Articles Economic Crisis

  • 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

    A spectre has returned to haunt the left – the spectre of Keynes. The Left kept it at bay in the 1950s and 1960s by pretending that “reformist” and “ineffectual” “Keynesianism” was Keynes. But it was so far removed from Keynes’ profound critique of the doctrine and reality of capitalism that one eminent economist called it “bastard Keynesianism.”

  • Keynes and ‘National Self-Sufficiency’

    today’s world it may seem that I am trying to link Keynes with the autarky of, say, North Korea, but of course I am quoting the title of an article he wrote in 1933, in that prior period of great economic crisis of the 1930s, in which he argued the case for national self-sufficiency or, more precisely, for less international finance and less international trade. “I would sympathize… with those who would minimize rather than those who would maximize, economic entanglement among nations [a marvelous phrase]. Ideas, knowledge, science, hospitality, travel – these are the things which should of their nature be international. But let goods be homespun whenever it is reasonably and conveniently possible, and, above all, let finance be primarily local.”

  • 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

    Economic Crisis

    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 that, under the rubric of neoliberalism, ruled economic policy making for the past quarter century. And so, the cycle turns.

  • The Great Recession

    Economic Crisis

    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.

  • Perspectives on the U.S. Financial Crisis

    It is time to take stock. The centrality of the American economy to the capitalist world – which now literally does encompass the whole world – has spread the financial crisis that began in the U.S. housing market around the globe. And the emerging economic recession triggered in the U.S by that financial crisis now threatens to spread globally, as well.

  • The Economic Basis of Imperial Power

    International economic power is increasingly dispersed between the competing major power blocs. However, one power centre – the U.S. – has greater domination over more sectors than the other power blocs.

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