economics

The Shadow of September 2008 Continues to Lengthen

It is now 11 years since the bankruptcy of Lehman Brothers. The crisis in the real economy, instead of fading from memory, has become a fixture.

Capitalism's New Economy: The Working Class

On re-reading this piece, what is striking about the picture of the working class in capitalism's self-styled service economy in 2006 is how much it resembles the situation today. After decades of capitalist restructuring in the face of problems stemming from the declining rate of profit (problems by no means confined to the economy of the UK) there are now recognisable constants in the socio-economic profile of the 'restructured' working class.

Review of Money and Totality by Fred Moseley

Today, as the global economy flounders from crisis to crisis, Marx’s analysis of capitalism is the essential basis for a correct understanding of what is going on. Moseley’s book reaffirms key elements of this analysis. The previous obsession with the transformation problem has resulted in the undermining of these key aspects of Marx’s critique, actually making an understanding of twenty first century capitalism harder. Moseley’s book, though long winded and somewhat repetitive, serves a very useful purpose in exposing this undermining and its implications. For this reason alone it is worth reading.

Capitalism's New Economy: The Illusion of a Productive Economy

Part four of this article was written before the biggest financial crash was followed by the biggest banking bail-out in capitalism's history, yet it is interesting to see that essentially the same economic profile presents itself today.

Capitalism's New Economy: The Booming Financial Sector

Part three of this series was published in 2005, two years or so before the great financial crash when the economic pundits were lauding the move away from manufacture to 'business and financial services'.

Capitalism's New Economy: The Value of Capitalist Services

This second article in our series examines what is meant by ‘services’ and their apparently key role in the richest capitalist states where moving away from production of commodities is regarded as essential to economic advancement. Indeed, despite the setback of the 2007/8 financial crash, World Bank figures show that ‘services’ represent a higher proportion of GDP for the world economy as a whole. For the UK 77.4% of GDP was attributed to ‘services’ in 2018.

Capitalism's New Economy: The Case of the UK

The article here, the first in a series on what was then dubbed the "new economy", originally appeared in the CWO's political journal, Revolutionary Perspectives, in 2005.

Climate change must be a thing: it's on prime time TV

XR protest on Waterloo Bridge, London

The political establishment will try co-opting new climate protest movements, such as Extinction Rebellion and the school strikes. Let's stop that happening

A Decade Since the Financial Crash

The world economy is in poor shape and the American economy is in even worse condition. The 2008 crisis has not been resolved and many analysts fear a new financial explosion. Capital continues to stay clear of investment in production and is trying to recover without running up more debts. Company returns are low, profit rates are decreasing. Capital is moving more and more into speculation. It is the same old situation, except that the rescue costs of the previous crisis cannot be repeated in the next crisis. The sound of war can be heard in the distance, accompanied by the rising threat of a new, catastrophic barbarism.

Mexico: Is It Business As Usual?

The recent massive victory of Andres Manuel Lopez Obrador who headed up a left populist movement in Mexico was greeted with jubilation by the Left in this country and worldwide.