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Showing posts with the label debt

The Polycrisis of Capitalism in the 21st Century

There is a focus on capitalism in the UK .  I don’t understand what Michael Roberts means by three socio-economic systems. Is it not capitalism the socio-economic system of our era?

UK: Inside Gigademia

University and College Union (UCU) is involved in a prolonged dispute about the pay, pensions and conditions of its 120,000 members. Planned: The University and College Union (UCU) has announced a total of 18 days of industrial action during    February and March. Strikes are planned for February  1, 9, 10, 14, 15, 16, 21,22, 23, 27, 28 and March 1, 2, 16, 17, 20, 21, 22.

A Stagflation Debt Crisis Looms

According to a leading liberal, new Keynesian economist, “The next crisis will not be like its predecessors. In the 1970s, we had stagflation but no massive debt crises, because debt levels were low. After 2008, we had a debt crisis followed by low inflation or deflation, because the credit crunch had generated a negative demand shock. Today, we face supply shocks in a context of much higher debt levels, implying that we are heading for a combination of 1970s-style stagflation and 2008-style debt crises – that is, a stagflationary debt crisis.”

Global Capitalism

“This weekend, the  G20 leaders’ summit takes place  – not physically of course, but by video link.  Proudly hosted by Saudi Arabia, that bastion of democracy and civil rights, the G20 leaders are focusing on the impact on the world economy from the COVID-19 pandemic.” G20: the debt solution

Debt

A left of liberal argument Should we be scared o the coronavirus debt mountain?

Debt

The causes are the "ongoing plunder of poor countries by rich countries, banks, multinational corporations, and global elites in the North and South." Again, this approach ignores the class structure in the poor and middle income countries, the socio-economic policies of the ruling elites (only mentioned in passing) and the role of the dominant classes in perpetuating the plunder, the lack of the political will to embark on economic and technological development, etc. Such an approach treats relations between states as separate from the sociology of the countries in question. The author of the article has a PhD in sociology! One or two more paragraphs would enlarge the picture and provide a better expalnation.  "The Global South" must be freed of its debt servitude

Global Pandemic

Without a global orientation, we risk reinforcing the ways that the virus has seamlessly fed into the discursive  political rhetoric  of nativist and xenophobic movements – a politics deeply seeped in authoritarianism, an obsession with border controls, and a ‘my-country first’ national patriotism. This a global pandemic—let's treat it as such