First Republic Bank: The Case for Public Ownership
The collapse of First Republic Bank is the latest chapter in the rolling banking crisis in the US. It demonstrates the case for public ownership of the banking system.
Michael RobertsMay 3, 2023
Life Expectancy and Human Development in the 21st Century
If we accept that life expectancy is a good measure of human development, the latest data are revealing about capitalist societies in the 21st century. Life expectancy fell in the US in 2021 to its lowest since 1996, the second year of a historic retreat, mainly due to COVID-19 deaths.
Michael RobertsSeptember 13, 2022
The Climate Conference in Glasgow Is Just “COP-out 26”
The climate crisis demands urgent changes to the world economy. This would require bringing the fossil fuel companies into public ownership and rapidly expanding renewable energy. Yet none of this is on the agenda at COP26.
Michael RobertsNovember 1, 2021
The Fed, Interest Rates, and Stagflation
Accelerating inflation may be an issue right now in the US 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.
Michael RobertsOctober 8, 2021
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.
Michael RobertsJuly 17, 2021
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.
Michael RobertsJuly 9, 2021
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.
Michael RobertsJune 17, 2021
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.
Michael RobertsApril 14, 2021
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.
Michael RobertsJanuary 27, 2021
Perspectives for 2021: Interview with Michael Roberts and Claudia Cinatti
The year of the coronavirus pandemic is drawing to a close. What are the trends in the economy, the political situation, and the class struggle in the year to come?
Michael RobertsDecember 15, 2020
A Credit Crash Ahead?
With the promise of a vaccine on the horizon, many sectors of capital are hoping that the world economy will spring back soon. But with the economic crisis sending many working people and businesses into significant debt in order to survive, the prospects for such a strong recovery are rapidly narrowing. Originally posted on his blog, “The Next Recession,” Michael Roberts here outlines the possible scenarios for a third leg of the pandemic slump.
Michael RobertsDecember 4, 2020
G20: The Debt Solution
The G20 summit took place virtually this past weekend, with the G20 leaders discussing the impact of the coronavirus pandemic on the world economy. What does this mean for the current debt crisis? The following article was originally posted on Michael Roberts’ blog, “The Next Recession.”
Michael RobertsNovember 25, 2020
The Social Composition of the Anti-Trump Vote
It took days of counting votes, but the 2020 election finally ended. Biden won because workers, ethnic minorities, young people and city dwellers voted against Trump. Economist Michael Roberts investigates the data. The following article was originally posted on Michael Roberts’ blog, “The Next Recession."
Michael RobertsNovember 10, 2020
Returning To Normal?
With over tens of millions unemployed in the US and economies slowly reopening after the coronavirus pandemic, where are we heading? Economist Michael Roberts provides perspective. The following article was originally posted on Michael Roberts' blog, "The Next Recession. "
Michael RobertsJune 10, 2020