Who Will Pay for the Coronavirus Crisis?

Every year, in every crisis, the rich have gotten richer, while the working class struggles to keep its head above water. Capitalism entails booms and busts where workers rarely benefit from the booms and are always hurt by the busts. As entire sections of the workforce either lost their jobs or have been unable to work due to COVID-19, the inevitable economic crash has come to a head once again—with this recession promising to be much more severe than the last. But this pandemic doesn’t need to be a death sentence for the working class.

Reopening the U.S. Safely: Putting Our Health Above Profits

As Trump bails out his capitalist friends, workers are forced to sacrifice their health to keep the economy running. Americans are struggling to decide “do I work and risk infection or stay home and lose income?” We need a plan for combating the pandemic and safely re-opening the economy that doesn’t risk workers’ lives. Workers can organize for a safe re-opening and a new, socialist system that prioritizes people over profits.

COVID-19 Triggers Long Anticipated Economic Crash

As the capitalist economy hurls deeper into recession, the federal government and central banks are producing trillions of dollars that they conveniently couldn’t find for increasing the federal minimum wage or other needed social benefits. The trillions of dollars being released during the COVID-19 crisis are mostly being dumped into the pockets of the rich and corporations in a failed effort to prop up the stock market.

Coronavirus plunges capitalism into global turmoil -The need for a socialist alternative

This article was originally written for socialistworld.net, the website of the Committee for a Workers’ International. Statement from International Secretariat of the CWI 23 March 2020 The outbreak of the coronavirus pandemic has plunged world capitalism and society into an entirely new era of turmoil and upheaval. In country after country, as the pandemic hasContinue reading “Coronavirus plunges capitalism into global turmoil -The need for a socialist alternative”

Coronavirus infects world economy

This article was originally written for socialistworld.net, the website of the Committee for a Workers’ International. The biggest one-day fall in stock markets since the financial crisis; an oil price war between Saudi Arabia and Russia; and the fastest drop in the cost of oil for 30 years. The impact of coronavirus on an alreadyContinue reading “Coronavirus infects world economy”

What lies behind the US-China trade war?

This article was originally written for socialistworld.net, the website of the Committee for a Workers’ International. Last week, US President Donald Trump announced that under the rarely invoked International Emergency Economic Powers Act, the Chinese telecoms giant Huawei and seventy of its affiliated companies are set to be added to the ‘Entity List’. This effectivelyContinue reading “What lies behind the US-China trade war?”

New recession fear stalks the world economy

This article was originally written for socialistworld.net, the website of the Committee for a Workers’ International. 2018 marked ten years since the collapse of Lehman Brothers bank which plunged the world economy into the deepest economic recession since the 1930s. The financial virus spread quickly, causing production and trade to seize up. Only swift coordinatedContinue reading “New recession fear stalks the world economy”

10 years since the financial crash

This article was originally written for socialistworld.net, the website of the Committee for a Workers’ International. The socialist answer to capitalist crisis   On 15 September this year, a posh get together takes place at a secret venue in London. At it, top bankers who were part of Lehman Brothers – once the fourth largestContinue reading “10 years since the financial crash”

World Economy: ‘Biggest danger to capitalism is capitalism’

This article was originally written for socialistworld.net, the website of the Committee for a Workers’ International. Steel plant to close after a century of production, raw material prices collapsing, China’s economy slowing, the ongoing euro crisis… Eight years on from the crash that led to the great recession, the global monetary system remains unreformed andContinue reading “World Economy: ‘Biggest danger to capitalism is capitalism’”

Economy: What low oil prices cost the world economy

This article was originally written for socialistworld.net, the website of the Committee for a Workers’ International. The sudden plunge of oil and gas prices has underlined the volatility in the world capitalist economy The shale oil revolution in the US and Canada has produced a world oil glut – and a slump in investment inContinue reading “Economy: What low oil prices cost the world economy”