Most people believe that the bulk of money in the economy consists of notes and coins, that the government creates most if not all of the new money in the economy and that private banks only lend out money that has been deposited with the bank by the government or other depositors. But none of this is true. Only 3-7% of the money in […]
Marx- identity politics and economic inequality
Even ‘The Economist’ magazine has admitted Karl Marx was right about a good many things- globalization and international markets, the business cycle and the way economics shapes ideas, for example. But Marx’s most basic ideas also seem well founded- production is essential to survival and, in any system of production, human beings inevitably enter into […]
Trump Health ‘Reform’ Simply Explained
Twenty five years ago health expenditures in the USA consumed 5% of GDP. Today that figure is around 17%. No other country comes close to this level of expenditure. In 2015, for example, per capita spending on health in USA was $9451 compared to Australia $4420. The USA pays more per capita for healthcare than […]
Increasing Inequality
The McKinsey Global Institute recently released a report entitled ‘Poorer than their Parents? A new perspective on income inequality’. The report states that “The real incomes of about two-thirds of households in 25 advanced economies were flat or fell between 2005 and 2014.” This is more than 540 million people. This contrasts to the period […]
Left Also Divided on Brexit
The issue of Britain’s exit from the European Union divided the British Conservative Party. But the British left was also divided on the issue. The British Labour Party formally supported the ‘remain’ side. But leader Jeremy Corbyn has been criticised for being ambivalent about staying in the EU and for having pulled his punches in campaigning […]
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