Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts

Thursday, April 17, 2014

Capital in the 21st Century: Revolutionary analysis questions basic distribution of wealth


Few economists inspire popular movements, but Thomas Piketty has. “We are the 99 per cent”, the slogan of the Occupy Movement, was based on his in-depth analysis with Emmanuel Saez of income distribution and inequality in the US in 2003.

The Frenchman’s new book Capital in the 21st Century is already causing a stir. Some reviewers have called it the economic book of the year, others of the decade.

Piketty’s ground-breaking work on the historical evolution of income distribution is impressive, but he covers many other areas, including the erosion of meritocracy by inherited wealth, public debt, education, health and taxation. He also proposes challenging ideas for funding the social state in the 21st century. 

Piketty’s central point is that when the rate of return on capital exceeds the rate of economic growth, the economy automatically generates arbitrary and unsustainable inequalities which undermine the meritocratic values on which democracy is based.

Unless capital owners consume all of the return on their capital, more will remain for them and they get richer, effortlessly.


Read More from the original article in the link here Revolutionary analysis questions basic distribution of wealth - Economic News | Ireland & World Economy Headlines |The Irish Times - Fri, Mar 28, 2014

Sunday, October 20, 2013

The Story Of Marinaleda, Spain's Thriving Model Communist Village



Despite the “big” failures of 20th century Communism, the 21st century boasts plenty of smaller, enduring victories against the neoliberal order. Marinaleda is one of those victories. Few of us have heard of Marinaleda, a small town of 2700 people, tucked away in Spain’s Andalusia region, around 100km east of Seville. The town’s official coat of arms states “Marinaleda – Una Utopia Hacia La Paz” (a Utopia towards Peace).

They are led by their charismatic mayor, Juan Manuel Sánchez Gordillo, who has held the position since 1979 – re-elected time after time with an overwhelming majority.  In 2012, he became a household name in Spain after heading raids on local supermarkets to feed the Andalusian unemployed.  Mr Sánchez Gordillo’s CUT-BAI party belongs to the Izquierda Unida (“United Left”),the Communist-led coalition.

The fascinating story of this town in Southern Spain furnishes us with evidence of an embryonic, functioning, democratic socialism, which has managed to effectively struggle against the poverty and immiseration experienced in the surrounding areas of Andalusia. In Marinaleda, the residents have won and guaranteed greater rights for themselves – to pay, to housing and to facilities.

The core of Marinaleda’s communist ethic is a 1,200 hectare co-operative farm that was won through a decade of occupations and hunger strikes from the Duke of Infantado. The Duke’s property was just one of many instances in Spain of vast estates with arable land fenced off from the area’s surrounding, usually starving, population. The farm, known as El Humoso, sells its products internationally. Fair-trade and “socially aware” brands often get a bad rap by critical theorists. But El Humoso makes a compelling counterpoint to the likes of Starbucks and Tom’s Shoes. “Know that when you consume any product from our co-operative, you are helping to create employment and social justice,” says Gordillo.

The eight agricultural co-operatives on the farm concentrate on labour intensive crop production such as artichokes, peppers, beans and also wheat and olive groves. Every worker gets paid the same wage – €47 for a six and a half hour working day. It may not sound like a lot, but it's more than double the Spanish minimum wage.  Marinaleda, now has an unemployment rate of 5%. Spain, by constrast, has an unemployment rate of 27%.

Marinaleda, surprisingly, has no police. They didn’t abolish the police force, or violently expel its officers. Marinaleda had one police officer. When that officer retired, they never hired a replacement. Now, Gordillo has been known to chase down delinquent youths on his own and speak to their families. Surprisingly, it seems to work out.

A few times every year Marinaleda organize something called red and green Sundays. On these days everyone participates in making the town and the cooperative better for the whole. ‘Red Sunday’ means that everyone does something to improve the town – paint houses, fix pipes, improve pavements and similar jobs. ‘Green Sunday’ means that everyone works extra in the fields, harvesting, packing and so on. This free work benefits everyone who lives in Marinaleda.

Everyone in Marinaleda is employed and nearly everyone has a proper house. The housing policy is that once you have lived in Marinaleda for two years, you get materials to build your own house. The houses are built on municipal land, with materials provided by local and regional government. Local people pay just €15 a month while contributing an agreed number of working hours per month to the construction of the houses. This house cannot be sold, but given away to your children or to someone you choose. Just in recent years three hundred houses have been build.

As an example of Marinaleda’s socialist ideology and believing that power has to be put into the hands of local people, the local Council has created General Assemblies where around 400 to 600 local people meet 25 to 30 times a year to voice their concerns and vote on issues. A further example of the Council’s form of local democracy is the use of “participatory budgets” whereby each year the Council’s proposed investments and expenditures are taken to local areas for discussion.

Marinaleda certainly is a breath of fresh air in a dark Spanish crisis, and might motivate others to live differently.

Tuesday, July 30, 2013

SERCO: The Biggest Company You've Never Heard Of

Serco Group are the world's leading outsourcing company with a vast and diverse portfolio of government contracts. These contracts are worth billions of pounds each year and means that the control of public services are passed to this privately owned company.  Among its operations are public and private transport and traffic control, aviation, military and nuclear weapons contracts, detention centres and prisons and schools. Serco has seen a large amount of criticism involving its private prisons and detention centres.

This video from the Hungry Beast, broadcast on Australia's ABC network, give's a brief introduction to Serco and the services they run across the world.


Another video from RT examines their role in public services across the world.

Thursday, April 11, 2013

The Tunnel People That Live Under The Streets Of America

Did you know that there are thousands upon thousands of homeless people that are living underground beneath the streets of major U.S. cities?  It is happening in Las Vegas, it is happening in New York City and it is even happening in Kansas City.  As the economy crumbles, poverty in the United States is absolutely exploding and so is homelessness. Read More..
The Tunnel People That Live Under The Streets Of America

Friday, June 15, 2012

Debtocracy : Documentary (International Version) [Multi-Subs]

A documentary film on Greece debt crisis called "Debtocracy International Version (Greece, 2011)", with multilingual subtitles (closed caption). This film is distributed as Creative Commons-licensed.

Friday, June 8, 2012

Sacred Economics with Charles Eisenstein - A Short Film

Sacred Economics traces the history of money from ancient gift economies to modern capitalism, revealing how the money system has contributed to alienation, competition, and scarcity, destroyed community, and necessitated endless growth. Today, these trends have reached their extreme - but in the wake of their collapse, we may find great opportunity to transition to a more connected, ecological, and sustainable way of being.

Thursday, April 5, 2012

The Student Loan Debt Time Bomb

Student debt is growing at an alarming rate. At the end of 2011, total student loan debt crossed the $1 trillion mark, a level that is higher than the sum of all credit card debt in the United States. Already, this category of debt has been likened to the subprime crisis, raising worries that a potential delinquency crisis could find its way into the wider economy. More...


The Student Loan Debt Time Bomb | Economy Watch

Tuesday, March 27, 2012

Quants: The Alchemists of Wall Street

Quants are the math wizards and computer programmers in the engine room of our global financial system who designed the financial products that almost crashed Wall st. The credit crunch has shown how the global financial system has become increasingly dependent on mathematical models trying to quantify human (economic) behaviour. Now the quants are at the heart of yet another technological revolution in finance: trading at the speed of light. What are the risks of treating the economy and its markets as a complex machine? Will we be able to keep control of this model-based financial system, or have we created a monster? A story about greed, fear and randomness from the insides of Wall Street. Director: Marije Meerman Research: Gerko Wessel

Sunday, January 29, 2012

M-PESA mobile money transfer service is changing lives in Kenya