EconoFiction

Crisis and Sequels: capitalism and the new economic turmoil since 2007

13 Sep , 2017  

Like every crisis, 2008’s surprised. Some of us failed to see how turmoil originating in finance, and apparently in a limited area of finance to do with the US housing market, could have such great impact on factories and offices which were not booming, but still jogging along with tidy ...

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EconoFiction

Uncertain Futures (extract)

21 Mrz , 2017  

Uncertain Futures: An Assessment of the Conditions of the Present provides a detailed look into the economic and political conditions of our present moment from a Marxist perspective. Key aspects of Marxist economic theory are illustrated in clear ways in order to provide an easy introduction to Marxist thought and ...

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EconoFiction

Derivatives and Capitalist Markets: The Speculative Heart of Capital

20 Feb , 2017  

… Conclusions

The growth of derivatives-trading in the past decade or so was facilitated by changes in government-regulation. But the fundamental reasons why derivatives-trading exploded have more to do with the attempts by banks, finance-companies and corporations to boost their flagging profitability and revenues. ‘Financial innovation’ was an easier way ...

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EconoFiction

Can Capitalists Afford a Trumped Recovery?

30 Jan , 2017  

ABSTRACT: The presidential election of Donald Trump has rekindled hopes for a U.S. recovery. The new president promises to ‘make America great again’, partly by creating many millions of new jobs for U.S. workers, and judging by the rising stock market, capitalists seem to love his narrative. But if Trump ...

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Lexicon, NonPolitics

The Modality of Necessity: On Clover’s Riot. Strike. Riot

12 Jul , 2016  

The reference in the title Riot. Strike. Riot will be abundantly clear to readers of Marx. It is reference to the formulas that open volume one of Capital, C-M-C and more importantly M-C-M’ or Money. Commodity. Money Prime. It is the latter which provides the book’s structuring formulation, even if

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Biopolitics, Necropolitics

Rechtspopulismus. Vorschlag für einen kleinen Perspektivwechsel

24 Mrz , 2016  

Lassen wir uns, für einen Augenblick, nicht den so fundamental verengten Blick auf die „Flüchtlingsfrage“ von der Rechten aufzwingen, sondern versuchen, auch wenn es schwer fällt, einen weiteren, distanzierteren Blick auf das Geschehen in Europa und anderswo zu gewinnen.

Die Flüchtlingsfrage ist für die rechtspopulistische Strategie ein idealer Ansatzpunkt zur ...

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EconoFiction

Marxist theory, financial system and crisis of 2008

22 Mrz , 2016  

Marxist theory, financial system and crisis of 2008
S. Lapatsioras, D.P. Sotiropoulos and J. Milios

 

Abstract:
Returning to Marx’s analysis in the third volume of Capital we shall endeavour to outline a Marxist interpretation of contemporary capitalism, contemporary financialization and the crisis of 2008. Crucial in this connection are ...

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NonPolitics

No Way Forward, No Way Back: China in the Era of Riots

26 Jan , 2016  

The following is a preview article from the forthcoming first issue of the Chuang journal.

Denim and its Discontents

 The story is now familiar: One morning in the spring of 2011, a migrant street vendor is harassed and beaten by police. That evening, rumors fly over the internet that the ...

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EconoFiction

Creative Industries, Value Theory and Michael Heinrich’s New Reading of Marx

7 Jan , 2016  

Abstract: This article utilises the new reading of Marx found in the work of Michael Heinrich to analyse the creative industries. It considers the role played in the production of value by the labour that takes place in the sphere of circulation. The specific focus is on creative industries such ...

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NonPolitics

SYRIZA as a Symptom of the Euro-Crisis. De te fabula narratur

8 Dez , 2015  

A brief history of SYRIZA

  • SYRIZA (Coalition of the Radical Left) was formed in 2004 as a Coalition of the left party “Synaspismos” (SYN) and political groups of the so-called “renewing Left” and “revolutionary extra-parliamentary Left”
  • All political groups co-existed in the Greek and European alter-globalization movement since 2000, later
...

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EconoFiction, Necropolitics

Crisis and austerity. Is there a chance for the welfare state? (1)

30 Nov , 2015  

1. Facets of Euro-Crisis, Austerity Policies and Global Imbalances

After the outbreak of the 2008 global economic crisis, the European project has entered its second, less optimistic phase. Cross-country differentials in growth and inflation, persistent current account (or financial account) imbalances, real effective rate appreciation (mostly for countries with current ...

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EconoFiction

China and the coming crisis

26 Okt , 2015  

Several leading mainstream economic institutions are warning of the risk of the coming global economic crisis. On 8 September, the Citi Group published a research report, “Is China Leading the World into Recession?”, written by Willem Buiter, Citi’s chief economist. The report warns that “a global recession starting in 2016, ...

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Biopolitics, Lexicon

Financialization: Market Discipline or Capital Discipline?

18 Sep , 2015  

Financialization: Market Discipline or Capital Discipline ?
 
John Milios, National Technical University of Athens, john.milios@gmail.com
Dimitris P. Sotiropoulos, University of Aegean, d.p.sotiropoulos@gmail.com
 
“In conclusion, and in contrast to what the Keynesians assume, neoliberalism is an exceptionally effective strategy for capitalist (and not rentier) hegemony . Moreover, the class content of
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EconoFiction

MARXIST APPROACHES TO ECONOMIC CRISiS

8 Sep , 2015  

John Milios and Dimitris P. Sotiropoulos
 
MARXIST APPROACHES TO ECONOMIC CRISES
 
ABSTRACT:
In the work of Marx, a general theory of economic crises cannot be found, at leastin a developed form. This fact contributed to the formulation of different and g enerally contradicting Marxist crisis theories. Three such theories: the
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all, EconoFiction

Is Austerity Winning the Argument on Euro-Zone Recovery?

9 Jul , 2015  

Der Krisendiskurs der Neoliberalismus ist verzweigt. Heute ist der schnell wachsende Einfluss des finanziellen Kapitals – seiner Strategien und Institutionen, seiner Marktmechanismen und Machttechnologien – auf die staatliche Souveränität und ihre diversen Regierungsformen kaum noch zu übersehen. Gerade in der Finanzkrise 2007f. wurde der Ratschlag Milton Friedmans allzu gerne beherzigt, ...

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all, EconoFiction

Eurozone: Die Krise als Chance für die kapitalistische Offensive

7 Jul , 2015  

Dringender denn je gilt es zu verstehen, dass der Euro kein irrationales Konstrukt, sondern eine durchaus rationale Konstruktion ist, um in Europa die Beziehungen der kapitalistischer Ökonomien untereinander zu regulieren. Milios widerspricht damit einer gängigen linken Position, die mit einem merkantilistischen Touch die Peripherien der Eurozone rein als den Hinterhof ...

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EconoFiction

The Class Logic Behind Austerity Policies In the Euro-Area: Can SYRIZA Put Forward a Progressive Alternative?

13 Jun , 2015  

1. The Nexus of Economic Crisis and Austerity

1.1 Austerity as a cost saving capitalist strategy

After the outbreak of the 2008 global economic crisis, extreme austerity policies prevailed in many parts of the developed capitalist world, especially in the European Union (EU) and the Euro-area (EA). Austerity has been ...

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