economics

Wealth Tax: Expropriation of the Rich or Capitalist Smokescreen?

Submitted by Internationalis... on Jan 16 2021 15:16

As the bourgeoisie wracks its brains for solutions to this epochal crisis, the tax lever has become one of the main tools that left reformists believe will end capitalist aggression and bring substantial benefits to the depleted pockets of the proletariat.

The Illusion of State Intervention in the Economy: The Eternal Anti-Working Class Weapon of Reformism

Submitted by Internationalis... on Dec 12 2020 13:38

With each new jolt to the capitalist structure its crisis deepens. The disruption of production and distribution caused by the coronavirus pandemic has only added to the existing woes of the system. And, as ever, the working class is being fed illusions about the beneficial effect that state intervention would bring to their conditions and to the "community" in general, irrespective of class.

MMT: A Bankrupt Theory for a Bankrupt Capitalism

Submitted by Internationalis... on Nov 13 2020 01:42

Review: The Deficit Myth: Modern Monetary Theory and How to Build a Better Economy by Stephanie Kelton (published by John Murray, 2020).

The Medicine Still Isn't Working: Hayek's Economics Exposed – Black Flag

Article on the neoliberalism of New Labour and the folly of Hayek from Black Flag #218 1999.

Kissing Goodbye To Their Koreas – Black Flag

A 1998 article from Black Flag contrasting the emerging "tiger" economies with the uprisings in Mexico and Albania.

Some Clarifications on Roberts' Idea of the Falling Rate of Profit

Submitted by Internationalis... on Aug 15 2020 10:18

Roberts (in tandem with the likes of Carchedi and Maito) frequently makes decent critiques of the existing trends in the capitalist crisis. However, despite criticising others on the capitalist left for their neo-Keynesianism, he offers little more than the suggestion that nationalisation would solve capital’s problems. The brief article here reveals a fairly fundamental error. (CWO)

Lies, Damn Lies and Economics – Black Flag

Joan Robinson once said that the point of studying economics was to be able to work out when economists were lying. Being a left-wing Keynesian, she was immune to the usual ideological (if not religious) biases of mainstream economics. Her point is both correct, and usually ignored because economics has far more to do with ideology than facts, belief than science.