The Productivity Crisis
Michael Roberts
June 2, 2021
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.
© 2021 All rights reserved
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.
Skeptical about capitalist claims that we will soon be “flush with cash” and out boosting the economy? The latest weekly increase in claims for unemployment benefits shows the real truth about the system of exploitation the working class confronts every day.
The GameStop bubble not only reveals what a “casino” the stock market is, but also shows us that when workers employ the methods of the bourgeoisie, they will be shut down and silenced.
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.
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.
Larry Summers, a longtime servant of capitalism, one of its most prominent economists, and a Biden transition adviser, delivered a Christmas message against giving even a penny in “stimulus” to working-class and poor people who are sinking into despair in the pandemic economy.
Bipartisan consensus seems to be forming around a new stimulus bill. Unsurprisingly, this new package gives a weak and insufficient amount of aid to the working class. We must organize to fight for more.
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?
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.
© 2021 All rights reserved
