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economy
‘Strong dollar’ de-stabilizes world economy

‘Strong dollar’ de-stabilizes world economy

Two major developments occurred in the global economy in early December that have drawn much commentary and analysis in the financial media. First, the Organization of Petroleum Exporting Countries failed to agree on a reduction of oil production quotas. Saudi Arabia,...

Welcome to ‘average prosperity’

According to the most recent data released by the Federal Reserve, U.S. industrial production as measured by the Fed's manufacturing index (see chart), reached 101.2 in May, finally surpassing the previous peak of 101.0, reached in December 2007. Following that peak,...

Silicon Valley monopolies conspired against high-tech workers

Silicon Valley monopolies conspired against high-tech workers

In early 2005, as the most recent boom phase of the capitalist industrial cycle came into sight, Apple’s Steve Jobs arranged a secret and illegal pact with Google’s Eric Schmidt to hold down their workers' wages by agreeing not to recruit each other’s employees,...

Is the culprit just ‘crony capitalism’?

Is the culprit just ‘crony capitalism’?

Reader Kathy recently sent the following comment to Liberation News on our article "Obama signs 'Monsanto Protection Act' into law": "It is unfortunate that you do not recognize that capitalism is not the culprit but crony capitalism. Please understand the difference...

Understanding the partial nationalization of the banks

Understanding the partial nationalization of the banks

As the economic crisis deepened over the past year, it became clear that some of the biggest banks were, very likely, bankrupt. As a result of the bursting of the speculative bubbles in housing and in industrial commodities such as oil, copper and aluminum, the assets...

Capitalist overproduction and the banking crisis

Capitalist overproduction and the banking crisis

Just weeks before the U.S. presidential election, the economic and financial crisis that started with a weakening of the U.S. housing market in mid-2006 has taken a dramatic turn for the worse. Panicky runs on major banks has caused new failures and forced mergers....

Milton Friedman: Ideologue of capitalist ‘freedom’

Milton Friedman: Ideologue of capitalist ‘freedom’

Working-class and oppressed people are not likely to mourn the death on Nov. 16 of Milton Friedman (1912-2006). He is acclaimed by the bourgeois media as a brilliant Nobel Prize-winning economist who explained how free markets and free trade, privatization of public...