Category: Economy

  • The Financial Crisis and Democratic Public Finance

    First let’s be clear about capitalism – and with it the character of the state under capitalism. There is a conventional assumption, a leftover of the cold war perhaps, that somehow capitalism is essentially about the market and socialism is essentially about the state. In fact, a central historical feature of the state in capitalist … Keep reading »

  • The Financial Crisis: Notes on Alternatives

    Over the last quarter century, the left in most of the developed world has been marginalized as a social force. The ‘culture of possibilities’ for left alternatives has correspondingly narrowed. But historic changes, above all the discrediting of neoliberalism, hold out the potential of at long last reversing that earlier defeat. With the continuing financial … Keep reading »

  • Making the World’s Poor Pay

    The Economic Crisis and the Global South The current global economic crisis has all the earmarks of an epoch-defining event. Mainstream economists – not usually known for their exaggerated language – now openly employ phrases like ‘systemic meltdown’ and ‘peering into the abyss.’ On October 29, for example, Martin Wolf, one of the top financial commentators … Keep reading »

  • Financial Chaos and the Crisis of Neoliberalism

    A workshop on understanding the credit crisis and its implications for wages, pensions, American power and Left alternatives Toronto — 26 October 2008. Coordinators: Greg Albo, community activist, Socialist Project and Professor of Political Economy, York University Adam Hanieh, CAIA and Political Science, McMaster University Tom Marois, Latin American Solidarity Activist and Development Studies, Queen’s University … Watch video »

  • Looking for Solutions: Labour and the Crisis of Neoliberal Capitalism

    The current financial turmoil besetting the world market and the Canadian economy has set in motion an intense struggle for solutions. The main policies that have come forward from the major capitalist states of the world are vigorous attempts to reconstruct neoliberal capitalism and financial markets. A few alternatives have called for a more ‘regulated’ … Keep reading »

  • 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 »