Britain’s one-party state

      Amid the continuing economic paralysis brought on by the global financial crisis attention has lately been focused on the chronic huge imbalance in government revenue and expenditure in the world’s largest economy, the United States. Without some moves to close this gap, it is widely perceived, there is no hope of reducing the enormous…

Twilight of the investors

     A striking symptom of the unending global financial crisis (GFC) has been the announcement by Union Bank of Switzerland (UBS) on 30 October of 10,000 staff redundancies across its world-wide operations – almost 20 per cent of its existing personnel. In London, where some 3,000 of these lay-offs have occurred, the development has been…

Energy: The Ultimate Case of Capitalist Dysfunction

In the last instalment we described how since the 1970s the capitalist economic model has become progressively more maladjusted in a world of transformational technological change which is tending to make it as obsolete as the feudal model based on pre-industrial technology became at the start of the Industrial Revolution two centuries ago. However, a…

The tide of history and capitalist denial

Marx and Engels famously explained in the Communist Manifesto (1848) that the emergence of capitalism – or as they then called it “the bourgeois mode of production” – as the dominant economic model during the Industrial Revolution was the inevitable result of the adoption of new technology (steam-powered mechanisation) which totally superseded and marginalised pre-industrial…

The Debt Disaster and Keynesian Delusions

It is generally recognised that the most intractable symptom of the global financial crisis which has gripped the world since 2007 is the huge burden of accumulated debt weighing on the economy, particularly in the industrialised (OECD) countries.   While the precise volume of global debt outstanding is hard to pin down – particularly if…