economy - Socialist Action

Economic crisis fuels continuing political crisis in Europe

12th October 2014 Socialist Action 0

By Bob Clarke

The political impact of the economic crisis in Europe has entered a new phase. When the economy was contracting virtually all parties implementing austerity policies were thrown out of office or at least experienced a large drop in their support. In the more recent period of economic stagnation, the same economic policies have the effect of shifting the burden of the crisis onto workers and the poor while capital benefits, boosting the incomes of the very rich and allied layers.

The US economic slowdown is much greater than China’s

9th August 2013 Socialist Action 0

Discussion about the trends in the world economy emerging from the 2008 financial crisis is dominated by the relative growth rates of the US and China – the world’s two largest economies.

The media discussion has been focusing on concerns about China’s slowdown and its global impact, while the US is portrayed a recovering well. In fact both major economies are slowing in the context of continued global economic weakness, but the US is slowing much more than China.

The following article, by John Ross, looks at these facts in detail and points out that the key question is not ‘why is China slowing?’, but why has the US slowed much more dramatically than China in the last year?

High stakes in deepening European crisis

10th July 2013 Socialist Action 0

By Nicky Dempsey

Repeated claims that the European crisis is over are entirely false. Among the countries whose creditors have been bailed out the Greek economy is expected to contract sharply again in 2013, the Portuguese centre-right coalition government has threatened to fall apart and Ireland, long touted as the model for a bail-out, has officially gone back into recession.

Austerity Labour will reap reaction

6th June 2013 Socialist Action 0

By Nicky Dempsey and Jane West

The announcement by Shadow Chancellor Ed Balls that the Tories’ spending plans would be the ‘starting point’ for Labour’s own budget post-2015, and Ed Miliband’s endorsement of a continuing ‘benefit cap’, clarify the nature of the coming Labour government.

Labour should propose a growth plan not spread austerity more widely

26th April 2013 Socialist Action 0

By Nicky Dempsey

The growing recognition that the 2015 election is Labour’s to lose has led to increasing rightwing pressures on the Labour leadership to maintain the essential thrust of ‘austerity’ policy.

The overwhelmingly Tory press focuses on the demand that Ed Miliband in particular commits to maintaining Tory spending plans.

Thatcher – a legacy of destruction

10th April 2013 Socialist Action 0

By Jane West

The death of Margaret Thatcher is being shamelessly exploited by her Tory successors, including by awarding her an entirely inappropriate national funeral. This is all in the service of presenting the most divisive British Prime Minister of the 20th century as the most successful post-Churchill Tory leader, an electoral wizard, a paragon of statesmanship, the flame-bearer of liberty and ‘freedom’, a feminist icon and an innovative policy maker.

None are true.