Profits are key to capitalist investment, not ‘effective demand’ as Keynesians argue, or changes in interest rates or money supply as Monetarists and the Austrian school argue. I differ strongly from the post-Keynesian view that profits are a ‘residual’ generated by investment; or as Keynesian-Marxist Michal Kalecki put it: ‘capitalists earn what they invest, while workers spend what they earn’.
It has been more than two years since Andrés Manuel López Obrador (known as “AMLO”) began his six-year term as the president of Mexico. His Movement for National Regeneration (“Movimiento de Regeneración Nacional” in Spanish, or MORENA), swept to victory in the general election of July 1, 2018. In a country where the left has for a long period been directionless, divided, and excluded from power, MORENA’s margin of victory 53 percent in the first round—was decisive.
Please join TUED, the National Federation of Mines and Energy of the General Confederation of Labour (FNME-CGT) and Public Services International (PSI) for the session below: Toward a Public Energy Future. This global forum is part of the International Trade Union Forum on Ecological and Social Transition, being held 14-19 June 2021, and which is being convened by CGT, the Rosa Luxemburg Stiftung, Alter Summit, the Global Labor Institute, and TUED.
ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
Indigenous communities across Canada and throughout North America are reeling following the disclosure last week that the remains of at least 215 children, some as young as 3 years old, have been found buried in a mass unmarked grave on the grounds of the former Kamloops Indian Residential...
But Marx also argued that the underlying contradiction of the capitalist mode of production is between profit and productivity. Rising productivity of labour should lead to improved living standards for humanity including reducing the hours, weeks and years of toil in producing goods and services for all. But under capitalism, even with rising labour productivity, global poverty remains, inequalities of income and wealth are rising and the bulk of humanity has not been freed from daily toil.