The Indian economy since Independence / by Prabhat Patnaik

Indian Farmers – Bacbone of Economy | Photo credit: IJR The post-colonial state in India had two primary tasks before it: one was to overcome the hegemony of metropolitan capital, so that a development strategy in relative autonomy from imperialism could be pursued; the second was to attack landlordism both to free the agrarian populationContinue reading “The Indian economy since Independence / by Prabhat Patnaik”

The anatomy of inflation / by Jack Rasmus

Whether the Fed can succeed in taming inflation and do so without precipitating a recession remains to be seen but is highly unlikely. The focus of the U.S. media and economists for the past several months has been increasingly on inflation. In recent weeks, however, U.S. policymakers awoke as well to the realization that inflationContinue reading “The anatomy of inflation / by Jack Rasmus”

Karl Marx Was Right: Workers Are Systematically Exploited Under Capitalism / by Ben Burgis

A young worker at a Nestlé factory. (Nestlé/Flickr) Even among Marx-friendly economists, the labor theory of value has fallen out of favor. But its technical validity is less important than the core message: workers are exploited because the value they create is undemocratically taken by capitalists. In 1865, Karl Marx filled out a questionnaire. WeContinue reading “Karl Marx Was Right: Workers Are Systematically Exploited Under Capitalism / by Ben Burgis”

Report card on a failing economic system / by Greg Godels

On Friday, May 6, the Federal Reserve released data showing that consumer credit (debt) has been accelerating since the fourth quarter of last year, with revolving credit (largely credit card debt) speeding up at an even greater pace since the third quarter of 2021. Total consumer credit grew by an annualized rate of 7% inContinue reading “Report card on a failing economic system / by Greg Godels”

It’s past time for a $15 federal minimum wage / by Martin Hart-Landsberg

It may seem like a lot, but it’s not the most important change in the bill. (Photo: J. Scott Applewhite / AP) President Biden’s 2022 State of the Union Address included a call for a $15 federal minimum wage. According to an Economic Policy Institute study, a phased increase to a $15 federal minimum wage by 2025Continue reading “It’s past time for a $15 federal minimum wage / by Martin Hart-Landsberg”

Blaming workers, hiding profits in primetime inflation coverage / by Ines Santos and Luca GoldMansour

An NBC Nightly News segment (11/12/21) on the “Inflation Crisis” stressed the role of labor shortages. Rising prices directly impact virtually the entire population, so it’s not surprising that there has been a constant drumbeat of reports in the corporate media laying out the factors contributing to inflation as well as its economic and political consequences.Continue reading “Blaming workers, hiding profits in primetime inflation coverage / by Ines Santos and Luca GoldMansour”