economy - Socialist Action

Financial Times admits capitalism hits your income

28th June 2011 Socialist Action 0

By Brian Jowells
In a serious admission the Financial Times, which cannot be accused of pro-socialist bias, has set out the facts on how capitalism, at least in the imperialist economies, now makes you worse off. In an article under the title ‘Spectre of stagnating incomes stalks globe’ it notes:

‘In the postwar years, there was a belief in developed economies that each generation could expect to have materially better living standards than their parents. Yet the outlook for income growth has rarely looked worse than it does today…

Who will pay the cost of Europe’s defaults?

23rd May 2011 Socialist Action 0

By Nicky Dempsey

Open disagreements have broken out between the EU Commission and the European Central Bank on the issue of whether Greek government debt should be ‘restructured’ or ‘reprofiled’ in some way. Debt restructuring would require that the bondholders, mainly European (including British) banks, take some losses on their bonds by having their value written down. ‘Reprofiling’ is a much more modest proposal which may involve little more than extending the life of the bonds, so that interest and capital repayments are drawn out over time.

Drop cuts – not bombs!

23rd March 2011 Socialist Action 0

By Nicky Dempsey

The lies and hypocrisy of the Tory-led government on the cuts has been made crystal clear by the military assault on Libya. This is financed without a second thought, but we are told the country is broke, the money has ‘run-out’ and that our services, benefits, wages and jobs must all be cut to pay for the crisis. This same hypocrisy is being peddled in the US, France and the other imperialist countries participating in this war.

More on Cuban economic reform

26th October 2010 Socialist Action 0

Economic reform and the future of Cuban socialism

Cuban flags

The following extracts are from an interview with Professor Jose Bell Lara, of the Faculty of Social Sciences, University of Havana. The full interview first appeared on Links: international journal of socialist renewal.

Cuba moves closer to China’s economic model

20th September 2010 Socialist Action 0

By Brian George

Photo hoyasmeg/James Emery

There has been extensive coverage of the news that Cuba is to reduce state sector employment by half a million and transfer these workers to the non-state, including the private, sectors. Some of this comment, for example in the Financial Times and Wall Street Journal, interprets this as a move towards capitalism and free markets. More accurate and sophisticated analysis has been given by Latin American specialists. (Also see previous articles on this website here and here.)

Some friendly positions on Cuba’s economic policy changes

20th September 2010 Socialist Action 0

By Brian George

Photo: Fredo_photo.

That the Financial Times and Wall Street Journal should wishfully, and inaccurately, hope Cuba’s recent economic policy changes represent an embrace of capitalism is not surprising. But in addition to this hostile analysis there has also been comment on these new economic policies that comes from friends of Cuba. As it comes from friends, the following comments are also meant strictly in that light of friendly discussion.