Right now Puerto Rico is facing a terrible economic crisis. The country is in $72 billion dollars in debt.[1] To make matters worse, they’ve already defaulted on millions of dollars in loan payments. In order to pay back this debt, they’ve enacted austerity measures for the last several years. Poverty is currently standing at 46%.[2]…
How is finance killing the economy? Credit is a powerful tool of capitalism. It can be used to stimulate economic growth, or it can be used to deter capital investment by shifting money creation into the Finance, Insurance, Real Estate (FIRE) sector. The latter will inevitably cause the economic system to go into crisis.
Yesterday the United States House of Representatives made a tremendous step for US imperialism. A bi-partisan bill was passed with 348 members of the House voting in favor of sending weapons and other aid to the fascists in Ukraine. The bill asked for President Obama to “provide Ukraine with lethal defensive weapon systems”, so the…
As published in Critique, based on a presentation given at the China Academy of Sciences, School of Marxist Studies in Beijing in November 2009, and at the Left Forum in New York City, March 20, 2010. Classical economists developed the labor theory of value to isolate economic rent, which they defined as the excess of…
If there is one thing I have noticed in studying the history of bourgeois economics, it is that capitalists never seem to learn certain lessons. The capitalist’s ability to critique their own system is limited in a way that doesn’t allow them to actually question the very heart of the system itself. No matter what…
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