By Servaas Storm, The Great Financial Crisis of 2008 deeply scarred the U.S. economy, bringing nine dire years of economic stagnation, high and rising inequalities in income and wealth, steep levels of indebtedness, and mounting uncertainty about jobs and incomes. Big parts of the U.S. were hit by elevated rates of depression, drug addiction and ‘deaths … More The New Normal: Demand, Secular Stagnation and the Vanishing Middle-Class
William Lazonick, professor at University of Massachusetts Lowell, explains how rationalization, marketization, and globalization characterize the U.S. economy during the past 50 years, and how the behavior of companies and fate of American workers have changed during this process.
How can unions help create a social movement to take on Wall Street’s economic and political dominance? That’s the question that the Communications Workers (CWA) are tackling with labor educator Les Leopold. The training program they’ve put together, based on his book Runaway Inequality: An Activist’s Guide to Economic Justice, has already reached hundreds … More LaborNotes: Building an Army to Fight Runaway Inequality
By Yves Smith, The Financial Times has a generally good update on the state of the student debt bubble in the US. The article interesting not just for what it says but also for what goes unsaid. I’ll recap its main points with additional commentary. Note that many of the underlying issues will be familiar … More Student Debt Bubble Diminishes Demand and Ruins Lives, Yet Officials Keep Inflating It
From AK Press: Harry Cleaver’s pioneering Reading Capital Politically showed not only how capitalism seeks to structure every aspect of our lives through and around work but also how we endlessly fight back in ways that reshape capitalism itself. Rupturing the Dialectic skillfully brings this project up to date, interpreting capitalism’s most recent crises and … More New Book by Harry Cleaver: Rupturing the Dialectic – The Struggle against Work, Money, and Financialization
Nikhil Singh, Associate Professor of Social and Cultural Analysis at NYU and Adom Getachew, Neubauer Family Assistant Professor of Political Science at the University of Chicago discuss the role of colonization and empire in developing the connection between race and capitalism.
By Sandy Brian Hager, The history of class conflict, power and inequality in the United States has always been intimately bound up with the public debt. Already during the War of Independence (1775-‘83), revolutionary forces accumulated debts of $54 million, and a difficult task for the first Secretary of the Treasury, Alexander Hamilton, was to … More The Rise of the American Bond-holding Class