By James Cogan, 27 February 2014
The job destruction flows directly from the cut-throat competition for market share and profits among rival transnational airline alliances since the 2008 global financial crisis.
By Ben McGrath, 20 February 2014
GM Korea plans to slash 1,100 jobs from its Gunsan factory, part of an overall assault on auto workers in Korea and internationally.
By Mike Head, 20 February 2014
CEOs are being rewarded for slashing costs, along with the livelihoods of many thousands of people.
The real face of the economic “recovery”
By Kate Randall, 7 February 2014
Despite stagnant revenues, companies are reporting booming profits on the basis of a relentless assault on jobs, wages and working conditions.
By Andre Damon, 7 February 2014
Today, President Obama will sign a bill to cut $8.7 billion from the food stamp program.
By Jerry White, 4 February 2014
The city’s “plan of adjustment” outlines a savage assault that will set a precedent to escalate the attacks on the working class throughout the US and internationally.
By Nick Beams, 4 February 2014
Equity markets have had their worst start to the year since 2010.
By Stefan Steinberg, 3 February 2014
At the Munich Security Conference, German officials moved to repudiate the restraints on German militarism that were imposed after World War II.
By Nick Beams, 1 February 2014
The roots of the “emerging markets” crisis lie in the policies initiated by the US Federal Reserve and other central banks after the global financial crisis of 2008.
By Nick Beams, 30 January 2014
Wall Street’s Dow Jones index dropped 190 points yesterday amid growing global currency turbulence.
By Oliver Campbell, 30 January 2014
The consignment of riches to the British Virgin Islands provides a glimpse into the extraordinary growth of social inequality in China.
By Nick Beams, 29 January 2014
The massive rate hike followed warnings of financial “carnage” amid growing concerns over the stability of “emerging markets.”
By Bill Van Auken, 29 January 2014
The Argentine government has responded to last week’s run on the peso with new rules allowing dollar purchases to barely 20 percent of the population.
By Keith Jones, 27 January 2014
Iran’s president travelled to the World Economic Forum in order to woo the world financial elite and reiterate the Islamic Republic’s eagerness to reach an accommodation with Washington.
By Barry Grey, 25 January 2014
Stock markets around the world plunged Friday as emerging market currencies hit record lows.
By Peter Symonds, 24 January 2014
Abe likened the current friction between Japan and China to the rivalry between Britain and Germany on the eve of World War I.
By Mike Head, 21 January 2014
The ILO noted the glaring disparity between the recovery on global financial markets and the worsening situation facing workers.
By Nick Beams, 17 January 2014
At a speech in Washington on Wednesday, IMF Managing Director Christine Lagarde warned that strengthening deflationary trends posed a threat to the global economy.
By César Uco, 15 January 2014
Petrobrás, the government-run oil company, is selling off international assets to finance its investments in offshore oil.
By Nick Beams, 30 December 2013
Rather than an upturn taking shape, warnings of “secular stagnation” are proliferating.
Humanitarianism Contested, Where Angels Fear to Tread, by Michael Barnett and Thomas G. Weiss
By Nancy Hanover, 30 December 2013
The growing nexus between imperialism and international non-governmental organizations makes the 2011 book Humanitarianism Contested, Where Angels Fear to Tread a timely read.
By Nick Beams, 24 December 2013
Far from providing a cure for the crisis of the global capitalist system, the Fed’s policies are boosting the growth of a giant economic cancer.
By John Chan, 24 December 2013
China’s industries confront serious overcapacity, and huge local government debts threaten financial stability.
By Terry Cook, 21 December 2013
Hundreds of jobs are being destroyed in Kellogg’s Project K “efficiency and effectiveness plan” to restructure its global operations.
By Nick Beams, 17 December 2013
The global economy is increasingly coming to resemble an inverted pyramid, with ever-increasing financial wealth sitting atop a contracting real economy.
By Mike Head, 14 December 2013
The breakdown was a blow to the White House, which was intent on pushing through the pact as a key part of its “pivot” to Asia.
By Stefan Steinberg and Barry Grey, 7 December 2013
The fines amount to a slap on the wrist for banks that have long since factored such sums into their accounts.
By Nick Beams, 18 November 2013
Hopes for global growth are being dashed as economic tensions intensify.
By Nick Beams, 2 November 2013
There are growing concerns that the world financial system could be heading for another crash on the scale of 2008, or even larger.
By Peter Symonds, 12 October 2013
Coming on top of the postponed attack on Syria, Obama’s cancelled trip disconcerted US allies and raised questions throughout Asia about Washington’s ability to meet its commitments.
By Mike Head, 12 October 2013
The Abbott government confronts falling growth rates, collapsing mining investment and rising unemployment.
By Nick Beams, 10 October 2013
Even if a US default is averted, the latest IMF World Economic Outlook report points to deepening recessionary trends in the world economy
By Joseph Santolan, 10 October 2013
With Obama canceling his trip to South East Asia, Kerry is trying to offset Beijing’s temporary advantage by escalating Washington’s provocative rhetoric.
By Peter Symonds, 9 October 2013
Hanging over the meeting was the looming threat of a US default if the Congress fails to lift the ceiling on US government debt.
By Nick Beams, 23 September 2013
The central concern of the Fed is not the real economy and the worsening conditions faced by hundreds of millions of working people, but the need to maintain the inflation of asset prices.
By Julie Hyland, 14 September 2013
London School of Economics’ John Van Reenen describes the fall in workers’ wages as “stunning—and something that did not happen in previous postwar recessions in Britain”.
14 September 2013
We are republishing here two articles posted on the World Socialist Web Site in the immediate aftermath of the collapse of Lehman Brothers, as the tumultuous events surrounding the greatest financial crisis since the 1930s were unfolding.
By Bill Van Auken, 7 September 2013
With mounting opposition at home and abroad to war against Syria, the Pentagon is reportedly preparing for far more extensive bombing of the country than originally suggested.
By Nick Beams, 3 September 2013
Speculative capital is on the move in anticipation of Fed “tapering.”
By Keith Jones, 31 August 2013
The value of the Indian rupee continued to slide this week, forcing India’s central bank to take emergency measures.
By Barry Grey, 27 August 2013
Almost overnight, the hot money that had boosted the “emerging economies” has stopped pouring in, and these countries have been hit with a massive flight of capital back to the US and other “developed” countries.
By Kranti Kumara and Keith Jones, 21 August 2013
India’s corporate media is increasingly voicing fears that the country could soon confront a current account crisis akin to that in 1991, when India was forced to seek an emergency bailout from the IMF.
By Nick Beams, 19 August 2013
Lower growth and mounting financial problems in the “emerging markets” are a new source of instability in the world economy.
By Nick Beams, 13 August 2013
The actual course of economic events may proceed far more rapidly and turbulently than the forecasts indicate.
By Nick Beams, 6 August 2013
US net investment is barely 4 percent of output, even with pre-tax corporate profits at record highs.
By Deepal Jayasekera, 27 July 2013
India’s Congress Party-led United Progressive Alliance government has announced further “pro-investor” reforms in a desperate bid to increase foreign capital inflows.
By Sampath Perera, 25 July 2013
Nawaz Sharif’s new government agreed to further austerity and pro-market reforms to be eligible for a bailout.
By John Chan, 25 July 2013
The IMF pointed to the widely-cited fears over China’s total loan issuance.
By Nick Beams, 11 July 2013
The world economy is moving still further away from what were once considered “normal” conditions.
By Andrea Peters, 10 July 2013
Russia’s minister of finance announced plans last week to address a $33 billion budget shortfall with cuts targeting the working class.
By Kranti Kumara, 5 July 2013
There are increasing fears within the Indian elite that the rupee’s plummet—it has lost more than 10 percent of its value since April—could cascade into a current account crisis.
By Nick Beams, 25 June 2013
The renewed turmoil on global financial markets underscores the fact that none of the problems that erupted in the 2008 meltdown have been overcome.
By John Chan, 22 June 2013
The dramatic credit tightening in China since early June points to an emerging financial crisis with global implications.
By Chris Marsden, 19 June 2013
While the G8 summit formally agreed to peace negotiations in Geneva next month, behind the scenes the US is making plans for a no-fly zone in Syria.
By Andre Damon, 14 June 2013
The Japanese stock market plunged 6.4 percent Thursday, closing down by 21 percent over the last three weeks.
By Clara Weiss, 13 June 2013
The Kremlin now claims the economy will grow by just 2.4 percent.
By John Roberts, 12 June 2013
Global corporations are scrambling to secure a share of Burma’s lucrative energy reserves and markets previously cut off by US-led economic sanctions.
By Mark Church, 10 June 2013
GDP data points to recessionary conditions taking hold as the two-decade-old mining boom breaks up.
By Andre Damon, 6 June 2013
The volatility in financial markets reflects the artificial and unsustainable character of the rise in asset prices in the midst of stagnation and slump in the real economy.
By Armando Cruz, 6 June 2013
Measures carried out by Humala, who won the presidency in 2011 promising to battle “neo-liberalism,” have placed him to the right of his predecessors.
By John Chan, 5 June 2013
The third round of “market reform” will drive the Chinese regime into an explosive confrontation with the Chinese working class.
By Christoph Dreier, 4 June 2013
In the face of rising social inequality, growing unemployment and the absence of popular confidence in the region’s governments, the International Labour Organization (ILO) warned Monday about the prospect of social unrest in Europe,
By Christoph Dreier, 1 June 2013
Though euro zone unemployment hit a two-year high in April, European governments are preparing further austerity measures.
By Jake Dean, 1 June 2013
A new report by Save the Children, Food for Thought, highlights the extraordinary impact that malnutrition has upon a child’s cognitive development.
By Nick Barrickman, 30 May 2013
US banks posted a record $40.3 billion in the first quarter of 2013, according to a report by the Federal Deposit Insurance Corporation.
By Julien Kiemle, 30 May 2013
The ultra-wealthy, banks and corporations have some $32 trillion of wealth hidden in off-shore tax havens, according to a leaked cache of information.
By Nick Beams, 27 May 2013
A key element in the Japanese stock market was the fear of a crisis if the Fed cuts back its “quantitative easing” program
By Alex Lantier, 24 May 2013
The one-day 7.3 percent drop in Japan’s Nikkei stock index came amid signs of a growing global slump and demands for attacks on the working class in Japan.
By Nick Beams, 21 May 2013
The very measures put in place to avert a crisis are creating the conditions for a new financial meltdown.
By Andre Damon, 17 May 2013
Negative economic figures released this week point to continuing stagnation in the US amidst a worsening slump internationally.
By Andre Damon, 16 May 2013
The euro area economy contracted by 0.2 percent in the first quarter of this year, which was followed by further calls for austerity.
By Andre Damon, 13 May 2013
Perhaps more than any other section of society, young people have been made to bear the brunt of the crisis that erupted in 2008.
By Nick Beams, 13 May 2013
Differences within the G-7 over economic policy are fuelled by the fact that almost five years since the global financial crisis erupted, the world economy is marked by deepening recessionary trends.
By Barry Grey, 9 May 2013
In the midst of the worst economic crisis since the Great Depression, the Dow has gained over 8,500 points, surging nearly 130 percent since it bottomed out in March of 2009.
By Nick Beams, 3 May 2013
The collapse of the European economy points to the bankruptcy of the capitalist economic order.
By Andre Damon and Stefan Steinberg, 2 May 2013
Unemployment in the euro zone hit another record in March, with no end in sight to the economic and social catastrophe gripping Europe.
By Alex Lantier, 30 April 2013
With 26 million workers unemployed in Europe, Hollande is signaling that he will keep supporting social cuts that are devastating the French and European economies.
By Nick Beams, 22 April 2013
The discussions were dominated by the realisation that there is no economic recovery in sight.
By Andre Damon, 18 April 2013
The International Monetary Fund downgraded its 2013 outlook for the world economy Tuesday amid mounting signs that the global slump is intensifying.
By Nick Beams, 17 April 2013
The downturn in the gold price decline flies in the face of market expectations that it would rise or at least remain firm.
By Bill Van Auken, 11 April 2013
The inflation spike has been driven by a sharp rise in the price of food and other consumer items, with the impact felt acutely by Brazil’s working class and poor.
By Robert Stevens, 9 April 2013
The terms dictated to Cyprus by the European Union in exchange for a bailout are predicated on the destruction of the pay and conditions of the working class.
By Julie Hyland, 4 April 2013
The punitive measures imposed on Cyprus mark a qualitative deepening of the European bourgeoisie’s class war offensive.
By Stefan Steinberg, 4 April 2013
The latest figures from the Eurostat statistics office confirm that the continent’s economic recession is taking a rising toll on jobs and living standards.
By Robert Stevens, 30 March 2013
Fresh from its financial looting of Cyprus, the European bourgeoisie is threatening to withhold funds from Greece unless it complies with mass sackings in the public sector.
By Andre Damon, 30 March 2013
Bernard Madoff, who admitted in 2009 to running a multibillion-dollar Ponzi scheme, has charged that the government-appointed trustee for his firm’s investors is ignoring evidence of major banks’ complicity in his activities.
By Jordan Shilton and Chris Marsden, 19 March 2013
Terms attached to the European Union bailout for Cypriot banks triggered heavy losses on financial markets.
By Peter Symonds, 18 March 2013
While dressed up as “free trade”, the Trans-Pacific Partnership is in reality a trade war measure.
By Stefan Steinberg, 8 March 2013
On the same day that figures were released underlining that Europe is in deepening recession, European stock markets soared to their highest levels since August 2008.
By Stefan Steinberg, 6 March 2013
Those responsible for a redivision of social wealth for the benefit of the banks are seeking to portray themselves as advocates of ordinary Europeans.
By Barry Grey, 2 March 2013
The grim economic statistics coincide with new moves by the European Union and the Obama administration in the US to slash social spending and public-sector jobs and wages.
By Barry Grey, 28 February 2013
The real beneficiaries of the policy Bernanke reaffirmed was reflected in the surge of share values on global stock markets.
By Nick Beams, 25 February 2013
The share sell-off in reaction to concerns over the Fed’s quantitative easing program shows that markets are floating on a sea of liquidity created by central banks.
By Nick Beams, 18 February 2013
The G20 declaration will have virtually no impact on the development of a currency war.
By Andre Damon, 15 February 2013
The economy of the 17-member euro zone contracted 0.6 percent in the last three months of the year, underscoring the depth of the economic slump gripping the world economy.
By Nick Beams, 15 February 2013
The meeting of G20 finance ministers and central bankers in Moscow over the next two days is being held amid a deep contradiction in the global capitalist economy.
By Clara Weiss, 7 February 2013
The budget for 2013-2015 provides for massive cuts in the spheres of culture, education and health, while the share going to military spending will rise to 6.1 percent of GDP.
By Andre Damon, 7 February 2013
US financial regulators increasingly rely on “independent investigators” who, in the guise of helping regulators find wrongdoing, help financial firms cover up their fraudulent activities.
By Joe Mount, 5 February 2013
Youth unemployment continues to rise in the UK, with a new study forecasting that 86,000 more workers under the age of 25 will be without jobs this year.