Posts under ‘Macroeconomics’

Labour right-wing still in the austerity dead end

by Michael Burke.

Rachel Reeves, a former Labour shadow secretary for work and pensions, has produced a short note for Progress which has been hailed in the right wing media, and by the Labour right, as ‘an alternative Budget’. The New Statesman was perhaps the most excitable, describing Reeves as the shadow chancellor in waiting. All of this […]

Labour, John McDonnell and the New Economics

by David Pavett.

Once the surprise and the shock of Jeremy Corbyn’s election as Labour leader had sunk in, many (including me) became impatient for policy initiatives and membership involvement in policy formation to come to the fore. Clearly cutting through media hostility is a major task but I find it difficult to see that more could not […]

World finance ministers complacent at threat of a synchronised downturn

by Ann Pettifor.

“For the proposition that supply creates its own demand, I shall substitute the proposition that expenditure creates its own income”  (JM Keynes Collected Writings, Volume  XXIX,  p81) G20 Finance Ministers met in Huangzhou, China recently and refused appeals from both the IMF and the OECD for “urgent collective policy action” that focussed “fiscal policies on investment-led […]

The crisis remains an investment crisis

by Michael Burke.

Prior to the recent G20 meeting leading international economic bodies such as the IMF and the OECD made tentative calls for increased investment, although this was often confused with increased spending. This is a belated or partial recognition of the real source of the crisis in the advanced industrialised countries. In terms of actual changes […]

The growth of movements for real change have been a long time coming

by Steve Turner.

Last week Tony Blair professed bafflement at the rise – on both sides of the Atlantic – of popular movements by people who in Blair’s view choose to “rattle the cage”. I think this is a mischaracterisation. Those who have been energised into supporting Sanders, Corbyn and movements such as Podemos and Syriza want to […]

How we are punished for not responding to George’s not-so marvellous medicine

by Sian Errington.

In February, the Guardian revealed that from a £300 million ‘relief fund’ to help local councils struggling with the scale of funding cuts demanded of them 83% of the funds will go to Conservative run councils. The five most deprived local authorities in the country – Middlesbrough, Liverpool, Manchester, Knowsley and Hull – are also […]

Numb and number: where the Big Short falls short

by Ann Pettifor.

As this goes to press, global capital markets appear to be stabilizing after another period of intense, and scary stock market volatility. This set the context for the arrival in Britain of Adam McKay’s The Big Short – a film about the American sub-prime mortgage meltdown, based on the book by Michael Lewis. It could […]

Is Labour ready for another economic crisis?

by Phil Burton-Cartledge.

Ellie Mae O’Hagan writes that the Tories are politically prepared for another economic crisis, should one hit. Looking at the lack of profitable opportunities for capital presently, the ongoing investment strike, stock markets that went up and then came down, and the inflating credit bubble you’d be daft to rule one out with certainty over […]

Labour’s economic alternative should centre on a national investment bank

by Michael Burke and John Ross.

Labour is now carrying out extremely effective campaigning against Tory policies – on tax credits, on the sweetheart Google taxation deal, in support of the junior doctors and pinning the responsibility for the crisis in the NHS squarely on the Tories. This excellent work needs to continue and be strengthened. But in the forthcoming budget […]

No hiding place for Osborne

by Matt Willgress.

As George Osborne gets his excuses in early for the troubles to come, now is the time to expose the failures of ideologically driven austerity, writes Matt Willgress of the Labour Assembly Against Austerity The British mainstream media is now so clearly biased in favour of the ruling party it can sometimes seem as if […]

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