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

Fallen angels

In several previous posts, I have highlighted what are called ‘zombie’ companies (companies whose regular profits do not even cover the cost of servicing their outstanding debts) and so must, to paraphrase former BoE governor Mark Carney, depend on the kindness of their creditors”. An OECD study found that such zombies take up a frighteningly […]

Fallen angels

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