Articles Economic Crisis

  • 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.

  • Welcome to the new dark ages, where only the wealthy can retire

    Economic Crisis

    What we really need is an intergenerational alliance to be forged around the issue. Any attempt to protect the right to retire (with a pension) will also have to address the dire developments in the employment sector that are seriously disadvantaging younger people and now creeping into jobs held by 40-somethings too. Can this cross-generational solidarity be built?

  • Alternatives to Capitalism: the Transition Movement meets Degrowth

    Economic Crisis

    Co-founder of the Transition Movement, Naresh Giangrande in conversation with Richard Swift, author of SOS Alternatives to Capitalism and an editor of the New Internationalist Magazine. Brought together in the Caribbean island of Dominica, with Earthbooktv’s Jessica Canham and Timothy Speaks Fishleigh at the Earthbook retreat centre in the mountains of Dominica.

  • A Brief History of Canadian Labour Woes

    Canadian Business

    In addition to a loss of union jobs, globalization also accelerated Canada’s shift from a manufacturing to a service sector-dominated nation, further weakening prospects for organizing. Much of this has to do with precarity, as non-standard work provides employers increased flexibility in scheduling, hiring, lay-offs and firing, acting as tools in employers’ arsenals to fight a drive.

  • Canada’s Household Debt Crisis: Blame Capitalism!

    Canadian Business

    The Bank of Canada’s last report reached the same scary conclusion “Canada’s dangerous brew of debt and inflated house prices could combine to devastate the economy,” Maclean’s reports.This should ring a bell to anyone with a passing familiarity with Marxist economics and the theory of the crisis of overproduction, in particular.

  • Basic Income: Progressive Dreams Meet Neoliberal Realities

    Economic Crisis

    The model of BI that governments are working on in their social policy laboratories will not ‘end the tyranny of the labour market’ but render it more dreadful. The agenda of austerity and privatization requires a system of income support that renders people as powerless and desperate as possible in the face of exploitation and that won’t change if it is relabelled as ‘Basic Income’.

  • Pope Francis: Capitalism is “Terrorism against all of humanity”

    Economic Crisis

    “All religions want peace; it is other people who want war.” Pope Francis even calls out his own religion, pointing out that Catholicism has its own flaws and its own extremists. We are all equal, and no one religion is the best. And as the Pope himself suggests, all religions point toward the same goal, which is peace. And that’s something I think we can all get behind.

  • Portland to vote on taxing companies if CEO earns 100 times more than staff

    Economic Crisis

    The disparity between workers’ and CEOs’ pay has been rising sharply since the 1960s, when the average ratio was around 20-1. It now stands at above 200-1. Novick’s proposal would increase current corporate income taxes by 10% if a company CEO had a salary ratio of above 100-1, and by 25% for CEOs with a ratio of 250-1 or higher.

  • Who Profited From the $440 Billion Greek Bailout? Not Greeks

    Economic Crisis

    One might think that US$440 billion in loans would have helped Greece recover from the global recession of 2008-09 and the Europe-wide chronic, stagnant economic growth ever since. But no, the US$440 billion in debt the Troika piled on Greece has actually impoverished Greece even further, condemning it to eight years of economic depression with no end in sight.

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