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ABC of Debt System

6 March 2023 - by Eric Toussaint

Abstract: This article argues that the indebted weaker countries are not the cause of sovereign debt crises and the outcomes of debt crises are directed by big banks and the governments that support them. It begins with a historical overview of (...)
The World Bank: a Critical Primer by Eric Toussaint - Part 2

15 February 2023 - by Samantha K.S

The second part of the discussion on the World Bank based on Eric Toussaint’s book, The World Bank: a Critical Primer
The World Bank: a Critical Primer by Eric Toussaint - Part 1

5 February 2023 - by Samantha K.S

An interesting discussion on the World Bank based on Eric Toussaint’s book, The World Bank: a Critical Primer
The Dakar Declaration – Pan-African cooperation & global solidarity

1 February 2023 - by Collective

Scholars and activists from Africa, Asia, Europe, and North America, came together to draft the Dakar Declaration last year. The declaration condemns the constraints to Africa’s economic and monetary sovereignty. Against the multifaceted crises (...)
Davos 23: going pear-shaped

23 January 2023 - by Michael Roberts

This week, the jamboree of the rich global elite of the World Economic Forum (WEF) has started again after the COVID interregnum. Top political and business leaders have flown in on their private jets to discuss climate change and global (...)
World Economic Forum plutocrats suffer vertigo on contemporary capitalism’s roller-coaster

17 January 2023 - by Patrick Bond

Part 1: The context of extreme financial devaluations The World Economic Forum is meeting in Davos this week. The gathering of many of the wealthiest corporate elites and state leaders compels consideration of directions global capitalist (...)
Richest 1% bag nearly twice as much wealth as the rest of the world put together over the past two years

17 January 2023 - by Oxfam

The super-rich outstrip their extraordinary grab of half of all new wealth in past decade. Billionaire fortunes are increasing by $2.7 billion a day even as at least 1.7 billion workers now live in countries where inflation is outpacing wages. (...)
Forecast 2023: the impending slump

10 January 2023 - by Michael Roberts

At the end of every year, I attempt to make a forecast on what will happen in the world economy in the next year. Of course, forecasts are wrapped in error, given the many variables involved that drive economies. Weather forecasts are still (...)
The US rate of profit in 2021

20 December 2022 - by Michael Roberts

Every year, I analyse the US rate of profit on capital. This is because the US data is the best and most comprehensive to use and because the US is the most important capitalist economy, often setting the scene for trends in global capitalism. (...)
Powell’s pivot and the impending slump

8 December 2022 - by Michael Roberts

Stock markets rallied in November as inflation rates subsided a little and the US Federal Reserve began to talk of lower interest-rate hikes from hereon. Financial investors are hoping that the Fed is set to ‘pivot’ from tightening monetary (...)
Another cop out?

10 November 2022 - by Michael Roberts

COP 27 started over the weekend. COP stands for the conference of the parties under the UNFCCC. Under the 1992 UN framework convention on climate change (UNFCCC), every country is treaty-bound to “avoid dangerous climate change” and find ways to (...)
Greta Thunberg: The Climate Event

6 November 2022 - by Greta Thunberg

Greta Thunberg calls for an urgent strengthening of the fight for climate justice and says that only mobilisation can force governments to act. Her speech starts at 21 minutes 21 seconds and lasts 14 (...)
The UK government’s economic policies under...

1 October 2022 - by Michael Roberts

The UK government’s economic policies under new PM Liz Truss have caused a stir among, not only leftists, but also among mainstream economists. The new government says the solution to the stagnation and failure of British capitalist production (...)
Down the Jackson Hole

27 August 2022 - by Michael Roberts

Jay Powell, the chair of the US Federal Reserve, made a keynote speech at the annual summer symposium of central bankers in Jackson Hole. Powell reckoned that inflation was still too high and so the Fed’s tightening cycle was far from done. (...)
Philanthrocapitalism seen from South Africa

9 August 2022 - by Patrick Bond

Presentation to the African Philanthropy Academic Conference, 2 August 2022 University of the Witwatersrand Business School Centre on African Philanthropy and Social Investment, by Patrick Bond, Distinguished Professor of Sociology, University (...)
About ’Rogue Capital’

8 July 2022 - by Jean Nanga

The CADTM publishes a commentary by Jean Nanga on the notion of rogue capital mentioned in the interesting study entitled “The financialisation of malaria in Africa: Burkina Faso” (April 2022), produced by Sasha Mentz-Lagrange and Stefanie (...)
The global solution: private or public?

4 July 2022 - by Michael Roberts

Inflation, risk of global recession, growing inequality and rising debt for the global south, global warming, war – I could go on. These are the fault-lines exhibited in the world economy in 2022. What is to be done about it? It is revealing (...)
’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 4^th 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 (...)