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
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
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
Federal Reserve Gearing Up for Banks to Share Their Wealth … with the Rich
An announcement yesterday is warming the hearts of bankers and other capitalists across the United States. They’ve been waiting impatiently for the end of pandemic-related restrictions that have kept them from some of their favorite ways of further enriching themselves and their wealthiest friends.
Scott CooperMarch 26, 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
Perspectives for 2021: Interview with Michael Roberts and Claudia Cinatti
The year of the coronavirus pandemic is drawing to a close. What are the trends in the economy, the political situation, and the class struggle in the year to come?
Claudia CinattiDecember 15, 2020
A Credit Crash Ahead?
With the promise of a vaccine on the horizon, many sectors of capital are hoping that the world economy will spring back soon. But with the economic crisis sending many working people and businesses into significant debt in order to survive, the prospects for such a strong recovery are rapidly narrowing. Originally posted on his blog, “The Next Recession,” Michael Roberts here outlines the possible scenarios for a third leg of the pandemic slump.
Michael RobertsDecember 4, 2020
The Social Composition of the Anti-Trump Vote
It took days of counting votes, but the 2020 election finally ended. Biden won because workers, ethnic minorities, young people and city dwellers voted against Trump. Economist Michael Roberts investigates the data. The following article was originally posted on Michael Roberts’ blog, “The Next Recession."
Michael RobertsNovember 10, 2020
Uneven Development and Imperialism Today: Engaging with the Ideas of David Harvey
The last few decades have been characterized by weak economic growth in the developed countries, which contrasts with the dynamism shown by China and other countries on the periphery. What does this tell us about the relations that characterize the world capitalist system?
Esteban MercatanteSeptember 13, 2020