A central goal of socialism is to transition into an economy without commodity production for profit. A socialist economy would co-operatively create goods and services for their use values rather than their exchange values, with production planned by the producers themselves. The question that we want to ask readers to […]
Political Economy
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. […]
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 […]
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 […]
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 […]
Music, value, and all that jazz
I have been a musician for more than twenty years, playing in various original bands, cover bands, and wedding bands. As the whole industry for working musicians becomes ever more uncertain because of covid-19, I have often found myself pondering the question of the value of being a musician. Many […]
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
Senior citizens abandoned
COVID-19 did not cause the crisis in our two- tier, two-jurisdiction health service. It did, however, expose the utter failure of it.
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
The capitalist mode of destruction
The capitalist mode of destruction – Eoghan O’NeillDownload The great global crises (they come in threes) On Thursday 12 March many of us watched Leo Varadkar announce (in Washington) “the closure of schools, pre-schools and further and higher education settings for a period until 29 March 2020, to support efforts […]
Covid-19 and the global economy
Is coronavirus the problem? Over the course of the next few years we will hear the same excuse over and over again. The social and economic crises we are experiencing the first moments of will be levelled at the feet of the coronavirus pandemic in 2020.1 Like all great lies […]
The world we all knew is gone, a new one has yet to be born
“It is easier to imagine an end to the world than an end to capitalism.” Fredric Jameson The global coronavirus pandemic has spread across the world, leaving incalculable, indescribable tragedy in its wake. The lives of every human being on the planet are being today, or will soon be, somehow […]
The Earth System and the capitalist system are incompatible
In nature, many complex processes must occur to guarantee the sustainability of life. The earth itself is a system of interaction between the physical, chemical and biological processes that take place within it. Within the Earth System, which consists of the land, seas, atmosphere, and poles, we find many natural […]
Vampire capitalism
It’s hard not to believe the end is nigh when the buying and selling of blood turns out to be one of America’s booming industries. The life-saving act of blood donation in Ireland operates on a voluntary basis, besides the odd celebratory pin, and people are expected to give out […]
Signs of the next economic crisis
Over the past two months we’ve been reminded constantly about the supposed health of our economy. Unfortunately, things are not as healthy as cherry-picked statistics might suggest—as anybody looking for a hospital bed or a home can clearly see. We’re highly vulnerable as a small, open economy to the vagaries […]
Universal public housing the only way forward
Eoin Ó Broin, Home: Why Public Housing Is the Answer (Dublin: Merrion Press, 2020). Much like its author, Sinn Féin’s spokesperson on housing, Home is a very nice and pleasant book. However, given the context of an ever-increasing homelessness crisis, it falls short of providing a truly transformative solution to […]