Science and Its Philosophy From a Marxist Perspective
Do ‘excessive’ wage rises lead to rising inflation and thus drive economies into a wage-price spiral? Back in 1865, at the International Working Men’s Association, Marx debated with IWMA Council member Thomas Weston. Weston, a leader of the carpenter’s union, argued that asking for increased wages was futile because all that would happen would be […]
The wage price spiral refuted
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
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