Will there be a boom? Capitalism, cycles, and crises
James Kilby discusses why the capitalist economy is in crisis, and how the only way forward is a socialist revolution.
Economics
This category is for Marxist economic theory and economic history. For news and analysis of the present-day economy, head to Economy.
Marx, Keynes, Hayek and the crisis of capitalism
There is a renewed interest today in the economic ideas of John Maynard Keynes, as governments across the world prop up the capitalist system with state spending. But only Marxism can explain the real cause of the crisis – and offer a way out.
Keynes and Keynesianism: Capitalism’s ‘croaking Cassandra’
The 2008 crash and coronavirus crisis have revived interest in the theories of J.M. Keynes, the liberal English economist. But a look at Keynes’ life and ideas show that he was no friend of the working class. We need socialism, not Keynesianism.
UBI and automation: utopia or nightmare?
In this podcast, Adam Booth discusses the demand for a universal basic income.
Workers’ control, democracy, and power
Daniel Morley discusses the idea of workers’ democracy and workers’ control of the economy.
NFTs and SPACs: the insanity of casino capitalism
In the midst of the pandemic, some parts of the economy are booming. Speculative investments are continuing in a frenzied fashion. The latest celebrity-driven fads, NFTs and SPACs, are among the insane expressions of this whirlpool of speculation.
GameStop, casino capitalism, and chaos on Wall Street
Organised on Reddit, a movement of amateur stock traders has taken on the big hedge funds, exposing how rigged and rotten the whole system is. Capitalism is a casino. We need socialism, not speculation.
Marxism vs libertarianism: The Economic Calculation Problem
Adam Booth uses the method of Marxism to dispel the economic fantasies of right-wing libertarians, which boil down to a defense of the ruthlessness of the free market and capitalism.
Marx, capitalism’s apologists, and the immiseration of the working class
The present crisis is a stark vindication of the ideas of Karl Marx, who long explained that capitalism produces an accumulation of wealth at one pole, and an accumulation of misery at the other. This rotten system must be overthrown.
Review: ‘The Deficit Myth’ – Two wrongs don’t make a right
Modern Monetary Theory has become in vogue on the left, as a supposed answer to the austerity agenda pursued by big business politicians. But the limits of a new book by a leading MMT proponent show why we need the ideas of Marxism.
Marxism, Keynesianism, and the crisis of capitalism
Governments everywhere are pumping money into the world economy to keep it on life support. Subscribers to Keynesian economic ideas – of government stimulus and demand-side management – feel vindicated. But only Marxism offers a solution.
Universal Basic Income – is it the radical change we need?
Labour-led Sheffield City Council recently announced that they would support a trial of Universal Basic Income. This is being championed as a victory for the left. But just how radical is the demand for a UBI?