A Socialist View of Compound Interest

Mainstream economics is adamant against looking at debt as something that can grow exclusive from a society’s ability to carry it. There have been few who have bothered to even conduct an investigation. Usually one has to look at socialists or lunatic fringe rightists to get any kind of questioning. Even then, the rightists tend…

Foreign-Exchange Markets Made Easy

Previously, I asked my audience if they wanted some kind of aid in understanding financial markets. Here is part one which describes foreign currency exchange markets. All countries issue currency. The value of said currency can only be judged by an external reference. This reference is the exchange rate. It becomes the fundamental price in…

From Marx to Goldman Sachs: The Fictions of Fictitious Capital

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…