The Pending Challenges of DevelopmentThe Declaration on the Right to Development, adopted by the UN General Assembly in 1986 (as Document 41/128) is 30 years old. It is appropriate to celebrate this anniversary. For the right to development has had great resonance among people all over the world, including in developing and poor countries.
Lire la suiteFinancial crisis or crisis of capitalism?The current crisis originated in the financial arena but quickly spread to all of the so-called real
economy. This observation raises two questions. A theoretical question: how to analyze the
relationship between finance and the real economy and their responsibility for the crisis? And a more
practical question: what are the channels of transmission from one to another and how to reverse financialization?
Capitalism in Crisis, Government ImpotentGovernment policies over the last two centuries of capitalism’s ascendancy have neither ended nor replaced crises as the system’s method for correcting capitalist excesses.
Lire la suiteBernanke’s Bad TeachersBernanke closed his 2002 remarks with a promise. “Let me end my talk,” he said, “by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.”
Lire la suiteSTAGES IN THE NEW DEBT DEFLATION FISHER-MINSKY CRISISThe global crisis is the most important capitalist crisis since World War II. It is a new type of debt-deflation crisis, highlighting the limits of the finance-dominated regime of accumulation in place since the 1980s and characterized, among other things, by securitization, that is, a financing regime based on issuing securities and derivatives.
Lire la suiteChallenges and Possibilities: Learning from ALBA and the Bank of the SouthThree trends are highlighted : the failure of neoliberalism, the growing crisis of the East Asian model, and South American efforts to shape as well as advance an alternative development vision. It concludes with a brief discussion of responses to the challenges generated and possibilities afforded by these trends, highlighting six lessons for those working to build a more egalitarian, democratic, and sustainable world
Lire la suite The crisis is far from overThe degree of coordination among the capitalist authorities (governments, banks, IMF, sovereign wealth funds, European institutions, etc.) is advancing under the pressure of the emergency. But it is not enough to make us envisage the establishment of a new Bretton Woods.
Lire la suiteTheir crisis, our challengeThe term ‘national bail-out’ is therefore inaccurate, because they’re not bailing out the whole of the existing financial system - they’re bailing out the banks, the capitalist class, forgiving them their debts, their transgressions, and only theirs
Lire la suiteWorld crisis: The key issue here is fear and lack of confidenceI can’t make a prediction as to how far things are going to fall. But there is a danger of a collapse of prices and jobs well beyond the government’s ability to manage.
Lire la suiteKeynes, Capitalism, and the Crisis- Interview to John Bellamy FosterKeynes’s critique of capitalism never ceased to be relevant, as is now readily apparent. But economic orthodoxy was unable to move beyond Keynes to address the larger issues he raised (nor did Keynes himself in the end do so)
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