Distribution and economic progress

A key development in many economies, particularly the Anglo-Saxon ones, during the last 30 years, has been an increase in what heterodox economists have termed ‘financialization’. That is, the increased importance of financial markets in economic life. Continue reading

Capital and labour: conflict or cooperation?

In Marxist political economy, the class of capitalists, who own the means of production, and labour, which is forced to work for the capitalists to secure the wage necessary for survival, are seen as necessarily in conflict. Continue reading

Globalization and the China effect

The term ‘globalization’ is widely used to describe processes of global integration, particularly but not exclusively in the economic sphere. But behind this slightly abstract word are the forces unleashed by an evolving interaction between government policies in specific nations, at times in isolation and also in cooperation with each other, and economics. Continue reading

Binding fiscal policy

The UK chancellor, George Osborne, today announced that he intends to legally bind current and future governments to running a budget surplus (an excess of tax receipts over spending) when the economy is growing. Does this make sense? The answer must be no. Continue reading