Category: Economy
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Monopoly capitalism, imperialism, and the world economy
What word connects one of Lenin’s most famous theoretical works; supermarket cereals and silicon microchips; and a popular household boardgame, developed in the early 20th-century? The clue is in the title: monopoly. Capitalism is often portrayed as the provider of ‘freedom’ and ‘choice’. But this is a complete myth. From the minute we wake up…
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Parasitical landlordism and the Marxist theory of rent
Along with bankers and capitalists, the landlord class is especially despised. They are regarded very much as greedy speculators, rack-renting owners, who force up rents at the earliest opportunity and cream off a section of the surplus-value created by the working class. It is clear why disdain for them is rising. In Britain alone, rents…
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Trotsky: Marxism in our time
Written in 1939 as an introduction to an abridgement of Karl Marx’s book Capital, Trotsky’s “Marxism in Our Time” offers a brilliant summary of Marx’s epoch-making discoveries. Using contemporary examples, Trotsky demonstrates how Marx’s analysis of capitalism in its youthful vigour is as valid now, in its period of terminal decline. Like today, when Trotsky…
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Car industry closures reveal depth of European crisis
The European economy is facing its biggest crisis in a decade. Over the past few months, announcements of layoffs in France and Germany have come thick and fast. Hundreds of thousands of jobs are at risk as companies attempt to cut costs. At the same time, the European Central Bank (ECB) is cutting interest rates…