Competition, Monopoly, and Exploitation under Capitalism
While signing an executive order to expand competition and crack down on monopolistic practices, Joe Biden said that “capitalism without competition isn’t capitalism. It’s exploitation.” His statement reflects a long-standing assumption among both classical and more left-leaning economists alike that increasing monopolization is the source of increasing exploitation under capitalism. What do they get wrong? Economist Michael Roberts explains.
Michael RobertsJuly 17, 2021
Inflation, Interest Rates, and Debt
Accelerating inflation may be an issue right now in the U.S. and other recovering capitalist economies. But for capitalism, profitability is the real benchmark and that can be hit by wage rises on the one hand and interest rises on the other.
Michael RobertsJuly 9, 2021
Bidenomics: A Nod to Progressives in Order to Reinforce Imperialism
Joe Biden's administration has seen a "paradigm shift" in economic policy — but it has an Achilles heel. A debate with Susan Watkins.
Esteban MercatanteJune 6, 2021
The Productivity Crisis
In his latest piece, Michael Roberts takes a look at the crisis in productivity and the failures of Keynesian economics over nearly a hundred years.
Michael RobertsJune 2, 2021
As Biden Moves Away from Neoliberalism, What Next?
Biden’s first speech before Congress as President was a whirlwind of populist promises to raise living conditions for the worst off sectors of U.S. society and defend American interests abroad. The plans and priorities he presented show that the Biden administration and its allies are betting on a departure from traditional neoliberal approaches to ensure that the United States can claw its way out of its current political, economic, and social crises and rebuild itself in its own image as the undisputed imperialist powerhouse of the world.
Madeleine FreemanApril 29, 2021
Financial Fictions: SPACs, NFTs, and Cryptocurrencies
In recent years, there has been a spate of new fictions in the casino world of financial speculation. Marxist economist Michael Roberts discusses these technological developments and how when the financial markets go belly up, the digital damage will be exposed.
Michael RobertsApril 14, 2021
Biden Wants $715 billion for the Pentagon — Republicans and Democrats Alike Love Militarism
President Biden has proposed $715 billion for the Department of Defense in 2022, maintaining its funding at Trump-era levels. The U.S. capitalist economy cannot survive without a huge engine for death, and no amount of progressive legislative pressure can change that.
Olivia WoodApril 13, 2021
Biden’s Jobs Plan Is a Calculated Attempt to Restore U.S. Legitimacy
Biden’s latest spending proposal marks a sharp shift away from the politics of austerity and reveals the depths of the interlocking crises faced by the United States.
James Dennis HoffApril 13, 2021
Financial Fictions: The Old Ones
In recent months, we have seen financial meltdowns from Archegos Capital and Greensill Capital. Marxist economist Michael Roberts dives into the fictitious capital behind these events.
Michael RobertsApril 13, 2021
When a Hedge Fund Fails in Capitalism’s Casino, Workers Take a Hit
The collapse of a little-known hedge fund is a reminder that even if workers don’t spend their own time or money directly gambling in the capitalist casino known as the “markets,” the money the wealthy use to play pretty much all comes from us.
Scott CooperMarch 31, 2021