Socialist Worker

Economics


Does debt drain the economy?

21 May 2013
The government has spectacularly failed in its mission to reduce the deficit. Dave Sewell shows that even if it achieved its aim it would do nothing for ordinary people

If I use an umbrella, will it lead to rain?

23 April 2013
One of the many puzzles about the economic crisis is that people still listen to economists after they failed to anticipate the financial crash of 2007-08, writes Alex Callinicos.

Pumping in money won’t restart growth

09 April 2013
A big talking point in Washington at the minute is a new book by David Stockman, who was Ronald Reagan’s budget director from 1981-85. Disillusioned by his failure to stop Reagan cutting taxes and boosting military spending, he became a right wing libertarian.

Michael Roberts interview: How far can the US economy fall?

12 January 2013
Who will benefit from the new US budget deal?

Has the economic crisis nearly ended?

27 March 2012
Is the world economy past the worst of the crisis? This is what the stock markets have been signalling these past few months, pushing share prices upwards.

Life after capitalism: alternatives to market tyranny

28 November 2011
We live in a world where the market decides what we produce, how we produce it, and how products are allocated. How else could we resolve these issues, if not through the market?

Tory cuts cause unemployment

23 August 2011
The number of people who are working age and jobless in Britain has soared by nearly 100,000 since David Cameron came to office.

Austerity is back to bite the bosses

12 April 2011
Portugal has become the third EU country, after Greece and Ireland, to ask for a European bailout.

We suffer while rich profit

01 March 2011
The Tories tell us we need austerity to get out of the economic crisis. But new figures show that their argument is an empty one.

Eurozone: How can we solve the crisis?

08 June 2010
Greece is in revolt over attempts to make the working class pay for the economic crisis with huge cuts to public spending.

Graphs of manufacturing industry

12 May 2009
The percentage of workers in manufacturing has been in long term decline (1). There has however been a huge increase in productivity – the amount of wealth produced per worker (2). While the share of manufacturing goods exported has declined their actual value has gone up (3 & 4)

Is manufacturing industry finished in Britain?

12 May 2009
Every day seems to bring yet another announcement of job cuts. This is seen as having a terrible effect on the strength of the working class in Britain.

What on earth is quantitative easing?

10 March 2009
In January chancellor Alistair Darling, discussing the economic crisis, claimed that, "Nobody is talking about printing money".

Can countries become bankrupt?

03 March 2009
"There’s a rumour going around that states cannot go bankrupt," German Chancellor Angela Merkel said recently at a private bank event in Frankfurt. "This rumour is not true."

Interest rates: the cuts don’t work

11 November 2008
The Bank of England announced a record interest rate cut of 1.5 percent last Thursday – cutting interest rates to their lowest level since 1955.

The ruling class are running out of answers

11 November 2008
Last week we saw how neoclassical economists argued that "free markets" would lead to a stable situation where everything was shared out as fairly as possible.

Discovering the source of wealth

28 October 2008
Adam Smith is considered to be the founder of modern economics. He was a pivotal figure in the Scottish Enlightenment, a period of intellectual and scientific creativity that swept across Scotland in the mid to late 18th century.

Alistair Darling rediscovers love of public spending

21 October 2008
We are all Keynesians now, it seems. Last week chancellor Alistair Darling proclaimed, "Much of what Keynes wrote still makes sense." Not so long ago this would have been heresy.

The Market vs Marx

14 October 2008
Eamonn Butler Is capitalism’s werewolf greed now devouring it? Some people think this is the inevitable collapse. A lot more don’t – but want to see more regulations and controls on the system. My view is that you should let the market economy get on with what it’s good at – creating and distributing goods and services – and that it is too much control and regulation that got us into this mess.

Is this the end of neoliberalism?

23 September 2008
The financial crisis has spooked capitalism’s ideologues. Anatole Kalatsky, a widely-read hardline free marketeer, has written of the need to consider the "wholesale nationalisation" of the banking system. Calls for tougher restrictions on the City are everywhere.

Mobile users! Don't forget to add Socialist Worker to your home screen.