Political Economy

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Economic update: July

We are in the first moments of an economic crisis more serious than anything experienced in living memory. The World Bank’s “baseline forecast” envisages a “5.2 percent contraction in global GDP in 2020—the deepest global recession in eight decades.”[1] Even that assumes we are living through the most optimistic scenario. […]

Latest Political Economy

Who said this?

“By sowing chaos [abroad], they’ve got chaos at home. Everything they’ve been embedding into the world’s consciousness—they’re reaping it now.”—Maria Zakharova, Russian Foreign Ministry spokesperson, on current events in the United States. “The child who is not embraced by the village will burn it down to feel its warmth.”—African proverb […]

Political Economy

On supernovas and milkshakes

The economist John Smith of the University of Sheffield caused a lot of debate with his recent article “Why coronavirus could spark a capitalist supernova,” in which he offered a powerful rejection of mainstream and Keynesian analysis of the bond market. For years now, “core” capitalist economies have been suffering […]

Political Economy

Who said that?

“Bourgeois ideology is far older in origin than socialist ideology, it is more fully developed, and has at its disposal immeasurably more means of dissemination.”—V. I. Lenin (born 150 years ago), What Is to Be Done? The covid-19 pandemic will result in a “savage recession” around the world “that will […]

Current Affairs Political Economy

Who said that?

“Today’s media are exponentially worse than they were in the 1980s and 1990s. They no longer provide news. What they provide are stories that are around 80 percent ideology and opinion, 10 percent lies and spin, and 10 percent fact.” Mitchell Feierstein, investor, banker, and author.

“People can’t criticise Maduro and not criticize the blockade. The blockade doesn’t attack soldiers, it doesn’t kill the guilty, the blockade kills innocents.” Luiz Inácio Lula da Silva, former president of Brazil

Imperialism International Narrated Political Economy

The old world is dying

WHATEVER WAY one looks at it, the reality is that this crisis, and its four forms— environmental, health, economic, and political—will prove to be worse than 2008. The fact that China’s economy has slowed down, for the first time in decades, only shows that this crisis will be a global affair, rather than a Western financial crisis, as happened in 2008. The 2020 crash will be a