Threat of instability and recession in emerging economies, and legacy of debt and disharmony in eurozone among ‘triad of risks’ outlined in stability report Source: Risk of global financial crash has increased, warns IMF | Business | The Guardian Advertisements
Growth, what growth? Thatcherism fails to produce the goods | Business | The Guardian. Katie Allen Margaret Thatcher’s policies of privatisation, light-touch regulation and low income tax failed to boost growth, according to a new study that casts doubt on the merits of free market economies. In a wide-ranging analysis of Britain’s performance in the … More Growth, what growth? Thatcherism fails to produce the goods | Business | The Guardian
Youth unemployment reaches record high – English – ANSA.it. (ANSA) – Rome, July 31 – Unemployment among young Italians climbed last month to 43.7%, a level not seen in 37 years, according to statistics Thursday that presented further evidence of the continuing weakness in the country’s lackluster economy. The jobless rate among Italians aged 15 … More Youth unemployment reaches record high – English – ANSA.it
It’s Time To Stand Up To Troika Austerity Part II. Thomas Fazi In the first part of this article I looked at the mounting evidence against austerity by organisations as varied as Caritas, the ILO, the Council of Europe and the IMF. So why is the European establishment pushing for more of the same? Social and economic … More It’s Time To Stand Up To Troika Austerity Part II
Most of the coverage regarding the Eurozone crisis has understandably focused on the politics of austerity. Less attention, however, has been paid to the longer term trends in the industrial relations of those countries hardest hit by the crisis: Portugal, Italy, Ireland, Greece and Spain; the so-called PIIGS countries. Recent data from the European Industrial … More Capital, Labour, and the Eurozone Crisis
Savage capitalism is back – and it will not tame itself | David Graeber | Comment is free | The Guardian. Occupy Wall Street protesters in New York’s Times Square. ‘A miserly 1% are presiding over a social order marked by increasing social, economic and even technological stagnation.’ Photograph: Mario Tama/Getty Images Back in the … More Savage capitalism is back – and it will not tame itself | David Graeber | Comment is free | The Guardian
Hundreds of protesters arrested in Brussels as business leaders debate ‘maintaining citizen’s trust’ | EurActiv.
Britain’s five richest families worth more than poorest 20% | Business | The Guardian. The scale of Britain’s growing inequality is revealed by a report from a leading charity showing that the country’s five richest families now own more wealth than the poorest 20% of the population. Oxfam urged the chancellor George Osborne to use … More Britain’s five richest families worth more than poorest 20% | Business | The Guardian
The truth is out: money is just an IOU, and the banks are rolling in it | David Graeber | Comment is free | theguardian.com. Back in the 1930s, Henry Ford is supposed to have remarked that it was a good thing that most Americans didn’t know how banking really works, because if they did, … More The truth is out: money is just an IOU, and the banks are rolling in it | David Graeber | Comment is free | theguardian.com
Spain’s poor affected the most among OECD nations in financial downturn | World news | theguardian.com. Spain‘s poorest have been hit harder than any other group in any OECD country in the years of financial crisis and downturn, according to the OECD. While the wealthiest 10% of Spaniards saw their income fall by barely 1% … More Spain’s poor affected the most among OECD nations in financial downturn | World news | theguardian.com
New Left Project | Articles | Underestimating Capital, Overestimating Labour: A Response to Andrew Kliman. What caused the 2008 economic crisis? In an article published earlier this year by Jacobin, the Canadian political economist Sam Gindin explained it as ‘a primarily financial crisis.’ Writing for New Left Project, Andrew Klimanrejected this analysis, arguing that, had the crisis really been mainly financial, … More New Left Project | Articles | Underestimating Capital, Overestimating Labour: A Response to Andrew Kliman
As usual, on the rare occasion that the IMF actually understands the destructive nature of austerity policies, it is too little too late. IMF Urges Redistribution To Tackle Growing Inequality. Washington – The International Monetary Fund (IMF) is wading strongly into the global debate over the impact of growing income inequality, offering a series of controversial … More IMF Urges Redistribution To Tackle Growing Inequality
Capital courts: how corporations can hold governments to ransom Transnational corporations have won shocking powers to sue sovereign states, writes John Hilary, and they are not shy of using them February 2014 via Capital courts: how corporations can hold governments to ransom | Red Pepper.
Radical Democracy and Collective Movements in Greece, Spain | Euro Crisis in the Press. By Marina Prentoulis and Lasse Thomassen The 2011 movements of the squares, the ‘aganaktismenoi’ and ‘indignados’ as they came to be known in Greece and Spain respectively, brought to the forefront old and unresolved debates on the Left. During the crisis … More Radical Democracy and Collective Movements in Greece, Spain | Euro Crisis in the Press
Creating radically democratic solutions to the financial abduction of Europe | openDemocracy. LOTTA TENHUNEN and ADRIÀ RODRIGUEZ 6 March 2014 Last weekend we participated in the European meeting and seminar The New Abduction of Europe -– Debt, War and Democratic Revolutions in Madrid. The meeting, organized by Fundacion de los Comunes in the framework of the network of museums L’Internationale, took place … More Creating radically democratic solutions to the financial abduction of Europe | openDemocracy
This is no recovery, this is a bubble – and it will burst | Ha-Joon Chang | Comment is free | The Guardian. According to the stock market, the UK economy is in a boom. Not just any old boom, but a historic one. On 28 October 2013, the FTSE 100 index hit 6,734, breaching the level … More This is no recovery, this is a bubble – and it will burst | Ha-Joon Chang | Comment is free | The Guardian
The Middle Class Is Steadily Eroding. Just Ask the Business World. – NYTimes.com. In Manhattan, the upscale clothing retailer Barneys will replace the bankrupt discounter Loehmann’s, whose Chelsea store closes in a few weeks. Across the country, Olive Garden and Red Lobster restaurants are struggling, while fine-dining chains like Capital Grille are thriving. And at … More The Middle Class Is Steadily Eroding. Just Ask the Business World. – NYTimes.com
Syriza Succeeds in Greece by Challenging European Left’s Approach to Reform. Leo Panitch on Syriza’s radical approach to ‘reform’ in Europe.