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Both major wings of contemporary mainstream economists—'Retro Classicalists' and 'Hybrid Keynesians'—fail in fundamental ways to understand the qualitative characteristics of the economic crisis that continues to impact the U.S. and global economy. Neither wing has...
We have had [in England], ever since 1876, a chronic state of stagnation in all dominant branches of industry. Neither will the full crash come; nor will the period of longed-for prosperity to which we used to be entitled before and after it. A dull depression, a...
Are recessions better for the left or right, asks Phil Gasper? The most fundamental argument in favor of socialism is that capitalism is an irrational system that over the long term cannot meet the basic needs of the majority of the population because of its tendency...
Friday’s disastrous US jobs report, which showed the worst payrolls growth in a year, capped a week of dismal economic news from every part of the world. These developments reveal that claims of an economic recovery are not only premature but utterly fictitious....
“Italy is now mathematically beyond the point of no return.” –Barclays Capital The situation in Europe gets more depressing by the day. Policymakers have waited too long and now events are beyond their control. The only way to avert a disorderly breakup and another...
Occupy Wall Street, the ongoing demonstration-cum-sleep-in that began a month ago not far from the New York Stock Exchange and has since spread like wildfire to cities around the country, may be a game-changer. If so, it couldn’t be more appropriate or more in the...