economics

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)

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.

Collectives in the Spanish Revolution - by Gaston Leval (2018 Updated & Improved Edition)

A new, updated, and improved edition of a classic of anarcho-syndicalist economics -- a detailed eyewitness and analysis of the successes and struggles of a libertarian socialist economy

Senex's Letters on Associated Labour

The oldest complete work of socialist economic theory

Reflections on the Coronavirus and Economic Crises

A much expanded update to the article we previously published here: leftcom.org

World in Crisis: A Global Analysis of Marx's Law of Profitability - Guglielmo Carchedi and Michael Roberts

World in Crisis is a collection of recent papers by Marxist economists from around the globe. Its purpose is simple. It is to compile evidence from recent developments in economies internationally to support the view that Marx’s law of the tendency of the rate of profit to fall provides the best explanation of the cause of recurrent and regular crises (slumps) in global capitalism.

Reflections on Coronavirus and the Economic Crisis

Leaving aside for a moment the issue of “fake news” conspiracy theories circulating in the ether about the origins of the virus, that whether by accident or deliberately American laboratories engineered it themselves (with all the implications this would have on international imperialist scenarios), let us confront the problem in simple terms, based on what the theorists are saying about the possibility of coming out of this latest financial-economic crisis.

How Capitalism Works

An introductory book on Marxian economics. Studies the workings of capitalism, and the relation of labor, profit, money, government, and class in terms of Marxist economic theory.