Capitalism
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’Austerity’ for the poor
IMF ‘double standard’ displays capitalism’s inherent inhumanity
20 May 2022 - by Prabhat Patnaik
For over two years now, the world has been facing a pandemic the like of which has not been seen for a century, and which has already taken 15 million lives according to the WHO, without being anywhere near an end. This is an unprecedented (...) -
Mexico : the 4th transformation has not involved a change in the economic model
7 May 2022 - by Eric Toussaint, Dora Villanueva
Éric Toussaint interviewed by Dora Villanueva (La Jornada – Mexico) Mexico – The so-called fourth transformation of Mexico, led by President Andrés Manuel López Obrador (AMLO), has not involved a change in the economic model as such, only a few (...) -
The three contradictions of the Long Depression
14 March 2022 - by Michael Roberts
One of my basic theses about modern capitalism is that since 2008, the major capitalist economies have been in what I call a Long Depression. In my book of 2016 of the same name, I distinguish between what economists call recessions or slumps (...) -
Forecast for 2022
3 January 2022 - by Michael Roberts
At the beginning of each year, I make an attempt to forecast what will happen in the world economy for the year ahead. The point of making any forecast at all is often ridiculed. After all, surely there are just too many factors to feed into (...) -
Das Kapital’s Unfortunate Fate, in South African Left Scholarship and Political Strategy
17 December 2021 - by Patrick Bond
Abstract: One of the great paradoxes in what has been for the last half-century amongst the world’s most intense sites of class struggle, South Africa, is how few anti-capitalist activists and scholars are familiar with the main book explaining (...) -
World inequality report 2022
12 December 2021 - by Thomas Piketty, Lucas Chancel, Emmanuel Saez, Gabriel Zucman
The job of holding up a mirror to the world can be a frustrating one. When the news is persistently bad, when the mirror highlights more wrinkles than we want to face up to, it is easy enough to find excuses—we are about to turn the corner, (...) -
Can South Africa urgently evolve, from victim-globalisation to passive-deglobalisation to active-localisation?
29 November 2021 - by Patrick Bond
Capitalism is necessarily recalibrating its scale in various places, and perhaps nowhere are national stakes higher than South Africa, where the November 24th discovery of a new, more virulent, multiply-mutated Covid-10 variant – Omicron – (...) -
Whither the global economy?
20 November 2021 - by Michael Roberts
How is the global recovery after the COVID pandemic going? The economic consensus is that the major economies are recovering fast, driven by rising consumer spending and corporate investment. The problem ahead is not a return to sustained (...) -
Glasgow’s ‘Conference of the Polluters’ again confirms that global arson needs local fire extinguishers
15 November 2021 - by Patrick Bond, Desmond D’Sa
Global elite failure, yet again The United Nations COP26 Glasgow Climate Pact signed on November 14 is another confirmation of what we learned in Durban in 2011, at the 17th UN climate summit. As expressed by Indigenous activist Ta’Kaiya Blaney (...) -
How Big Pharma appropriates knowledge and profits in a time of Coronavirus
6 October 2021 - by Eric Toussaint
Patents, TRIPS and Big Pharma… Not only does Big Capital not share scientific findings but it grabs them and makes others pay for them Knowledge, scientific discoveries, and technical processes ought to be common goods of humankind. Yet, as (...) -
The destruction and grabbing of collective commons
4 October 2021 - by Eric Toussaint
Since the dawn of capitalism the logic of collective commons has been systematically challenged by the capitalist class through commodification and private appropriation of wealth. One of their earliest objectives, when factories started to (...) -
Booms and bezzles
14 September 2021 - by Michael Roberts
Major stock markets are hovering near all-time highs and commodity prices (food and materials) are rocketing. At the other end of the scale, short-term interest rates are near or below zero, and even long-term government and corporate bonds are (...) -
The Austrian Business Cycle
2 August 2021 - by Michael Roberts
The Austrian school of economics is outside the mainstream. The Austrians start from micro-assumptions. This is not the neoclassical view of rational, fully informed human agents, maximizing their utility and profits. On the contrary, human (...) -
On the Authoritarian Turn of Global Capital and its Contradictions in the USA
25 June 2021 - by Fouâd Oveisy
There’s a tendency within certain factions of the US left to regard the case of former US president Donald Trump as an ‘anomaly’. In dealing with other personifications of capital, the contradictions of Marx’s critique of political economy seem to (...) -
Some notes on the world economy now
25 June 2021 - by Michael Roberts
To help think about what will happen economically in the second half of 2021 and into 2022, the CADTM reproduces this article written and published by economist Michael Roberts just over a year ago in May 2020. A sugar rush or economic (...) -
Pandemics and the capitalist destruction of nature
14 June 2021 - by Daniel Tanuro
The pandemic we’re coping with is a zoonosis. Zoonoses are infectious diseases caused by pathogens jumping species from animals to humans. The pathogen may be a virus, a bacterium or a prion. So far as we know, zoonoses have been present (...) -
United States withdraws from Afghanistan? Not really
17 May 2021 - by Noam Chomsky, Vijay Prashad
The US invasion of Afghanistan in October 2001 was criminal. It was criminal because of the immense force used to demolish Afghanistan’s physical infrastructure and to break open its social bonds. On October 11, 2001, journalist Anatol Lieven (...) -
Thomas Piketty’s Capital in the 21st century: an ABC
Thomas Piketty and Capital in the 21st century: accuracy in research and confusion in theory
5 May 2021 - by CADTM
While Piketty has gathered his data meticulously and provided a useful analysis of the unequal distribution of wealth and income, some of his definitions are somewhat confusing and even questionable. Consider, for instance, his definition of (...) -
Thomas Piketty’s Capital in the 21st century: an ABC
Thomas Piketty: a progressive global tax on capital
26 April 2021 - by CADTM
About Piketty’s central idea to create a global progressive tax on capital Piketty declares that “appropriate updating of the last century’s social-democratic and fiscal-liberal program is essential.” He believes that we must defend and improve (...) -
Thomas Piketty’s Capital in the 21th Century: an ABC
Neoliberalism: An increasing gap among incomes and tax gifts to Capital
15 April 2021 - by CADTM
Evolution of low and high salaries since the 1960s The May 1968 general strike in France led to a considerable increase in the minimum wage over 15 years We do not have room to sum up the evolution of income inequalities over the last two (...) -
Measuring Capital’s Super-Exploitation of People and Nature in South Africa: First-Cut Empirical Evidence drawing upon Rosa Luxemburg’s Methodology
7 April 2021 - by Patrick Bond
Introduction Super-exploitation is again a hot topic of debate within international political economy scholarship, in part because “accumulation by dispossession” (using David Harvey’s phrase) is so evident at this stage of the long capitalist (...) -
Series: Thomas Piketty’s Capital in the 21th Century: an ABC
The evolution of wealth inequalities over the last two centuries
1 April 2021 - by CADTM
In France just before the Revolution of 1789, the proportion of national wealth held by the top 10 percent was about 90 percent, and the fraction possessed by the top 1 percent was as much as 60 percent. After the Revolution, the proportion held (...) -
Series: Thomas Piketty’s Capital in the 21st century: an ABC
Concentration of wealth in the hands of the 1%
29 March 2021 - by CADTM
Piketty’s Capital in the Twenty-First Century [1] is an indispensable book for anyone interested in learning more about the unequal distribution of wealth in the world today. As I read this major 950-page study, which is supplemented by a large (...) -
Learning from Hilferding’s Finance Capital: Money, banking and crisis tendencies
25 March 2021 - by Patrick Bond
Introduction A century ago, as the Weimar Republic was set up in Germany, the leading Marxist strategist aiming to socialise the economy was Rudolf Hilferding (1877-1941). Although he was an Austrian, and was educated in Vienna as a (...) -
Thomas Piketty and Karl Marx: Two totally different visions of Capital
9 March 2021 - by Eric Toussaint
In his book Capital in the Twenty-First Century, Thomas Piketty has gathered his data meticulously and provided a useful analysis of the unequal distribution of wealth and income, yet some of his definitions are somewhat confusing and even (...)
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