The war in the strait and the consequences for global trade As National Geographic Magazine reminds us, Bab el-Mandeb, the Gate of Tears in Arabic, is a small geographical bottleneck in the Red Sea that has a huge impact on […]
The door of tears, the laughter of capital and inflation.
In the North, on the first front, the Kurdish region, the PYD/YPG forces have seized the historic opportunity to gain an independent region. A second front is the vast area stretching from Syria to Iraq, held by the Islamic State
Capitalist crisis in the Middle East
Crisis symptoms are emerging in China: Real estate bubble, debt, deflation, demographics, U.S. sanctions, investor flight, loss of confidence in the CP, etc. Companies like Country Garden face massive liquidity pressure and China Evergrande filed to bankruptcy protection in the
Chinas State-Economy in crisis?
This paper is part of a dialogue with Blair Fix on how inflation redistributes income between creditors and workers and the way in which monetary policy affects this process. In his 2023 paper, ‘Inflation! The Battle Between Creditors and Workers’, Fix
‘Inflation as Redistribution: Creditors, Workers, Policymakers’
In 2023, following the economic upheavals of the Corona pandemic, the question of a coming financial crisis is once again becoming more urgent. There is now even talk of “polycrises” that go far beyond the financial sphere. In a polycrisis,
Polycrisis, Banking Crisis and Catastrophe Capitalism
Put simply, if a social credit (a sum of money) was issued by the government to its citizens and recorded as an investment rather than a debt to be repaid, there would be a lot less commercial bank debt and therefore a lot
The Aggregate Demand Problem in Capitalism Solved
This article sets out the foundatons of an axiomatc theory of value and money. Its purpose is to equip the public to explain the four facts that define the modern capitalist economy: the long-term post-war decline of the economies of
A General Theory of Value and Money (Part 1: Foundations of an Axiomatic Theory)
George Economakis and John Milios ABSTRACT On the basis of a Marxist analysis of capitalist relations of classpower and the class configuration in contemporary advanced capitalist societies, the paper investigates the consequences of the recent economic crisis and of the
Originally published in French on Paris-Luttes.info on Jan. 11th 2019. Translated by our collaborator in French, Otto Mattik and edited by us at Ediciones Inéditos. It is a glimpse at the looming capitalist crisis to come and how the writer
The Coming crisis, breath & yellow vests: where are we going?
Can another Einstein exist in this era? A better question is whether the spirit of his research program could emerge again in our current predicament. By his research program, I mean the activity that grasped through a few thought experiments
The Decline of Science, The Decline of Capitalism
The 2007-2008 financial crisis is without precedent in the post-war period, a fact acknowledged by the majority of economists. At the same time, the crisis is a ‘marginal moment’ which unveils and helps us rethink the workings of contemporary capitalism.