Today a report was released of the think tanks Common Wealth and the Institute for Public Policy Research (IPPR) about the causes of inflation. This report confirms that in our contemporary economy, inflation is significantly driven by greed and profiteering by transnational corporations. The report is summarised here. Traditionally, in economics, inflation has theoretically three…
Category: Political economy
Thoughts on the UK’s “Day of Brexit”
Today, on 31 December 2020, at 23:00 local London time, the UK will formally leave the international socio-economic space created by European nation-states through a number of international treaties since the end of the second world war. It is a turning point in the sense that the UK deliberately diminishes its reach in the global…
Commodities: II―A property-based approach to economic goods
In the first instalment of this set of posts on the conception of economic commodities, I discussed the standard economic market approach to commodities: Commodities are determined fully by their market properties. This is rather limiting view of the important concept of economic commodities. It seems more logical and productive to have a property-based conception…
Crisis (in) management
The global Corona pandemic has now resulted in a collapse of GDP in many countries. Recently, it was reported that UK GDP reduced by 20.4% in the month of April. What surprises is the reaction to this. Some economic commentators reacted in panicky terms to this news and talk about the economy dropping off a…
A missed opportunity: The Corona crisis and the reformation of the global economy
A number of recent videos uploaded on YouTube on the effects of the Corona crisis on the global economy and the state of political economy to deal with this crisis. Is the reaction to the corona crisis by the governments a missed opportunity for global economic reform? PS An interesting article on the missed opportunity…