The demise of Carillion has been bittersweet for Dave Smith, who was a victim of the construction giant’s illegal blacklisting operation.
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We need new laws that hold business accountable for conditions of slavery when they operate overseas and allow victims to seek compensation.
‘Almost all other European countries tax more effectively, spend more on health, and do not tolerate our degree of economic inequality’.
IMF economists have published a remarkable paper admitting that the ideology was oversold.
Victims chant ‘no justice, no peace’ after firms agree out-of-court settlements understood to total about £75m.
Mr Lewis said he paid the 21 percent corporate tax rate on his profits last year, equivalent to £31,000. By contrast, Facebook — which is based in the United States but does business in Britain and is therefore subject to British taxes — paid just £4,327 in corporate tax in 2014, or about one-seventh of what Mr Lewis paid.
Charity says only higher wages, crackdown on tax dodging and higher investment in public services can stop divide widening.
On the 75th anniversary of the assassination of the Russian revolutionary Leon Trotsky, Sue Caldwell asks if his ideas can help activists fighting for another world today.
Other Dutch cities may join Utrecht in experimenting with a ‘basic income’ to replace the current complicated system of taxes, social security benefits and top-up benefits, the Financieele Dagblad says on Wednesday.
Regulated private capitalism. State capitalism. Socialism. These three systems are entirely different from each other. We need to understand the differences between them to move beyond today's dysfunctional economies. With confidence waning in whether modern private capitalism can truly be fixed, the debate shifts to a choice between two systemic alternatives that we must learn to keep straight: state capitalism and socialism.
Why do you accept being treated like an inmate?
The status quo is doomed but whether the future will be progressive or reactionary is uncertain, Hedges tells Salon.
G7-based companies and investors cheated Africa out of an estimated six billion dollars in a year through just one form of tax dodging, according to a new Oxfam report ‘Money talks: Africa at the G7’.
Income inequality in many developed countries has reached an all-time high, according to a report released Thursday by the Organization for Economic Co-operation and Development (OECD). The report also notes that growth of social inequality has been accompanied by the growth of part-time and contingent labor, particularly for younger workers.
It is no longer able to expand the way it did in the past. It has consolidated wealth into the hands of a tiny, global, oligarchic elite.
The pathology of the rich white family is the most dangerous pathology in America.
Broadcast media has not devoted much air time to the Trans-Pacific Partnership (TPP) trade deal, an agreement that will greatly impact 40 percent of the global economy. But hacked emails from Sony reveal that media industry executives have been engaged in active discussions about the agreement behind closed doors.
Are we destined to be techno-serfs serving a ruling elite of information oligopolies?
Recent reporting on illegal tax evasion by the world’s second largest bank, HSBC, opens a window onto the pivotal role of Western banks in facilitating organised crime, drug-trafficking and Islamist terrorism. Governments know this, but they are powerless to act, not just because they’ve been bought by the banks: but because criminal and terror financing is integral to global capitalism. Now one whistleblower who uncovered an estimated billion pounds worth of HSBC fraud in Britain, suppressed by the British media, is preparing a prosecution that could blow wide open the true scale of criminal corruption in the world’s finance capital.
Accountancy firm PricewaterhouseCoopers (PwC) has been accused of promoting tax avoidance “on an industrial scale”, in a report by MPs.
Say the word “brand” and many think of the logotype of some multinational corporation, advertising or the conspicuous marketing of consumer goods — something of relative importance in our own lives. The reality is different: brands and the discourse of branding affect everyone living in a consumer society and every single part of our lives.
Hedge fund managers are preparing getaways by buying airstrips and farms in remote areas, former hedge fund partner tells Davos during session on inequality.
Reducing income inequality would boost economic growth, according to new OECD analysis. This work finds that countries where income inequality is decreasing grow faster than those with rising inequality.
The Labour front bench has accepted over £600,000 of research help from the multinational accountancy company PricewaterhouseCoopers to help form policy on tax, business and welfare, analysis by the Guardian reveals.
The richest 1% of the world’s population are getting wealthier, owning more than 48% of global wealth, according to a report published on Tuesday which warned growing inequality could be a trigger for recession.
Billions of pounds of British public money has gone to business, with Disney getting £170m. They really are taking the Mickey.
In the thousands of speeches and celebrations on the official Martin Luther King holiday since its inception, there is a crucial fact of his life, activism and thought that no major commemoration has ever celebrated: that King was a strong and uncompromising opponent of American capitalism.
The rise, fall, and return of Marxian analyses.
The debate over the 50p top tax rate has dominated this year’s budget. But have Britain’s high earners really never had it so bad? While it’s difficult to make absolutely fair comparisons, history shows us that the very richest have faced tax rates of up to 98 per cent at several points in postwar history.
Co-ops hand power to their members. That's not what the prime minister is offering.
Over the weekend, Fitch — the major rating company that, with its fellow majors, Moody's and Standard and Poor's, dominate the business of assessing the riskiness of debt instruments — took a highly publicized step. It downgraded the credit-worthiness of the sovereign debts of many European countries. What a spectacle!
The lesson of Lehman Brothers' failures of fiduciary duty is that large-scale lending should not be entrusted to private banks.
Workers' self-directed enterprises are a solution grounded in the histories of both capitalism and socialism.
The Party of Wall Street has ruled unchallenged in the United States for far too long.
It's official: wealth inequality accelerated over the past quarter century. The American dream was never a more hollow promise.
The US Census Bureau recently reported what most Americans already knew. Poverty is deepening. The gap between rich and poor is growing. Slippage soon into the ranks of the poor now confronts tens of millions of Americans who long thought of themselves as securely “middle class”.
Today, business and the rich are waging class war yet again to avoid even a small, modest reverse in the huge tax cuts they won in that war over the last half-century.
Republicans claim, in Orwellian fashion, that Obama's millionaire tax is ‘class war’. The reality is that the super-rich won the war.
Bankers loot the Treasury, MPs fiddle their expenses... and then the establishment turns on deprived young people in England’s inner cities and calls them criminals. The August disturbances weren’t riots: they were the revolt of the working class.
Nouriel Roubini, famed Professor at NYU’s Stern School of Business asks this month, “Is Capitalism Doomed?” His answer: maybe.
“Nihilistic and feral teenagers” the Daily Mail called them: the crazy youths from all walks of life who raced around the streets mindlessly and desperately hurling bricks, stones and bottles at the cops while looting here and setting bonfires there, leading the authorities on a merry chase of catch-as-catch-can as they tweeted their way from one strategic target to another.
Throughout its history, capitalism never succeeded in preventing recurring economic cycles or crises. However, they were usually contained within the system. Economic crises usually did not become social crises; the system itself was usually not called into question. Transition to a different system was then an idea kept away from public discussion, a project kept from public action.
How does capitalism get reproduced over time? This question has puzzled political economists from the seventeenth century onwards. Many simple models have been devised to answer this very complex question. While none of them are fully satisfactory, many insights are to be had from studying them and in these times of deep and frustrating troubles it is very important that we do just that.
It's astounding how our politicians have bought in to firms' tax blackmail. But there is an alternative: workplace democracy.
May Day is the occasion we celebrate the grand achievements of the workers of the world in making our world a far, far better place to live in. There is, unfortunately, not too much to celebrate these days. The past 30 years are littered with battles and skirmishes that have resulted in defeat after defeat for organised labour.
Prospects for the Left in the United States are far better than they seem to most observers across the political spectrum (excepting those who fantasize imminent revolutionary uprisings spear-headed by 79-year-old sociology professors).
The astonishing story of the last few decades is a massive redistribution of wealth, as the rich have shifted the tax burden.
Nothing better shows corporate control over the government than Washington's basic response to the current economic crisis.
Differences between Democrats and Republicans on the deficit are cosmetic. Both are committed to a broken, corrupt system.
Goldman Sachs sets aside $15bn for pay; the state of California cuts $1.5bn from education. What's wrong with this picture?
Until the 1970s, US capitalism shared its spoils with American workers. But since 2008, it has made them pay for its failures.
Recent decades have seen a massive redistribution of wealth, imposing the cost of successive crises on the poorest. Enough!
It looks like it is going to be a Wiley Coyote ride and if you are not really scared yet, maybe it’s because you are not paying enough attention, because the signs all say we all ought to be scare s**tless.
For many weeks now, the historic social change sweeping across France has drawn increasing attention globally. It should. A genuine, mass democratic upsurge has surprised all those who thought, hoped, or feared that such things could no longer happen in countries like France or the US.
In France, the government’s response to the economic crisis has sparked massive protests. What do they mean for the U.S.?
A Critique of the Revival of Keynesian Counter-Recessionary Policies.
Worker mobilizations against austerity in the US have been, in comparison to the French, scattered and sporadic.
A different kind of austerity — collecting income taxes from U.S.-based multinational corporations and wealthy individuals — could generate vast revenues.
The basic issue is the same there and here. Capitalism generates another of its regular, periodic crises, only this one is really bad.
There are many explanations for the crisis of capital that began in 2007. But the one thing missing is an understanding of “systemic risks.”
With financial reform now newly passed, politicians who supported it go into overdrive to exaggerate its likely effects. Their cultivated enthusiasms culminate in the same promises made by every president and congressperson after similar reforms were enacted in the wake of earlier capitalist crises. “This reform,” they all insist, “will prevent crises in the future.” That promise has been broken every time as our current global capitalist crisis proves yet again.
A capitalist system that generates so massive a crisis, spreads it globally, and then proposes mass austerity to “overcome” it has lost the right to continue unchallenged.
The number of MPs with a financial services background has doubled since 1997, giving the City its best Parliamentary representation for decades.
The political conflicts and street battles in Greece today foretell what is coming to many countries including the US. The struggles are basically over what the government spends on and who pays the taxes.
Hiding behind the complexities of our financial system, banks and other institutions are being accused of fraud and deception, with Goldman Sachs just the latest in the spotlight. This has become the most pressing election issue of all.
Like most capitalist crises, today’s challenges economists, journalists, and politicians to explain and to overcome it. The post-1930s struggles between neoclassical and Keynesian economics are rejoined. We show that both proved inadequate to preventing crises and served rather to enable and justify (as ‘‘solutions’’ for crises) what were merely oscillations between two forms of capitalism differentiated according to greater or lesser state economic interventions. Our Marxian economic analysis here proceeds differently.
Not so long ago, it was fashionable among apologists and many other commentators on contemporary capitalism to refer to the nation state as passé.
Of the roughly 56 million homes in the US today with mortgages, one in seven is “delinquent.” That is over 7 million homes more than 30 days behind in mortgage payments.
We are overdue for a new strategy. Labor and the Left are at low points in long declines. One cause has been adherence to a failed strategy.
Drugs and crime chief says $352bn in criminal proceeds was effectively laundered by financial institutions.
The historical geography of capitalist development is at a key inflexion point in which the geographical configurations of power are rapidly shifting at the very moment when the temporal dynamic is facing very serious constraints.
Monopoly refers to a power or political process, whereas class refers to economic processes. This paper offers a systematic examination of the diverse possible relationships between monopoly power and class structure.
Since 1917 analysts have debated what kind of economic system existed in the USSR and the PRC. They mostly juxtaposed ‘socialism’ there to ‘capitalism’ in Western Europe and the USA. The two sides were defined chiefly in terms of private versus state property and markets versus planning. We challenge this debate by means of Marx's focus on the organization of surplus labor.
In a far reaching interview with Red Pepper, David Harvey argues that the current financial crisis and bank bail-outs could lead to a massive consolidation of the banking system and a return to capitalist ‘business as usual’ — unless there is sustained revolt and pressure for a dramatic redistribution and socialisation of wealth.
Class analysis predates economics. Long before modern economics emerged, ancient Greek thinkers, for example, analyzed their society by classifying people into groups by wealth. They viewed understanding the relationships between classes as crucial to improving their society and debated whether wealth should be distributed equally.
Tony Blair's “vision for Africa” is about as patronising and exploitative as a stage full of white pop stars (with black tokens now added).
Countries from the G8 group of wealthy nations have been accused of continuing to sell arms to regimes using them to abuse human rights.
The G8 plan to save Africa comes with conditions that make it little more than an extortion racket.
A few rich people, many of them aristocrats, own 69 per cent of the land in Britain. As a result, house prices are so high, millions can't afford to buy a home. The NS launches a campaign to end this feudal system.
If an oil export embargo is approved, China and India would lose their influence over Sudan's vast oil reserves and a Khartoum regime change would open up these resources to the West. The US is in favour of sanctions, China is against.
A US navy carrier battlegroup will make a “show of force” in the oil-rich Gulf of Guinea off west Africa as part of an unprecedented global operation to demonstrate America's command of the high seas, a US diplomatic source told AFP on Friday.
Bank of England lawyers rejected as “paranoid conspiracy allegations” charges that officials deliberately lied over the collapse of the Bank of Credit and Commerce International in 1991.
The Yurica Report has learned that only three days after Mr. Schwarzenegger won his victory in California, an aide announced that the governor-elect intends to settle pending energy fraud lawsuits.
It's not what Arnold Schwarzenegger did to the girls a decade back that should raise an eyebrow. According to a series of memoranda our office obtained today, it's his dalliance with the boys in a hotel room just two years ago that's the real scandal.
Periodic catastrophic declines that destroy years of accumulated profits are the norm, not the exception.
Minister agrees to help promote food products linked to cancer.
Two leading international environment and development groups accused the US yesterday of manipulating the southern African food crisis to benefit their GM food interests and of using the UN to distribute domestic food surpluses which could not otherwise find a market.
Starving nations in southern Africa are being forced to choose between accepting genetically modified food aid or condemning millions of people to death in the worst food shortage in 50 years. They fear the long-term effects of GM foods, as well as their impact on exports to Europe.
Alfred Mendes discusses the power and continued influence of money-elites in post-war Europe.