Author: Michael Roberts

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.

3,000 Volvo Workers Are on Strike Again

After rejecting a second contract offer, Volvo workers at the Mack and Volvo Truck of North America manufacturing plant in Dublin, Virginia are on strike again. They say that this time they are not going back until a new contract is ratified.

Working Class Tunisians Rise Up against Police Violence

Protests began in the working-class districts of Sidi Hassine and Séjoumi in Tunis, Tunisia, after a young man died in police custody and videos of police beating a minor went viral on social media. Police violence is endemic in Tunisia, and the masses suffer unemployment, poverty, and misery a decade after the fall of Zine el-Abidine Ben Ali’s regime and the beginning of the Arab Spring.

Wildcat Strike at Gorillas, a Grocery Delivery Startup in Berlin

Workers at the on-demand grocery delivery service Gorillas have gone on a wildcat strike. They have been blocking warehouses after one of their colleagues was fired. This is an intense, exemplary struggle that demands international attention.

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.

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.

The Brexit Deal: A Marxist Analysis

As the United Kingdom leaves the European Union, British capitalism will suffer. But as Marxist economist Michael Roberts argues, the bigger problem is the COVID slump and the underlying weakness of British capital.

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.