Economy

Time for a radical solution?

If, after four years of printing money, the system isn’t working, what next? This is where another two Kilkenomics guests, Richard Murphy (adviser to Jeremy Corbyn) and Stephanie Kelton (American economic guru for democratic candidate Bernie Sanders), offered some new insights. They both thought that it was only a matter of time before central banks, […]

Economy Europe UK

Sterling Drop

And shortly after Theresa May sets a deadline for article 50, sterling continues it’s decline. It’s been lower before of course, but that was the time the world economy nearly burned to the ground. In related news, I’m holding off on any amazon.co.uk purchases to let them get cheaper.

Big Business Economy

The Neoliberal Problem

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 […]

Big Business Economy

Capitalism vs Markets

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 […]

Big Business Economy

The Exploitation Economy

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 […]

Economy Europe

Pour encourager les autres

Yanis Varoufakis is pulling no punches in the Guardian today. The euro is a hybrid of a fixed exchange-rate regime, like the 1980s ERM, or the 1930s gold standard, and a state currency. The former relies on the fear of expulsion to hold together, while state money involves mechanisms for recycling surpluses between member states […]