Author: Michael Roberts

Snap Canadian Elections Change Nothing

Prime Minister Trudeau achieved nothing with his snap election and faces the same problems in getting Canada’s capitalist economy going as before.

Competition, Monopoly, and Exploitation under Capitalism

While signing an executive order to expand competition and crack down on monopolistic practices, Joe Biden said that “capitalism without competition isn’t capitalism. It’s exploitation.” His statement reflects a long-standing assumption among both classical and more left-leaning economists alike that increasing monopolization is the source of increasing exploitation under capitalism. What do they get wrong? Economist Michael Roberts explains.

An illustration of a line from a chart that goes up at the end, an illustrated hand is drawing it.

Inflation, Interest Rates, and Debt

Accelerating inflation may be an issue right now in the U.S. and other recovering capitalist economies. But for capitalism, profitability is the real benchmark and that can be hit by wage rises on the one hand and interest rises on the other.

Profits Call the Tune

Profit is not a “gift of capital,” and does not rely on investment. Profits can be generated out of the exploitation of labor power without further investment, and indeed, that is what we can see now in the expansion of ‘fictitious capital’ at the expense of productive investment.

The Productivity Crisis

In his latest piece, Michael Roberts takes a look at the crisis in productivity and the failures of Keynesian economics over nearly a hundred years.

Financial Fictions: SPACs, NFTs, and Cryptocurrencies

In recent years, there has been a spate of new fictions in the casino world of financial speculation. Marxist economist Michael Roberts discusses these technological developments and how when the financial markets go belly up, the digital damage will be exposed.

Financial Fictions: The Old Ones

In recent months, we have seen financial meltdowns from Archegos Capital and Greensill Capital. Marxist economist Michael Roberts dives into the fictitious capital behind these events.

A blue and red stock price graph. An image of a coronavirus is superimposed on top.

Covid and Fictitious Capital

In 2020, output, investment, and employment plummeted across the world, but the opposite was true for the stock and bond markets of the major economies. Marxist economist Michael Roberts explains this trend, which will likely reverse in 2021.

What’s in Store for the Economy under Biden?

As Biden begins the first day of his presidency, the United States still faces near record levels of COVID cases and deaths. At the same time, economic activity remains well below pre-pandemic levels.

Snap Canadian Elections Change Nothing

Prime Minister Trudeau achieved nothing with his snap election and faces the same problems in getting Canada’s capitalist economy going as before.

Competition, Monopoly, and Exploitation under Capitalism

While signing an executive order to expand competition and crack down on monopolistic practices, Joe Biden said that “capitalism without competition isn’t capitalism. It’s exploitation.” His statement reflects a long-standing assumption among both classical and more left-leaning economists alike that increasing monopolization is the source of increasing exploitation under capitalism. What do they get wrong? Economist Michael Roberts explains.

An illustration of a line from a chart that goes up at the end, an illustrated hand is drawing it.

Inflation, Interest Rates, and Debt

Accelerating inflation may be an issue right now in the U.S. and other recovering capitalist economies. But for capitalism, profitability is the real benchmark and that can be hit by wage rises on the one hand and interest rises on the other.

Profits Call the Tune

Profit is not a “gift of capital,” and does not rely on investment. Profits can be generated out of the exploitation of labor power without further investment, and indeed, that is what we can see now in the expansion of ‘fictitious capital’ at the expense of productive investment.

The Productivity Crisis

In his latest piece, Michael Roberts takes a look at the crisis in productivity and the failures of Keynesian economics over nearly a hundred years.

Financial Fictions: SPACs, NFTs, and Cryptocurrencies

In recent years, there has been a spate of new fictions in the casino world of financial speculation. Marxist economist Michael Roberts discusses these technological developments and how when the financial markets go belly up, the digital damage will be exposed.

Financial Fictions: The Old Ones

In recent months, we have seen financial meltdowns from Archegos Capital and Greensill Capital. Marxist economist Michael Roberts dives into the fictitious capital behind these events.

A blue and red stock price graph. An image of a coronavirus is superimposed on top.

Covid and Fictitious Capital

In 2020, output, investment, and employment plummeted across the world, but the opposite was true for the stock and bond markets of the major economies. Marxist economist Michael Roberts explains this trend, which will likely reverse in 2021.

What’s in Store for the Economy under Biden?

As Biden begins the first day of his presidency, the United States still faces near record levels of COVID cases and deaths. At the same time, economic activity remains well below pre-pandemic levels.