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

Inflation: supply or demand?

The debate among economists continues on whether the recent hike in inflation rates in the major economies is due to a ‘supply shock’ or ‘pent-up consumer demand’; and related to that, whether the inflation rise will be ‘transient’ or ‘permanent’. Supply or demand?  If prices rise, is it because supply is not rising ‘enough’ or […]

Inflation: supply or demand?

Football: a people’s sport?

The collapse of the attempt to form a ‘super league’ of top European soccer teams by the billionaire owners of the big clubs is only an interrupted chapter in the story of the commodification of sport into profitable capitalist enterprises, owned and controlled by capital.  It is no accident that JP Morgan was the fund […]

Football: a people’s sport?