3 private links
Michael Roberts | At the beginning of this year, I wrote a post on how the capitalist mode of production was in what some call a ‘polycrisis’, where various crises: economic (inflation and slump); environmental (climate and pandemic); and geopolitical (war and international divisions) had come together in the early 21st century. Polycrisis, the new buzzword among leftists, is in many ways similar to my own description of the contradictions of the Long Depression of the 2010s that have to come to a head in the 2020s.
The Swiss investment bank expects the country’s oil sector to grow significantly in 2022.
The rebranded “digital bolívar” will wipe out six zeroes from the current “sovereign bolívar” and enter circulation on October 1.
During the year of the COVID, global consumer and producer prices dropped fell. In some manufacturing-based economies, there was even a fall in price levels (deflation) eg the Euro area, Japan and China).
Marx opposed both these mainstream theories. The quantity theory of money was opposed by Marx for two reasons: 1) money is endogenous, created by banks etc, not by state fiat; 2) overall, money represents value in commodity production and is not independent of it.