Political Economy

Political Economy

The face of monopoly capitalism

Amazon is Europe’s largest internet retailer, with a turnover twice that of its twenty largest competitors. In 2017 its chief executive earned $2.16 million per hour, while Amazon workers receive the statutory minimum wage, which in the EU varies between €1.42 and €11.27 per hour. In 2018 the company generated […]

Political Economy

Clothing and super-exploitation

At the end of May 2019 a study published by the Stern Center for Business and Human Rights at New York University drew attention to the demeaning conditions in the global clothing industry. The report shows how monopoly capitalism (imperialism) exploits countries, both large and small, that try to develop […]

Political Economy

Identity and class

There is no truly universal experience of the world. It is deeply influenced by how we have been taught to orient ourselves in that world, which then predicts how we interact with it. Language is one such example. Monoglot English-speakers break their day down into time slots and scheduled intervals; […]

Political Economy

The growing debt crisis

Global debt is now becoming a major factor in the instability of the system of capitalism. Figures show that in the second quarter of 2018 global debt reached a new record, rising to $260,000 billion. Of this total, 61 per cent—$160 trillion—is private debt of the non-financial sector, while 23 […]

Political Economy

The political power of central banks

The dominant ideological story of central banks is that removing them from the control of governments depoliticised them and made them neutral, “scientific” actors in the economy. The argument goes that, as economics developed into a science, with the primary aim of keeping inflation low, making central banks independent allowed […]