• Responses From The South To The Global Economic Crisis

    International Political Economy Conference Final Declaration Caracas, October 11, 2008 Academics and researchers from Argentina, Australia, Belgium, Canada, Chile, China, Cuba, Ecuador, France, Mexico, Peru, Phillipines, South Korea, Spain, United Kingdom, United States, Uruguay and Venezuela participated in The International Political Economy Conference: Responses from the South to the Global Economic Crisis, held in Caracas from the … Keep reading »

  • Wall Street Panic, Main Street Pain and Policy Choices

    Government Responses to the Financial Crisis: Meltdown and Bailouts Falling house-prices triggered a financial crisis in the summer of 2007. Increasing numbers of people who had borrowed against their property, whose value they expected to rise continually, had trouble to pay their mortgages and other bills. Particularly hard hit were people whose mortgages had flexible interest … Keep reading »

  • The Current Crisis: A Socialist Perspective

    ‘They say they won’t intervene. But they will.’ This is how Robert Rubin, Bill Clinton’s Treasury Secretary, responded to Paul O’Neill, the first Treasury Secretary under George W. Bush, who openly criticized his predecessor’s interventions in the face of what Rubin called ‘the messy reality of global financial crises.’[1] The current dramatic conjuncture of financial … Keep reading »

  • Comparing Crises: The 1930s, the 1970s, and Today

    Boom or bust, Wall Street keeps people busy. Everybody debates the U.S. government’s $700-billion bailout plan these days. After the bankruptcy of the Lehman Brothers investment bank, who’s next was last week’s big question. Last month, it was speculation whether falling oil prices and a resurgent U.S. Dollar would indicate the next boom. Last year, … Keep reading »

  • Market Meltdown

    Capitalism and the Crisis of Neoliberalism Toronto — 17 July 2008. Presentations by: Introduction Greg Albo, Professor of Political Economy, York University Jim Stanford, Economist, Canadian Auto Workers David McNally, Professor of Political Science, York University

  • 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 … Keep reading »

  • Global Finance, the Current Crisis and Challenges to the Dollar

    It is not often that we find ourselves living through financial turmoil so serious that the International Monetary Fund calls it “the largest financial crisis in the United States since the Great Depression.” Yet that is where we are today. Already, commercial banks have collapsed in both Britain and Germany, as has the fifth-largest investment … Keep reading »

  • Disaster in the Making: Canada Concludes Its Free Trade Agreement With Colombia

    What’s the monetary value of a Colombian trade unionist’s life? As it turns out, it depends on how many are killed in a given year since the potential fines the Colombian government will have to pay as penalty under its free trade agreement (FTA) with Canada whenever a union activist is killed is capped at … Keep reading »

  • Falling Wages, High Prices and the Failure of an Export-Oriented Economy

    In April 2008, after a wave of protests over low wages and high food prices, including an attempt to generate a general strike by many workers and social activists on April 6 and led by workers in the state-run textile industry, the Egyptian government suspended its export of rice and cement in order to meet … Keep reading »

  • Farmers Seek Defenses Against the Giants of Agribusiness

    Around the world, farm income is plummeting, pushing farmers off the land and into destitution. At the very same time, soaring food prices are putting tens of millions onto starvation diets. Welcome to the bizarre world of capitalist agriculture, where the drive to boost profits of giant transnational corporations is imperiling the production of our … Keep reading »

  • The Credit Crisis in Canada: The First Six Months

    The 2007 credit crisis irrupted in Canadian financial markets in mid-August. The immediate backdrop to this was the growing concern in financial markets about the value of assets underlying commercial paper, and especially the extent to which these assets were connected to a deteriorating real estate market in the United States. The subprime mortgage sector … Keep reading »

  • Differences between 1982 and 2007-2008

    In 1982, the external public debt crisis of the developing countries was triggered by the combined effects of the rise in interest rates imposed by the United States two years earlier, and the fall in prices of raw materials, particularly oil. The epicentre was in the South and the first casualties were the governments of … Keep reading »