An anti-government protest placard is seen outside Downing Street during a march to protest against the British government’s spending cuts and austerity measures in London on June 20, 2015. The national demonstration against austerity was organised by People’s Assembly against government spending cuts. AFP PHOTO / BEN STANSALL
Well, let us pause in complete shock as the Tories institute more cutting of public services and benefits. You may have heard that Austerity is the new black in terms of doing shitty things to societies. Austerity has destroyed Greece and rightly the people of Britain are fighting back.
“Thousands (Read more…)
. . . → Read More: Dead Wild Roses: What was the British Electorate Thinking?
American politicians are particularly prone to invoking their Christian faith as a guide to their political beliefs. Although members of both major parties freely trot out scripture at the drop of a writ, conservative Republicans are especially inclined to pepper their appeals with references to their faith, God and Jesus.
But now they have encountered a rather embarrassing development. Christ
Growth, what growth? Thatcherism fails to produce the goods | Business | The Guardian.
Margaret Thatcher’s policies of privatisation, light-touch regulation and low income tax failed to boost growth, according to a new study that casts doubt on the merits of free market economies.
In a wide-ranging analysis of Britain’s performance in the decades before and after 1979, economists at the University of Cambridge say the liberal economic policies pioneered by Thatcher have been accompanied by higher unemployment and inequality. At the same time, contrary to widespread belief, GDP and productivity have grown more slowly since 1979 compared (Read more…)
Britain to launch national day of action against austerity.
Filed under: Austerity Tagged: Austerity, Capitalism, Protest, UK
Capitalism favours the wealthy and what we have seen this entire millennium is that this is more true than ever. Inequality is on the rise pretty much everywhere, and this is a problem. In this TED Talk, Paul Tudor Jones II, examines the current problematic state of capitalism and how we can rethink it.
Paul Tudor Jones II loves capitalism. It’s a system that has done him very well over the last few decades. Nonetheless, the hedge fund manager and philanthropist is concerned that a laser focus on profits is, as he puts it, “threatening the very underpinnings of society. (Read more…)
The following text was written to accompany the show “Scene Otherwise: recent work by Carole Condé and Karl Beveridge,” which ran from April 17 to May 12 at the Khyber Centre for the Arts, curated by the Anna Leonowens Gallery as part of the Halifax Mayworks Festival.
We live in an age of the foreclosure of the future, when it seems that the forces of profit and austerity have brutally consolidated Margaret Thatcher’s famous dictum “There is No Alternative.”
While the vicissitudes of the capitalist system are still fresh in our mind from the horrific exploitation of poor “sub-prime” (Read more…)
On April 8, I had the honour of delivering the Harry Kitchen Lecture in Public Policy at the invitation of the Department of Economics at Trent University.
I took the opportunity to offer a broad reflection on economic inequality, arguing that while inequality is inherent in capitalism, too much inequality undermines economic as well as social well-being. I also argue that priority has to be given to shaping the distribution of market incomes as opposed to purely redistributive solutions.
Here is the text of The Return of the Golden Age; Consequences, Causes and Solutions.
On May 7th, join us for a discussion of the role gender plays in workers’ exploitation and resistance in contemporary China, looking specifically at changes in the appearance of the oppression of female workers between the socialist period and the capitalist restoration, as well as issues facing migrant female workers under the triple oppression of Patriarchy, Capitalism, and the State.
This presentation is by Mei Leung, a labor activist from Hong Kong who has also been active around workers’ struggles in Mainland China for the past nine years. The talk is being co-sponsored by Kersplebedeb Publishing and No One Is Illegal (Read more…)
For three decades, neoliberalism has dominated the political and economic landscape. Following David Harvey, I contend that neoliberalism depends on the manufacturing of consent to a neoliberal agenda and the use of coercion to enforce that agenda. I further argue that neoliberalism is a corrupted form of democracy which easily lends itself to a rule […]
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…)