Articles: economy

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Welsh Town Leads a British Revolt Against the Tax System and Corporations

21 February 2016 | New York Times

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.

Why is Leon Trotsky relevant today?

18 August 2015 | Socialist Worker

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.

More Dutch cities may join in ‘basic income’ experiment

5 August 2015 | DutchNews

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.

Socialism Means Abolishing the Distinction Between Bosses and Employees

27 June 2015 | Truthout

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.

Debt controls you

8 June 2015 | Adbusters

Why do you accept being treated like an inmate?

OECD report: Global social inequality hits new record

23 May 2015 | World Socialist Web Site

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.

Sony Emails Show Industry Execs Pushing for Trade Deal

17 April 2015 | The Intercept

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.

Death, drugs, and HSBC — Fraudulent blood money makes the world go round

2 March 2015 | Nafeez Ahmed

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.

Your Brand Neurosis

5 February 2015 | Adbusters

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.

Inequality hurts economic growth, finds OECD research

9 December 2014 | OECD

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 Uncompromising Anti-Capitalism of Martin Luther King Jr.

20 January 2014 | Huffington Post

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.

Do 50p taxpayers have it so bad?

21 March 2012 | Channel 4 News, FactCheck

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.

Europe's Debt Crisis Deepens

22 December 2011 | Richard Wolff

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!

Capitalism and Poverty

11 October 2011 | Richard Wolff

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”.

The truth about “Class War” in America

22 September 2011 | Truthout

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.

Damn or fear it, the truth is that it's an insurrection

18 August 2011 | John Pilger

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.

Deficits, Debts, and Deepening Crisis

18 August 2011 | Richard Wolff

Nouriel Roubini, famed Professor at NYU’s Stern School of Business asks this month, “Is Capitalism Doomed?” His answer: maybe.

Feral Capitalism Hits the Streets

11 August 2011 | David Harvey

“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.

From Economic to Social Crisis: Deficits, Debt, and a Little Class History

25 July 2011 | Richard Wolff

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.

The Vote to End Capitalism

July 2011 | David Harvey

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.

The great corporate tax swindle

9 May 2011 | Guardian

It's astounding how our politicians have bought in to firms' tax blackmail. But there is an alternative: workplace democracy.

Prospects for the U.S. Left: Not Bad At All

3 March 2011 | Richard Wolff

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).

How the rich soaked the rest of us

1 March 2011 | Guardian

The astonishing story of the last few decades is a massive redistribution of wealth, as the rich have shifted the tax burden.

The revenge of trickle-down economics

14 February 2011 | Guardian

Differences between Democrats and Republicans on the deficit are cosmetic. Both are committed to a broken, corrupt system.

2011: calling time on capitalism

1 January 2011 | Guardian

Recent decades have seen a massive redistribution of wealth, imposing the cost of successive crises on the poorest. Enough!

The Roller Coaster from Hell

20 December 2010 | Soho Journal

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.

Why France Matters Here Too

26 October 2010 | Richard Wolff

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.

French Revolutions

26 October 2010 | Yes!

In France, the government’s response to the economic crisis has sparked massive protests. What do they mean for the U.S.?

Austerity Hustle

29 September 2010 | Richard Wolff

A different kind of austerity — collecting income taxes from U.S.-based multinational corporations and wealthy individuals — could generate vast revenues.

The Regulation and Reform Dilemma

22 July 2010 | Richard Wolff

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.

Austerity: Why and for Whom?

4 July 2010 | Richard Wolff

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.

Class Struggles and National Debts

6 May 2010 | Richard Wolff

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.

The Economic Crisis: A Marxian Interpretation

9 March 2010 | Wolff & Resnick

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.

Capitalism and the Useful Nation State

9 March 2010 | e-International Relations

Not so long ago, it was fashionable among apologists and many other commentators on contemporary capitalism to refer to the nation state as passé.

Lessons from the Housing Disaster

2 March 2010 | Richard Wolff

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.

Taking Over the Enterprise

10 January 2010 | Richard Wolff

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.

Organizing for the Anti-Capitalist Transition

December 2009 | David Harvey

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.

Class and Monopoly

8 October 2009 | Wolff & Resnick

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.

State Capitalism versus Communism: What Happened in the USSR and the PRC?

29 September 2009 | Wolff, Resnick & Gabriel

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.

Their crisis, our challenge

March 2009 | Red Pepper

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.

Marxian Class Analysis and Economics

1 June 2006 | Dollars & Sense

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.

The G8 Summit: A Fraud and a Circus

23 June 2005 | John Pilger

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).

G8 ‘still sells arms to regimes’

22 June 2005 | BBC News

Countries from the G8 group of wealthy nations have been accused of continuing to sell arms to regimes using them to abuse human rights.

A truckload of nonsense

14 June 2005 | Guardian

The G8 plan to save Africa comes with conditions that make it little more than an extortion racket.

Property scandal

20 September 2004 | New Statesman

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.

UN Darfur vote turns scramble for Sudan's oil

10 September 2004 | Afrol News

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.

US navy plans ‘show of force’ off oil-rich west Africa

5 June 2004 | Agence France-Presse

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.

Arnold to Settle Lawsuits for Pennies on the Dollar

12 October 2003 | Yurica Report

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.

US ‘dumping unsold GM food on Africa’

7 October 2002 | Guardian

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.

Africa torn between GM aid and starvation

6 August 2002 | Times

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.

Money Elites

May 2001 | Spectrezine

Alfred Mendes discusses the power and continued influence of money-elites in post-war Europe.