Associate Professor of Economics, Université de Grenoble (France)
Associate Professor of Economics, Laurentian University (Canada)
Co-Editor, Review of Keynesian Economics
The final agreement between Greece and the Eurogroup is a disappointment for anyone who held high hopes that Greece would have taken away more than a mere extension to the existing deal.
In the end, Greece gained very little and the continued austerity will do very little to close the growth gap. It is difficult to see anything short of a total capitulation. Perhaps the view Greece could walk out with a victory was (Read more…)
As Target Canada tumbled into bankruptcy, Loblaw announced that its fourth-quarter profits more than doubled. What can be learned from this tale of two retailers?
The main reason for Loblaw’s surge was its acquisition of Shoppers Drug Mart last March, which turned it into Canada’s largest grocer and pharmacy chain. Shoppers contributed $3 billion to Loblaw’s $11.4 billion take in sales, a 50% jump. Profits more than doubled from the previous year as Loblaw also saw cost savings from the merger. The irony behind this success story is that it was likely Target’s arrival on the retail (Read more…)
Filed under: Capitalism, Crisis, Europe Tagged: Financial crisis, Iceland
Over at the blog of the Institute for New Economic Thinking, Ottawa U professor Mario Seccareccia has given an interview titled “Greece Shows the Limits of Austerity in the Eurozone. What Now?”
The interview can be read here.
Chris Hedges and Detroit’s Rev. David Bullock discuss predatory capitalism’s perversion of Christmas charity, justice and revolution on The Real News Network.
The post Chris Hedges: Predatory capitalism’s perversion of Christmas charity appeared first on The Canadian Progressive.
Since the beginning of the Eurozone crisis in 2008, most attention has been focused on the recurring and persistent struggles against ‘austerity’. Austerity, in this sense, refers to the politics of cutting public spending – primarily in the areas of social programs like unemployment benefits, disability benefits, ‘public goods’ such as legal aid programs, public housing, etc. – in order to bring down the deficit and service any outstanding debts. Insofar as the politics of austerity has been the product of elite dominated parties putting the squeeze on the public in order to pay for the socialization of private risk (Read more…)
Is it better to have gambled and lost?
Saudi Arabia is calling the shots in the steep price decline of oil in recent weeks, by refusing to cut its output so as to remove production from the market and increase prices. Why is it doing this? One possible reason is that it is underestimating the remorseless drive for profits (Read more…) . . . → Read More: CuriosityCat: Oil Price: Has Saudi Arabia gambled and lost?
Revealed: how the wealth gap holds back economic growth | Business | The Guardian.
The west’s leading economic thinktank on Tuesday dismissed the concept of trickle-down economics as it found that the UK economy would have been more than 20% bigger had the gap between rich and poor not widened since the 1980s.
Publishing its first clear evidence of the strong link between inequality and growth, the Paris-based Organisation for Economic Cooperation and Development proposed higher taxes on the rich and policies aimed at improving the lot of the bottom 40% of the population, identified by Ed Miliband as the (Read more…)
Entrepreneurialism, innovation, competition, insight, optimization, excellence?
These are the self-satisfying hallmarks of our jackboot triumphal capitalism.
But what’s with the laziest of the lazy capitalists?
You know, the ones who run the fossil fuel sector. The science is in. They’re causing much of the climate change we’re seeing, except of course for the spoutings of the scientists they pay to say it’s just that the sun is, you know, hot.
But if capitalism is supposed to be this wealth of innovation and better mouse traps, why are these lazy folks sitting around STILL extracting oil, gas and coal from the (Read more…)
… you will realize very quickly that Ursula K. LeGuin is talking about much more than the writing of books:
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Two of the defining problems of our times are wealth inequality (both globally and within the first world) and climate change. With any socioeconomic order – our mixture of capitalism and government being just one – there are going to be consequences both good and bad. There are going to be challenges that the socioeconomic order is particularly good or bad at addressing. The point of this post is to expand on how these two defining problems – global warming and inequality – are products of our particular socioeconomic order, that they are two problems that our system is particularly (Read more…)
I have a longer read in the newest issue of Briarpatch Magazine, which is dedicated to the world of work. If you don’t know Briarpatch, be sure to check out the other articles in this issue and consider subscribing; this is one of Canada’s oldest independent left publications and definitely worth supporting. My piece has the rather grand title “Robots, Migration and the Future of Work” but it’s really about trying to see how we are often pitted against one another and encouraged to see external threats, like machines and migrants, to our well-being rather than working together in (Read more…)
Those at the very top of today’s neoliberal, free-market capitalist, global economy see the writing on the wall – capitalism has just about run its course.
It’s hard to get your head around the idea, isn’t it? It sure is for me. Imagine, the economic model around which our society has been structured is bogus. It is the product of 18th century economics, 19th century industrialism and 20th century geo-politics. It worked for a couple of hundred years, perhaps right up until the early 70s, but it’s now dawning on us that it doesn’t work any more. It’s lost its (Read more…)
Top: Cuban medical team leaving for West AfricaBeneath: Arrival in Sierra Leone
The magnificent Cuban response to the Ebola crisis is in a class of its own. While Western nations pledge funds to fight the disease there is a reluctance to step up and send needed medical personnel. Cuba by contrast has gone into action on the front lines. It will send some 461 doctors and nurses to West Africa – the largest number of medical personnel from any nation. One hundred and sixty five Cuban medics are already in West Africa setting up operations.
The World Health Organization (Read more…)
The scene couldn't have been more ironic or more appalling. For even as the Ebola epidemic raged out of control, and Oxfam sent out a desperate call for more boots on the ground, in Africa. On Saturday Oxfam took the unusual step of calling for troops to be sent to west Africa, along with funding and medical staff, to prevent the Ebola outbreak becoming the “definitive humanitarian disaster of our generation”. It accused countries that did not commit military personnel of “costing lives".And leaders like Obama urged Americans not to surrender to fear and hysteria.There was Stephen (Read more…)
People who dismiss the unemployed and dependent as ‘parasites’ fail to understand economics and parasitism. A successful parasite is one that is not recognized by its host, one that can make its host work for it without appearing as a burden. Such is the ruling class in a capitalist society.
Filed under: Politics Tagged: Capitalism, DWR Quote of the Day
Kane X. Faucher’s latest novel is a brilliant adaptation the classic Alexander Dumas tale of revenge, The Count of Monte Cristo. I’ve always loved the original, and Faucher’s book is a wonderful satire that cleaves to the original plot so … Continue reading →
Austerity has been an utter disaster for the eurozone | Business | The Guardian.
Austerity has been an utter and unmitigated disaster, which has become increasingly apparent as European Union economies once again face stagnation, if not a triple-dip recession. Photograph: Vladimir Rys/Getty Images
“If the facts don’t fit the theory, change the theory,” goes the old adage. But too often it is easier to keep the theory and change the facts – or so German chancellor Angela Merkel and other pro-austerity European leaders appear to believe. Though facts keep staring them in the face, they continue to deny (Read more…)
In her latest book This Changes Everything: Capitalism vs. the Climate, Naomi Klein argues that if we are to defeat climate change we must defeat capitalism. At this week’s UN climate summit in New York, a number of corporate leaders seemed determined to prove her wrong.
For example, a group of investment institutions that included pension funds and corporate asset managers promised to “
In the run-up to the release of her new book, “This Changes Everything,” Naomi Klein has come clean. For far too long she was in what she describes as a “soft denial” about climate change. Does this sound familiar?
“A great many of us engage in this kind of denial. We look for a split second and then we look away. Or maybe we really do look, but then we forget. We engage in this odd form of on-again-off-again ecological amnesia for perfectly rational reasons. We deny because we fear that letting in the full reality of this (Read more…)
With one week to go in the Scottish referendum the YES side's surge to independence appears to have been at least temporarily halted, with a new poll suggesting the NO side is leading again. The YouGov survey for The Times and Sun newspapers put supporters of the union on 52 per cent, narrowly ahead of supporters of independence on 48 per cent, excluding those who said they did not know how they would vote.But with 97% of those eligible registered to vote, either side could still win.And the good news for the YES side is that most of (Read more…)