Socialist Worker

Economics


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.

Can state intervention solve the crisis?

09 September 2008
Rising economic chaos is leading to the sudden return to prominence of an economist once thought largely consigned to history.

A year of economic crisis: crunch time for capitalism

12 August 2008
The Global economic crisis known as the "credit crunch" reached its first birthday last week – and it’s a long way from being over. The anniversary coincided with new figures showing home repossessions, unemployment and food prices all rising fast.

A system built on a shaky foundation of debt

12 August 2008
The current credit crunch was triggered by the subprime mortgage crisis in the US. But how did the global economy become so reliant on consumer debt in the first place?

Bank crisis is sign of wider problems

16 July 2008
"The worst is over in the financial crisis or will be very soon." This is what Alan Greenspan, former head of the US central bank, said back in May.

Worries at the heart of system

15 April 2008
For the past few years the chief role of the International Monetary Fund (IMF) has been to act as praise-singer for global capitalism. Its traditional job of bullying governments into implementing policies of economic austerity had become harder to perform.

Our alternative to market madness

01 April 2008
The growing economic crisis in the US is causing even the most fervent supporters of capitalism to have their doubts in the neoliberal ideology they have used to justify the system for the past 30 years.

Are we going back to the 1930s? The economic similarities

25 March 2008
The Wall Street Crash of 29 October 1929 has entered the popular imagination as the key example of a crisis in the financial system.

Why the finance crisis is a threat to whole system

18 March 2008
Financial markets across the world plummeted early this week as traders reacted with panic to the news of the collapse of Bear Stearns, one of the US’s oldest and most prestigious investment banks.

Shocking instability that is built into capitalism

18 March 2008
How big a mess is capitalism in? In February when New York economist Nouriel Roubini suggested $1,000-2,000 billion in losses in the financial sector alone, mainstream commentators thought he was mad.

Budget attacks the poor and benefits the rich

13 March 2008
New Labour Chancellor Alistair Darling’s first budget has been generally described as dull. The reality for working people is more of the same. But while the repetition of all that has gone before – tax cuts for the rich and attacks on the poor – may be familiar, it is still deeply unpleasant.

New Labour's plans offer more power to business

19 February 2008
Gordon Brown and Alistair Darling’s decision to nationalise the struggling Northern Rock bank last weekend ensures the government’s humiliation over the issue is almost complete.

Can you afford to save money?

24 February 2001
New Labour wants us to save money. It wants us to save for our children's university education (for the 30 percent who go into higher education) and save for our retirement. Last week the government promised a new children's saving scheme where the state would top up money put in by parents. It was suggested the fund could be used later in life to "tide workers over periods of unemployment in an uncertain world".

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