Archivo de la etiqueta: Michael Roberts

Global warming: planning not pricing — Michael Roberts Blog

Carbon pricing and carbon taxes are now proposed by international institutions and mainstream economics as the main solutions to ending global warming and destructive climate change.  For some time, the IMF has been pushing for carbon pricing as ‘a necessary if not sufficient’ part of a climate policy package that also includes investment in ‘green […]

Global warming: planning not pricing — Michael Roberts Blog

Chinese Communist Party: a party of workers or capitalists? — Michael Roberts Blog

It’s 100 years today since the Chinese Communist Party (CCP) was first formed by just 50 members, mostly intellectuals, but including railway and mine workers.  100 years later to the day, the official membership figure is 95m and there are 4.8m party branches.  This is surely the largest political party the world has ever seen. […]

Chinese Communist Party: a party of workers or capitalists? — Michael Roberts Blog

Wealth inequality — Michael Roberts Blog

I have written before about the fact that, both in advanced and so-called ‘emerging economies’, wealth is significantly more unequally distributed than income.  Moreover, the pro-capitalist World Economic Forum has reported that: “This problem has improved little in recent years, with wealth inequality rising in 49 economies.” The usual index used for measuring inequality in an economy is the […]

Wealth inequality — Michael Roberts Blog

Football: a people’s sport? — Michael Roberts Blog

The collapse of the attempt to form a ‘super league’ of top European soccer teams by the billionaire owners of the big clubs is only an interrupted chapter in the story of the commodification of sport into profitable capitalist enterprises, owned and controlled by capital.  It is no accident that JP Morgan was the fund […]

Football: a people’s sport? — Michael Roberts Blog

Financial fictions: the old ones — Michael Roberts Blog

I must declare an interest.  In days of old, many moons ago, I worked for an investment consultancy that advised Bill Hwang, the owner of Archegos, the ‘family office’ hedge fund that recently collapsed leaving $20bn owed to two big banks, Credit Suisse and Nomura. Bill Hwang Hwang was then a ‘Tiger cub’, someone that […]

Financial fictions: the old ones — Michael Roberts Blog

The sugar rush economy — Michael Roberts Blog

Last week the US Federal Reserve raised its growth forecasts for the US economy for this year and next. Fed officials now reckon the US economy with expand in real terms by 6.5%, the fastest pace since 1984, a few years after the slump of 1980-2.  This is a significant rise from the Fed’s previous […]

The sugar rush economy — Michael Roberts Blog

UK budget: coming out of COVID — Michael Roberts Blog

The UK economy was the hardest hit of the top G7 economies in the year of the COVID.  Real GDP fell 9.9%, which the multi-millionaire and richest man in the British parliament, Conservative Chancellor, Rishi Sunak admitted was the worst contraction in national income in 300 years! The UK government also failed to protect the […]

UK budget: coming out of COVID — Michael Roberts Blog

Mission impossible — Michael Roberts Blog

Italian-American economist, Mariana Mazzucato, who works and resides in London, has become a big name in what we might call ‘centre-left’ or even in mainstream economic and political circles.  She has a new book out, Mission Economy: a moonshot guide to changing capitalism. Mazzucato was briefly an economic adviser to the UK Labour Party under […]

Mission impossible — Michael Roberts Blog

Deflation, inflation or stagflation? — Michael Roberts Blog

During the year of the COVID, global consumer and producer prices inflation dropped. In some manufacturing-based economies, there was even a fall in price levels (deflation) eg the Euro area, Japan and China). US inflation rate (annual %) “Effective demand” as Keynesians like to call it, plummeted, with business investment and household consumption dropping sharply. […]

Deflation, inflation or stagflation? — Michael Roberts Blog

Covid and fictitious capital — Michael Roberts Blog

During the year of the COVID, output, investment and employment in nearly all the economies of the world plummeted, as lockdowns, social isolation and collapsing international trade contracted output and spending.  And yet the opposite was the case for the stock and bond markets of the major economies.  The US stock market indexes (along with […]

Covid and fictitious capital — Michael Roberts Blog