Category: Economy

  • Global Capitalism, Global Pandemic, and the Struggle for Socialism

    We are now in the grip of one of the worst economic crises in the history of modern capitalism. As the Coronavirus pandemic forces people to stay home and businesses to remain shuttered, the St. Louis Federal Reserve has projected 30% of the workforce will become unemployed, significantly surpassing the level during the Great Depression. … Keep reading »

  • Marx in the Era of Pandemic Capitalism

    How could Karl Marx (1818 – 1883) help us interpret the current crisis? His theory of history offers critical resources to interpret the unprecedented crisis which is shaking the world today, while indicating at the same time that ‘the world after’ so much mentioned could only be anti-capitalist. Keep reading »

  • Throwing Sand into the Money Machine

    German Pensions and the Financial Transaction Tax Throwing sand into the machinery of financial markets was the goal Attac Germany set itself when it was founded 20 years ago. A financial transaction tax (FTT) was one of its core demands. Indeed, this provided the name for the original French organization that was founded two years prior: … Keep reading »

  • The Coronavirus and the Crisis This Time

    “…so many of the out-of-the way things had happened lately, that Alice has begun to think that very few things indeed were really impossible” — Lewis Carroll, Alice in Wonderland. Crises – not regular downturns but major crises – are characterized by the uncertainty they bring. They interrupt the normal and require yet-to-be discovered abnormal … Keep reading »

  • The Cost of This Pandemic Must Not Bankrupt the People

    The global pandemic of COVID-19 has spread to almost every country on the planet earth. The virus will take many lives, disrupt communities and institutions, and leave behind trauma and a devastated world economy. The United Nations Conference on Trade and Development (UNCTAD) estimates that by the end of 2020, global income will collapse by … Keep reading »

  • Capitalism, Coronavirus and the Road to Extinction

    The Godzilla-like image of the virus Covid-19 has been haunting the world. Not only has the virus unraveled nightmarish possibilities leading to the extinction of millions of people, but it has also served as a quintessential case revealing the structural contradictions of and existential threats posed by capitalism on a global scale. Several researchers agree … Keep reading »

  • Cold Turkey Kenney: Oil-Addiction, Withdrawal and Alternatives in Alberta

    Alberta Premier Jason Kenney’s messages were often inconsistent, and would certainly fail fact-checking, but they were very persuasive. Until recently. Uncertainties create demand for reassurance, and the reasons for uncertainty are plenty. Financial markets and oil prices are on a roller coaster, putting jobs, pensions, mortgage and student-debt payments at risk. A flood roaring through … Keep reading »

  • Waterfront Toronto: Google’s de facto Development Arm in Canada

    Big tech’s smart city initiatives aim at taking over governance and decision-making functions in cities around the world. While peer-to-peer platform giants like Uber and AirBnB have long been disrupting labour and housing markets, a current attempt by Sidewalk Labs, a subsidiary of Alphabet, and sibling to Google, to develop data-driven infrastructure in Toronto not … Keep reading »

  • Austerity and the Crisis in Healthcare

    Analysis of the Ontario Government’s Economic Statement Ontario’s government released its economic statement today (March 25). Overall, they are providing $3.3-billion for healthcare, another $3.7-billion in supports for people and businesses, and $10-billion for other deferrals and tax “relief.” The Ontario Health Coalition’s key message: The overall funding announcement for healthcare of $3.3-billion amounts to a … Keep reading »

  • Is a Democratic Biopolitics Possible?

    Giorgio Agamben’s recent intervention (“The Invention of an Epidemic”) which characterizes the measures implemented in response to the Covid-19 pandemic as an exercise in the biopolitics of the “state of exception” has sparked an important debate on how to think of biopolitics. The very notion of biopolitics, as it was formulated by Michel Foucault, has … Keep reading »

  • Inoculating Against Globalization: Coronavirus and the Search for Alternatives

    Social developments constantly surprise. The latest anxieties over the economic contradictions of extreme globalization haven’t been triggered by a trade war, inter-imperial rivalry, a financial meltdown or riots in the streets. They’ve rather been sparked by an apparently non-economic and contingent event: the coronavirus outbreak. As precautionary measures send workers home in a place few … Keep reading »

  • No, the Coronavirus is Not Responsible for the Fall of Stock Prices

    We are witnessing a big crisis in the stock markets on Wall Street, Europe, Japan and Shanghai, and many blame the coronavirus for it. In the last week of February 2020, the worst week since October 2008, the Dow Jones fell 12.4%, the S&P 500 fell 11.5% and the Nasdaq Composite fell 10.5%. The scenario … Keep reading »