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Economic Crisis

  • After the Pandemic

    When people emerge from their homes after the first wave of the COVID-19 pandemic they will be confronted by a greatly changed global order. A devastating public health crisis will continue to play out and a global economic slump that the pandemic has hastened and massively exacerbated will cast its shadow over the next several years.

  • The Two Viruses: COVID-19 and Capitalism

    The current self-serving and anti-social posture taken by capitalists reveals they are content to let people suffer and die if this pandemic allows them to maintain or augment their wealth. The stakes could not be higher. Our response has the potential to make this horrific pandemic a crucial moment, or even the basis for a revolutionary transformation in social relations.

  • The Unexpected Reckoning: Coronavirus and Capitalism

    The present pandemic is certain to be different not because it is more lethal than previous ones (it is not), nor because it is causing havoc in financial markets (as most crises of neoliberal era have), but because it is exposing the weaknesses, distortions and imbalances of the productive apparatus that neoliberalism has shaped over four decades.

  • Global Financial Asset Deflation: Prelude to Next ‘Great Recession’?

    The US and global economies are well on their way to a repeat of the ‘great recession’ (or worse) of 2008-09. Only this time traditional monetary-fiscal policy is much less effective. More radical policy responses will likely be developed to try to stabilize the capitalist economies both in USA and elsewhere (where problems are even more severe).

  • China’s Economy: Powerful But Vulernable

    China’s rapid growth has produced prosperity and reduced poverty. It has also generated less wholesome economic, social, and ecological consequences which are now catching up with it, making the much-vaunted Chinese model increasingly less attractive for developing economies.

  • Climate Change and the Crisis of Stranded Fossil Fuel Assets

    PlaceThe world’s oil, gas, and coal companies would incur what the Financial Times recently described as “breathtaking” losses if they’re not allowed to extract and burn their enormous reserves. In total, fossil fuel CO2 emissions contained in untapped reserves are estimated at 2910 gigatonnes or nearly three trillion metric tons.

  • Meet the New Boss, Same as the Old Boss

    Canadian economist and author Jim Stanford lists seven ways in which the evolution of work is reflecting a fundamental continuity with long-standing labour practices and relationships that are as old as capitalism itself. To improve the quality and compensation of work, we need to understand – and where necessary confront – those core features.

  • Canada’s Tax System Should Oppose Inequality, Not Subsidize the Rich

    Successive Canadian governments have treated taxes like a problem that can only be fixed through tax cuts, with more slashes promised from all sides during every election. Imagine the investments we could have made by now if governments had approached taxes not as a problem, but as a solution. Progressive tax policy has a significant role to play in addressing our country’s most pressing challenges, from the ongoing climate emergency to inequality’s seemingly unending expansion.

  • The War on the Poor in the Age of Austerity

    Even in a rich country like Canada, the neoliberal decades have seen a huge intensification of the rate of exploitation. Industrial jobs have been moved offshore, unions have been weakened, low wage precarious work has proliferated and the social infrastructure has been battered. A key component of the attack on social programs and public services has been the reduction of income support for unemployed, sick and disabled people.

  • World’s 500 Richest People Gained $1.2 Trillion in Wealth in 2019

    The 500 richest people in the world, all of whom are billionaires, gained a combined $1.2 trillion in wealth in 2019, further exacerbating inequities that have not been seen since the late 1920s. That’s according to a new Bloomberg analysis published on December 27, which found that the planet’s 500 richest people saw their collective net worth soar by 25 percent to $5.9 trillion over the last year.

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