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Since the early 1980s, central banks and governments of top capitalist countries have been attempting to save their beloved system. Responding to the collapsing profit rate was their ultimate goal and drove economic and social policy for 40 years. To save our economy and solve the social, health, and environmental crises we now face we must reverse course.
The current economic crisis has led to unprecedented government spending. This spending is funded by borrowing or by 'printing money' (which has an effect similar to borrowing) to support furloughed and unemployed workers to the tune of roughly $80 billion and to subsidize corporate revenue. This has been necessary to prop up basic economic activity in an attempt to delay the impact of the economic consequences of the recession. Unfortunately, neoliberal policy makers are already trying to convince us that giving public services away to private interests is the only way to pay for this debt.
The cheerleaders of neoliberal policy are rising like zombies after the current collection of economic, health, climate, and political crises seemed to bury them for a while. This means that it is not going to be enough to just defend the current wreck, but build something better. Socialists have social and economic policy programs that deal directly with these challenges. It is time to dust them off and fight for them with abandon.
When it comes to Modern Monetary Theory (MMT), I tend to take a rather less aggressive position than some from the classical (Marxian/Marxist) tradition. There are some holes in the theory and its view of the economy is irksome, but others have debated these to their fullest extent (a debate that is at least 100 years old). And, in the end of the day, arguing over the degree to which a theory is wrong is not very interesting. Anwar Shaikh does a very good job of putting the limits to MMT's ideas. Basically, there is a limit to MMT and the question is: what then?
In response to the United Conservative Party’s blatant ideological, US-inspired political agenda, here is a back-to-basics post about what a union is, and what it is not.
The innovation in modern marketing is that it does not matter if the product works or has real science behind it. People cannot tell the difference …
The events of the past two months have shone a spotlight on the underlying weaknesses of Canada’s crumbling welfare state. Many people in Canada are …
Discussions about 're-opening the economy' are just beginning. Capital's demands are not about worker protections and pay, their goal is a …
On October 16, there were 11 of us to walk up to Ontario Premier Doug Ford’s constituency office in Etobicoke. Since his arrival to power 17 months ago, two workers have lost their lives in the same commercial bakery located a mere six minute drive from Ford’s office. To fill their labour needs, Fiera Foods hires a majority of workers through temporary agencies. The company is thus liberated from many obligations that employers normally have towards their salaried employees.