Archive for the ‘capitalist crisis’ Category

by Guy Miller

“The beating heart of the labor movement.” That’s how the moderator of the Friday evening April 6th plenary session of the 2018 Labor Notes (LN) Conference introduced six West Virginia school teachers. The teachers were fresh from a historic victory in their unauthorized – and unexpected – strike. The same could be said about the conference itself: it represented the beating heart of American labor. The record 3,200 activists who attended the three-day Chicago conference were living, fighting proof of that

History of Labor Notes

Labor Notes was founded in 1979, just as the attack on the American working class was about to shift into high gear. The three founders – Jane Slaughter, Kim Moody and Jim West – were members of the International Socialists(1), one of several American groups tracing their roots back to Trotskyist origins. Slaughter, Moody and West realized that just creating a “front group” for the IS would result in a dead-end for their project, so they sought from the beginning  to create an organization that would support and encourage rank-and-file activity in the trade union movement.

1979 was the year that Paul Volcker, Chairman of the Federal Reserve, set the Fed’s interest rate to a record high, bringing on what is often called the Volcker Recession. The double dip recession that ensued saw the loss of over a half a million manufacturing jobs, at the same time bringing the number of strikes to a screeching halt. This was under the presidency of (Democrat) Jimmy Carter; things only got worse under the following (Republican) Reagan administration. In 1981 Reagan broke the national Air Traffic Controllers’ strike and smashed their union as well. Meanwhile, the leadership of the AFL-CIO – equivalent of the CTU in New Zealand – essentially sat and twiddled their collective thumbs. The long, slow Thermidor of American labor had begun.

The height of organized labor in the U.S. had been reached in 1954 when 35% of the workforce belonged to a union. The absolute number of union members, however, continued to grow, reaching 21 million in 1979. However, by 2017 the percentage of unionized workers fell to an (more…)

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This year is Marx’s bicentennial.  He was born in 1818 (May 5).  And March 14, just three days ago, was the 135th anniversary of his death.

This year is also the 170th anniversary of the Communist Manifesto.

Below are some of the pieces we have run on Redline about Marx’s ideas, including pieces which showing their continuing relevance to understanding the world as it is and as it could be.

What is Marxism?

What is exploitation?

How capitalism works – and why it doesn’t

Two articles on Wages, prices & lies and capitalist crisis

4,000 words on Capital

Karl Korsch on “tremendous and enduring” impact of Marx’s Capital (1932)

Engels on Marx on the Working Day

Marx’s critique of classical political economy

Capital, the working class and Marx’s critique of political economy

Capital and the state

How capitalist ideology works

Pilling’s Marx’s Capital: philosophy, dialectics and political economy

How capitalism under-develops the world

The political economy of low-wage labour 

Whatever happened to the leisure society?

Pensions and the retirement age – the problem is capitalism, not an aging population

A nightmare in whiteware: the ‘teamwork’ system, exploitation and alienation

Value, price and the ‘transformation problem’ in Marx’s Capital

The transformation problem and Marx’s crisis theory

Productive and unproductive labour in capitalist society

The use-value of Marx’s value theory

Rio Turbio miners

by Nicolás Daneri (Feb 20, 2018)

In the recent midterm elections in Argentina, the right-wing Cambiemos party of President Mauricio Macri was able to secure the largest share of votes. As a result, the elections were widely interpreted as political support for his austerity program. However, shortly thereafter, his government saw a rapid dwindling in popular support when it passed a major pension reform. The proposed law was met by a major resistance movement this past December. Although it succeeded in passing the pension reform, the government paid a high price for its offensive and had to retreat from its initial plan to pass a labor reform law as well.

20,000 attended election rally of the Left & Workers Front in Nov 2016

During the summer months, when there’s generally very little political activity in Argentina, the government continued to lay off workers in the public sector, and unemployment rose in the private sector as well. This summer though, in almost every industry, workers fought back with strikes, roadblocks, and marches, in stark contrast to the previous year in which the majority of the layoffs were carried out without a fightback from workers. Some of the most important struggles this summer (winter in the Northern Hemisphere) include the miners’ strike of Rio Turbio and the strike by workers of the Posadas Hospital. These actions point to a growing political unrest among the working class

Because the government wasn’t able to push through a (more…)

This article was written three-and-a-half years ago, and we may have been a bit tardy in reblogging it here.  However, since the bitcoin phenomenon is still about and many people who have heard the term may not know what it is, how it works and how on earth some people have made a lot of money from it, we’re running the article at long last.

by Tony Norfield (June 2014)

I first paid little attention to Bitcoin, thinking that there are probably more Elvis Presley impersonators than there are people in the world who have traded or owned it. But seeing that central banks have issued policy statements on Bitcoin, that the FBI has ‘seized’ Bitcoin assets used by drug dealers and that tax authorities have given guidance on capital gains liabilities, while financiers are planning to offer exchange traded funds denominated in Bitcoin, I decided to take a second look. This article gives my assessment of this digital, alternative ‘currency’.*

Bitcoin emerged from the rubble of the (more…)

The failure of bourgeois economists to see the Global Financial Crisis of 2007-8 coming, or work out what to do about ongoing woes, has created problems for their theories

by Michael Roberts

Yet again, mainstream economics is trying to rethink its effectiveness as an objective scientific analysis of the laws of motion of major economies.  Ever since the mainstream failed to foresee the global financial crash, come up with a convincing explanation for what happened and adopt policies that could get the capitalist economy out of the subsequent long depression of growth and investment, the mainstream has been stymied.

I have previously covered various attempts to rethink by Dani RodrikPaul RomerRobert Skidelsky and more recently by John Quiggin.  I have also covered the attempts of more heterodox economics to critique mainstream failures.

Now we have yet another bout of navel gazing.  The latest issue of the Oxford Review of Economic Policy is devoted to ‘Rebuilding macroeconomic theory’ (all the articles are free to view until February 7).  And Martin Sandbu in the UK’s Financial Times has reviewed the various papers in the journal from such eminent mainstream economists as former IMF chief economist Olivier Blanchard, Nobel prize winners Paul Krugman and Joseph Stiglitz; and leading UK Keynesian Simon Wren-Lewis.

In these papers, the usual criticisms of modern macro are repeated: the failure to (more…)

Joseph Choonara’s A Reader’s Guide to Marx’s Capital

by Michael Roberts

In 2016 we had some seminal and important books on Marxist economics including: Anwar Shaikh’s lifetime compilation, Capitalism: competition, conflict and crises (that I dip into on a regular basis); Fred Moseley’s Money and Totality, a masterful defence of Marx’s value theory; Francois Chesnais’ Finance Capital Today, that recounts the current trends in modern finance; as well as major contributions from Tony Norfield (ttps://www.versobooks.com/books/2457-the-city,) and John Smith (Imperialism in the 21st century).

It’s difficult to compete with these in 2017.  However, this year commemorated 150 years since Marx published Volume One of Capital, so there were a few important books that everybody should get.

In my view, Joseph Choonara’s A Readers Guide to Capital was the (more…)

At the beginning of the NLP (NewLabour Party); vice-president Sue Bradford; president Matt McCarten; party MP and leader, Jim Anderton

by Philip Ferguson

Jim Anderton passed away peacefully on Sunday, January 7, just two weeks away from his 80th  birthday.  I have two sets of views about Anderton: a political assessment and also a personal view, as my parents were friends and strong political supporters and co-workers of Anderton’s for several decades.

First, the personal side.  This Anderton, I’ll call Jim.  I only met him once and this was when my mother was dying.  She had collapsed at home and been subsequently diagonised as riddled with cancer.  She went home for a fortnight before being transferred into a rest home with hospice facilities.  Jim showed up at my parents’ house with a load of food when my mother came out of hospital.  During the visit he gave me his personal cell-phone number and told me to call him at any time; also, that if he was in a meeting and couldn’t answer, he would get back to me straight afterwards.  He was particularly concerfned if we had any trouble with the public health bureaucracy – he told me to just let him know and he’d get onto them straight away.

Ferocious in dealing with petty bureaucrats

I knew from my mother that he was  ferocious in dealing with state bureaucrats who put any obstacles at all in the way of people receiving their just rights.  She had volunteered in Jim’s constituency office for years, both when he was a Labour MP and later, when he (and my parents) departed from Labour and founded the left social-democratic NewLabour Party and, subsequently, the Alliance.  I had heard stories from her of being in the office when Jim, outraged at one or other a tale of officious state mistreatment of one of his constituents (or anyone from across Christchurch who visited his office) would literally rip the jumped-up bureaucrat a new one.

My mother had also told me of his personal generosity.  The office was in a small block of shops in Selwyn Street in Spreydon and Jim and Carole Anderton’s home was up a driveway at the end of the row of shops.  This made it easy for him to dash back to the house and grab (more…)