economics

1971-2021: 50 Years Since the USA Reneged on Bretton Woods

For the CWO, and indeed the entire political tendency to which we belong, it is axiomatic that we are living through capitalism’s third global economic crisis. For over a century the economic system (mode of production) which was once progressive for humanity, in that it created the material possibility of a prosperous world community without national borders or class divisions, has represented a barrier to human progress when it is not a direct threat to human existence itself.

Paths to Paradise: On the Liberation from Work - André Gorz

In this book, Andre Gorz returns to Marx's Grundrisse and the prophecy of early nineteenth century socialists and re-discovers a vision of post-capitalist society founded on the automation of work and the transcending of the exchange economy. He argues that we have reached the precise stage where these utopian insights become a reality.

GameStop and Investor Activism: The Real Story is the Dead-End of Capitalism

You cannot beat the capitalist elite at their own game.

Paltry Returns on Capital and an Enormous Debt Pile Are Bringing the World Economy to its Knees

The following piece is a slightly condensed translation of the Italian original, published in the January edition of Battaglia Comunista, journal of the ICT’s founding section in Italy.

Wealth Tax: Expropriation of the Rich or Capitalist Smokescreen?

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

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

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

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)