Category: Economy

Financialisation, as Andrew Sayer notes in Why We Can’t Afford the Rich, has had a similar impact. “Like rent,” he argues, “interest is … unearned income that accrues without any effort”. As the poor become poorer and the rich become richer, the rich acquire increasing control over another crucial asset: money. Interest payments, overwhelmingly, are […]

They are, in fact, two different things: capitalism is a system of ownership; markets a method of exchange. Although the two have sometimes gone together, this need not be so. Crony capitalism in which a few monopolies or cartels run much of the economy gives us capitalism without markets. And market socialism would give us […]

Which is exactly what it’s not called, because that’d be far too honest. Instead, it’s proclaimed as the new ‘sharing economy’, where everyone can work as much as they need, hours are casual to suit you, you’re a ‘partner’ not an employee! Pure bull. It’s yet another way that capital accumulates capital, and exploits whomever […]