Economic Crisis

    If BI is used to top-up low wages, then it will create incentives for employers who used to pay decent wages to reduce wages so they won’t have to compete with companies that benefit from subsidized labour and, in any case, BI will serve as a public subsidy for cheap labour strategies. That means our precious public dollars will be re-directed into the coffers of corporations, not to human needs.

  • Basic Income and the left: The political and economic problems

    Economic Crisis

    The discussion over BI touches on real political and economic anxieties. The attack on the social welfare state, the depreciating power of organized labour and an economy producing increasingly low-wage precarious jobs have led many to search for alternative mechanisms and policies to address these problems. It is no wonder that BI with its promise of streamlined access to minimal economic security has attracted many adherents on the Left.

  • NAFTA Kills: Who will Speak for the Working Class?

    Economic Crisis

    A recent report out of the US raises questions about politicians’ (in Canada and the US) obsession with the state of the middle class and highlights why Donald Trump won the US election. It is a sobering picture and an scathing indictment of neo-liberalism – particularly so-called free trade. While the authors don’t say so explicitly the conclusion is inescapable: NAFTA kills.

  • Housing in the age of austerity: Toronto’s war on the poor

    Canadian Politics

    It wasn’t always this bad for Toronto’s non-rich residents. In 1970, 66 per cent of Toronto neighbourhoods were middle-income. This was when the labour market allowed for single-income families, when social services were better available to the poor and when affordable housing was constructed according to need.

  • Why the system will still win

    Economic Crisis

    That means facing the probability the EU is now so path-dependent as a neoliberal construction that reform of it is no longer seriously conceivable. It would have to be undone before anything better could be built, either by breaking out of the current EU, or by reconstructing Europe on another foundation, committing Maastricht to the flames. Unless there is a further, deeper economic crisis, there is little likelihood of either.

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