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
New Unemployment Numbers Reveal the Truth about Economic Recovery
Skeptical about capitalist claims that we will soon be “flush with cash” and out boosting the economy? The latest weekly increase in claims for unemployment benefits shows the real truth about the system of exploitation the working class confronts every day.
Scott CooperMarch 18, 2021
The GameStop Battle on Wall Street Reveals the True Nature of Finance Capital
The GameStop bubble not only reveals what a “casino” the stock market is, but also shows us that when workers employ the methods of the bourgeoisie, they will be shut down and silenced.
M.K. KumarJanuary 29, 2021
Covid and Fictitious Capital
In 2020, output, investment, and employment plummeted across the world, but the opposite was true for the stock and bond markets of the major economies. Marxist economist Michael Roberts explains this trend, which will likely reverse in 2021.
Michael RobertsJanuary 27, 2021
Renowned Democratic Economist Spews That Helping People Will Hurt the Economy
Larry Summers, a longtime servant of capitalism, one of its most prominent economists, and a Biden transition adviser, delivered a Christmas message against giving even a penny in “stimulus” to working-class and poor people who are sinking into despair in the pandemic economy.
Scott CooperDecember 26, 2020