Posts under ‘Macroeconomics’

The money exists for investment in Greece

by Michael Burke.

The fraught negotiations between the new Greek government and representatives of the EU institutions are likely to be prolonged. They have centred to date on Syriza’s efforts to find room to alleviate some of the worst effects of austerity and address what is called the ‘humanitarian crisis’. This is entirely justifiable given the depth of […]

Osborne thinks economy is a trump card, but it’s a joker not an ace

by Michael Meacher.

Osborne boasts interminably about success with his ‘long term economic plan’, but even the slightest scrutiny of the evidence shows that his claims don’t remotely stand up. Labour should be eating him alive. 1. After the 6-7% collapse of output brought about by the financial crisis, output per head has grown by less than 2% […]

Five questions from Costas Lapavitsas to Syriza’s leadership on their Euroland deal

by Jon Lansman.

This is a translation of a blog by Costas Lapavitsas who was Professor of Economics at London’s SOAS until he was elected as a Syriza MP this year. He is known as a Eurosceptic critic of the more Europhile stance of the Syriza leadership, though his criticisms are more reserved than those of Syriza’s 92-old […]

Italy: whatever happened to PM Renzi’s anti-austerity commmitment?

by Tom Gill.

One year after PM Renzi came to power and three governments since Berlusconi, Italy is still depressed, thanks to unending austerity programmes, writes Leopoldo Nascia (translated from the original Italian by Tom Gill) Seven years of crisis and three and half years of the political shocks they have brought, in succession, the governments Mario Monti, Enrico […]

The costs and benefits of Grexit

by Tom Gill.

by Emiliano Brancaccio and Gennaro Zezza – translated from Italian by Tom Gill You cannot say that between 2010 and 2014, Greece has not “done their homework” assigned by the Troika. The tax burden has grown by five percentage points of GDP, public spending has fallen by a quarter and wages have fallen by twenty […]

How the austerity con works

by Michael Burke.

‘The Austerity Con’ is the title of a recent article in the London Review of Books. It is written by a leading Keynesian economist Professor Simon-Wren Lewis, who is also a fellow of Merton College, Oxford. It deserves to be widely read because it contains two important arguments against austerity. The first argument nails the […]

Explaining the Euroland-Greece agreement

by Tom Gill.

by Jacques Sapir (translated from the French by Tom Gill) The agreement reached on Friday 20 February between Greece and the Eurogroup has led to conflicting commentary. It is necessary, in order to understand this agreement, and to analyze it, to put it into context, both in the short and in the long term. This agreement […]

A slow-burning revolution is starting to overturn neo-classical economic orthodoxy

by Bryan Gould.

As the world struggles to deal with threatening outbreaks of violence – most dangerously, in the Middle East and the Ukraine – another less dramatic and slower-burning revolution is getting under way. This revolution does not threaten violence – but it does promise change, and almost certainly change for the better. The revolution that is […]

Fake US & British recoveries are damaging the global economy

by Michael Burke.

Official economic opinion from the IMF is that the US and the British are the only industrialised economies that are growing strongly and that their growth model should be reproduced generally. The reality is very different. Both recoveries are the weakest on record and are fuelled by an unsustainable (debt-fuelled) rise in consumption. The international effects […]

The detritus of neoliberal capitalism

by Michael Meacher.

The HSBC Swiss bank is not an isolated episode. It is part of a general pattern exposing the underlying ideology which has been globally dominant over the last three decades. That ideology has been about consolidating the power and wealth of the world’s richest class, particularly in the West. It is based around the idea […]

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