POLITICAL ECONOMY OF GROWTH

Asymmetric Effects of Growth and Stagnation

Prabhat Patnaik

People’s Democracy | October 11, 2020

Growth under capitalism is associated with an increase in absolute poverty. Marx had recognised this and expressed it as follows: “Accumulation  of wealth at one pole is, therefore, at the same time accumulation of misery, the torment of labour, slavery, ignorance, brutalisation and moral degradation at the opposite pole, ie, on the side of the class that produces its own product as capital” (Capital Volume I); or again, “As productive capital grows…the forest of uplifted arms demanding work becomes ever thicker, while the arms themselves become ever thinner” (Wage Labour and Capital).Read More »

Why Stagnation?

by 

Marxist Sociology Blog | May 24, 2019

The U.S. economy has been stuck in stagnation for a decade. The GDP growth rate has been only 2.2% per year since the recovery from the Financial Crisis and Great Recession of 2008-09 began. That is far below the growth rate in past post-recession recoveries since the end of World War II. The last long period of stagnation in the U.S. economy was the lost decade following the stock market crash of 1929.Read More »

Trump’s March of Folly

John Bellamy Foster Interviewed by Ruben Ramboer

MR Online | 07 March, 2017

Comic about Trump in the LA Times

This is an excerpt from an Interview of John Bellamy Foster (this part conducted in early March 2017) for the first issue of Lava Review, a new left Belgian magazine publishing in Dutch and French. More information can be obtained beginning in April at www.lavamedia.be

RR: The New President. In the interview we did with you in Belgium in 2016 you told me about the story—you said you “made it up but it is probably accurate”—that you always tell your students about how you imagine what it was like with Obama as a new president entering the White House in the midst of the Great Financial Crisis. You draw a picture of how he met with Bernanke, head of the Federal Reserve Board along with his new secretary of the treasury and others from the financial sector. Obama in your fictional story was told by the financial Masters of the Universe that all he would be allowed to do is an economic stimulus consisting of a few hundred billion dollars over a couple of years but that the real action would be the Fed’s own organizing of a bailout for the banks and corporations in general consisting of outright gifts, loans, and quantitative easing amounting to trillions of dollars in the double digits. He was told (in your tale): “Your job is to follow along with us and then we will do nothing to undermine you.” In other words, he was presented with a fait accompli and he went along with the “Masters of the Universe.” How went the story with Trump do you think? And what was his reaction?

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