Economy/Economics

The ideas of the ruling class are in every epoch the ruling ideas.
— Karl Marx, The German Ideology

On the night of February 11th, I may have seen something that has mostly escaped me in my over half century of living in Louisiana, a genuine attempt at political honesty. Two days after the cacophony of Mardi Gras had died away to be replaced by the solemnity of Ash Wednesday the newly elected Governor of the Bayou State came before his electorate. Just one month after his inauguration John Bel Edwards had some bad news for state he is now charged with leading.

Every year since 2009, the United Nations has highlighted February 20th as the World Day for Social Justice in a bid to underscore the glaring inequalities that increasingly characterise the world today – from growing levels of poverty and rising unemployment rates, to various forms of discrimination on the basis of class, race and gender.

In 1962, Michael Harrington wrote The Other America, which basically identified the causes of poverty and inequality in the United States as the result of unregulated free market capitalism. This book in turn had a significant impact on the thinking of John F. Kennedy and the role of government in promoting greater social justice. But it was the Johnson Administration and the War on Poverty programs (Medicaid, Medicare, Food Stamps, Expanded Social Security Benefits, etc.) that followed the Kennedy Administration’s lead.

As long as the problems of the poor are not radically resolved by rejecting the absolute autonomy of markets and financial speculation and by attacking the structural causes of inequality, no solution will be found for the world’s problems or, for that matter, to any problems.
– Pope Francis I, Laudato Si

Two years ago, Russian officials discussed plans to privatize a group of national enterprises headed by the oil producer Rosneft, the VTB Bank, Aeroflot, and Russian Railways. The stated objective was to streamline management of these companies, and also to induce oligarchs to begin bringing their two decades of capital flight back to invest in the Russia economy. Foreign participation was sought in cases where Western technology transfer and management techniques would be likely to help the economy.

The development of oil prices between 2014 and 2016 has seen a sharp decline from well over $100 in mid-2014 to under $30 in early 2016. While for most of us in the West, the impact of the dramatic dip in oil prices is limited to a pleasant reduction in the cost of filling up at the gas station, this article will examine the impact on countries whose entire economy depends on oil and gas as well as the consequences of this development for the citizens and residents of such countries.

This week we examine the contradictory notion of “Anarcho-Capitalism” and dismantle this illogical concept by illustrating current examples of why free markets have nothing to do with freedom. On the music break, San Diego based MC Odessa Kane with “GPT”.
We wrap things up with the bleak economic outlook for the coming year and our very clever solution to fix this capitalist clusterfuck.

Sandinistas, Solidarity and the Two Lefts

You Shall Receive an Awakening as Volunteer