China: Xi’s third term – part two: property, debt and common prosperity

In part one of my analysis of China’s economic future, I dealt with the claims that China would slow towards stagnation because its investment rate was too high, the working population was falling fast and the economy needed to become like mature Western capitalist economies based on consumption-led growth.  I argued that the Western capitalist […]

China: Xi’s third term – part two: property, debt and common prosperity

China: Xi’s third term – part one: growth, investment and consumption

China’s Congress of the Communist Party takes place this week.  This is an important event not only for China, but globally.  The Western media have concentrated on the fact that current party leader Xi Jinping will be confirmed for an unprecedented third term as party leader and thus also continue as President of China when […]

China: Xi’s third term – part one: growth, investment and consumption

The wealth of nations

Marx’s first sentence in Capital Volume One is: “The wealth of those societies in which the capitalist mode of production prevails, presents itself as an “immense accumulation of commodities”, its unit being a single commodity.” (Moore and Aveling translation).  So, from the beginning, Marx makes a distinction between wealth in societies and how it appears […]

The wealth of nations

The three contradictions of the Long Depression

One of my basic theses about modern capitalism is that since 2008, the major capitalist economies have been in what I call a Long Depression.  In my book of 2016 of the same name, I distinguish between what economists call recessions or slumps in production, investment and employment; and depressions.  Under the capitalist mode of […]

The three contradictions of the Long Depression