Richard D. Wolff on US Economy from a Marxist Perspective

Wolff analyzes the state of the US economy from a Marxist perspective. Capitalism yields an unequal distribution of wealth, creating unsold products, resultant from production power exceeding the purchasing power of the bulk of society. Credit is then created to fill the gap until the credit cannot be repaid. The system collapses, and the elite… More Richard D. Wolff on US Economy from a Marxist Perspective

Ilene Grabel on Capital Controls

New paper published by PERI. From the abstract: The startling resuscitation of capital controls during the global crisis has substantially widened policy space in the global north and south. The paper highlights five factors that contribute to the evolving rebranding of capital controls. These include: (1) the rise of increasingly autonomous developing states, largely as… More Ilene Grabel on Capital Controls

Tom Palley on Inequality and Growth

New paper published by PERI. From the abstract: This paper examines the relationship between inequality and growth in the neo-Kaleckian and Cambridge growth models. The paper explores the channels whereby functional and personal income distribution impact growth. The growth – inequality relationship can be negative or positive, depending on the economy’s characteristics. Contrary to widespread… More Tom Palley on Inequality and Growth

Prabhat Patnaik on Why Do We Have Unemployment?

By Prabhat Patnaik Unemployment has become so persistent a phenomenon in contemporary times that there is a common feeling that it is a “natural” state of affairs, that nothing can ever be done about it, and that the only way to have greater employment opportunities coming your way is either to oppose the system of… More Prabhat Patnaik on Why Do We Have Unemployment?

New CEPR Paper on IMF Voting “Reform”

By Mark Weisbrot and Jake Johnston, For more than 20 years there have been efforts to reform the IMF through changing its voting structure. There are structural limits to both the success, in quantitative terms, of changing these limits; and to the impact of any changes that are won. Ignoring these constraints for the moment, it should… More New CEPR Paper on IMF Voting “Reform”

Student Fossil Fuel Divestment Movement Springs into Action

The fossil fuel divestment movement continued its momentum this week as students across the U.S. highlighted the need for their institutions to dump “support of global climate disaster, exploitation, and human suffering.” On Tuesday, for example, four members of Divest Harvard were arrested after staging a sit-in at the Federal Reserve Bank building, where the… More Student Fossil Fuel Divestment Movement Springs into Action