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Economic Crisis

  • The Crisis of Extreme Capitalism

    For years many assumed that the smart people who ran the system and benefitted from it would find a practical way to fix it. The problem is that the solutions are all framed within an ideology that makes that extremely unlikely.

  • Ireland and the Basque Country: Massive Flight (Emigration) or General Strike?

    Many billions of Euros are being extracted from Europe’s vassal-debtor nations—Spain, Greece, Portugal and Ireland—and transferred to the creditor banks, financial speculators and swindlers located in the City of London, Wall Street, Geneva and Frankfurt.

  • The Rumpelstiltskin Effect

    Once upon a time (actually 1994), in a not so distant land (Wall Street, in fact), there lived a king (the CEO of JP Morgan) who sent his underlings down to a swanky resort in Florida to figure out how to make more money. It wasn’t that his bank didn’t have enough money, it was just that the king wanted more for himself.

  • The Global Economic Crisis—Part 3

    Canadian Dimension posed a number of questions to three well-known economists to reflect on the roots of the crisis and what lies ahead, and to advance some progressive options. This week we publish the responses from Sam Gindin, former economist with the CAW and co-author of the forthcoming book “The Making of Global Capitalism: The Political Economy of the American Empire” (Verso, 2012).

  • Keynes and the crisis

    After neoliberalism dispatched Keynesianism in the 1970s, the left was relieved of the need to confront Keynes. But as neoliberalism self-destructs in capitalism’s greatest crisis since the Great Depression, neoliberals and “third way” economists conjure up Keynesianism anew in their attempts to salvage it.

  • Keynes and ‘National Self-Sufficiency’

    Is it possible that there is also too much trade? If most economists are reluctant to go as far in their thinking as Keynes had by 1931, where are those who have gotten to where he was in 1933 – in spite of the fact that the world has changed in a way that Keynes could hardly have anticipated that has given his radical views remarkable resonance.

  • Unions and the crisis

    The political and economic setting facing the union movement today is the most difficult since the Great Depression. Unions have already confronted two decades of unrelenting assault from neoliberal policies of labour-market flexibility, austerity and political conservatism. Then, the global financial crisis ripped across the entire world market. Many forecasts for 2009 are projecting negative growth for the world economy as a whole for the first time since the 1930s.

  • The Return of Mr. Keynes

    John Maynard Keynes has returned from the graveyard of discarded and abandoned theorists. Blamed for the strange brew known as stagflation, Keynes’ economics had been unceremoniously dumped there in the mid-seventies. His economics was replaced by that rediscovered nineteenth-century concoction of deregulation, privatization and free trade. And so, the cycle turns.

  • The Great Recession

    Capitalism is currently enmeshed in its most calamitous economic crisis since the Great Depression. And, just as in that earlier historic conjuncture, while visiting enormous trauma and privation upon working people, this crisis pried open the seams of the system in a way that opened up possibilities – too soon foreclosed – for a different tomorrow. So, the current crisis is a watershed, heralding both pain and the prospect of change.

  • Wall Street’s Killing Fields

    The pundits are very busy these days looking for scapegoats among the swindlers, liars and manipulators who by their greed and excesses have caused the meltdown that led to this mother of all stock market crashes. Now it’s true that in the midst of every economic boom some masters of the universe exercise no scruples in grabbing their share, and then some, of the profit bonanza; and when conditions sour, find novel ways of hiding their true bottom lines to keep investor capital coming their way.

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