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Despite much optimism, there are clear indications that BRICS [1] lacks the capacity to function as a powerful and innovative new force in the realm of global politics and governance. Can BRICS emerge as a collective that will reject the current neoliberal order and...
In recent months, The landlocked West African state of Mali has been in an uproar. First there was the renewal of an uprising in the north by Tuareg ex-mercenaries returning from battle in Libya. As this conflict (the northern Mali uprising) unfolded, there were...
The indebtedness of America and most European countries is not only dynamite to the international monetary system, but also to the cohesion of Europe and even to the cohesion of individual nation states. The large public debt crisis directly threatens our currency,...
Presented to the ‘Repoliticizing Debt’ conference Queen’s University Development Studies, Kingston, Canada, 30-31 May 2012 Introduction It is now conventional wisdom amongst political economists that accumulation crisis, geopolitical maneuvres and financialization...
Just before last weekend’s meetings of the World Bank and International Monetary Fund (IMF) board in Washington, South Africa's finance minister dropped us an obscure news item: “Gordhan concerned about rand volatility”(Reuters, April 16). Hidden away in the business...
The head of state, confident after electoral victory, tells the governor of the central bank what to do, introduces forex controls and announces that a key sector of the economy, sold off to private investors 13 years ago, is to be nationalised. Two members of the...
A slow dawn of realisation is setting in among sensible elites: that the world economy isn’t going to recover according to any prior experience, that financial markets are rigged to transfer from the 99% to the 1%, and that ecological barriers are emerging fast on the...
Republican presidential candidate Ron Paul, among others, has advocated a return to the gold standard for U.S. currency. He is worried about inflation and the continued devaluation of the U.S. dollar. Capitalist politicians like Paul claim if only the dollar were...
ABSTRACT: In Greece and other countries of the Eurozone there are a number of misconceptions about the debt crisis. I argue against seven of such misconceptions (or, myths) about the effects of default, the primary cause of the crisis, the likely effects of an exit...