By Nick Beams, 7 July 2018
On the eve of World War II, Leon Trotsky wrote that that the bourgeoisie “toboggans with closed eyes towards an economic and military catastrophe.” Eighty years on, his words have a profound resonance.
OECD report details
By Patrick Martin, 6 July 2018
A report by the grouping of 36 most economically developed countries found that the proliferation of low-wage, part-time jobs has held down wage growth for workers throughout the world.
By Nick Beams, 6 July 2018
The US president has already threatened to impose additional tariffs on up to $400 billion worth of Chinese goods if Beijing retaliates.
By Roger Jordan, 4 July 2018
Ottawa is waging trade war not to defend workers and their livelihoods, but to protect the markets and profits of Canadian big business.
By Nick Beams, 3 July 2018
Chinese stock markets have continued the fall over the first six months of the year that has wiped some $2 trillion off market valuations.
By Nick Beams, 28 June 2018
The move appears to have been motivated to a considerable extent by Wall Street’s reaction to a more hardline proposal that prompted the Dow to fall at one point by 500 points on Monday.
By Jacob Crosse, 27 June 2018
In response to the developing trade war between the US and Europe, motorcycle maker Harley-Davidson said it is shifting some production to international facilities.
By Nick Beams, 26 June 2018
The Trump administration reportedly plans to invoke powers allowing the president to impose sanctions on the grounds of a “national emergency.”
After tariff measures against China
By Nick Beams, 23 June 2018
Central bankers at a meeting in Sintra, Portugal, voiced their concerns about the developing global trade war.
By Nick Beams, 22 June 2018
As in the 1930s, the re-emergence of trade war and protectionism are accompanied by the most grotesque forms of right-wing xenophobia and authoritarianism.
By Nick Beams, 21 June 2018
China’s “economic aggression” is denounced as threatening the US and the global economy.
By Nick Beams, 20 June 2018
The latest moves by the US administration brought a fall in stock markets amid growing concerns that trade war will have a significant impact on investment and global supply chains.
By Ben McGrath, 16 June 2018
The decision by the Trump Administration to initiate a trade war between the world’s two largest economies will contribute to the already growing tensions and danger of military conflict in the Asia-Pacific region.
By Johannes Stern, 13 June 2018
German Chancellor Angela Merkel declared that Germany “must promote our principles and values in Europe, potentially in alliance with Canada or Japan”
By Barry Grey, 12 June 2018
The level of acrimony and division following the unprecedented failure of the latest in a long line of summits points to a fundamental and irreparable breakdown of the post-World War II economic order.
By Andre Damon, 9 June 2018
The bitter denunciations of America’s trade war measures by its closest allies are just one manifestation of the divisions ripping apart the world geopolitical order.
By Rafael Azul, 9 June 2018
Retaliating against US steel and aluminum import tariffs, the government of Mexico imposed tariffs on 71 products exported by the United States.
By Nick Beams, 7 June 2018
The G7 has been called the G6 plus one, as Canada, the EU and Japan seek to coordinate their response to US tariffs.
By Nick Beams, 4 June 2018
The statement from the G7, agreed to by Canada, the UK, Germany, France, Italy and Japan, pointed to the “negative impact of the unilateral trade actions of the United States.”
By Nick Beams, 2 June 2018
The European Union is pushing ahead with counter-measures against the US. It is expected to announce its final list of products to be targeted later this month.
US imposes steel and aluminium tariffs
By Nick Beams, 1 June 2018
The European Union said it would take immediate steps to retaliate, warning of a 1930s-style depression.
By Nick Beams, 31 May 2018
The White House measures are aimed at China’s efforts to develop high-tech industries.
By Alex Lantier, 30 May 2018
Financial markets are panicking and protests are being called, as bitter divisions inside the Italian bourgeoisie erupt to the surface.
By Nick Beams, 28 May 2018
Moves are underway in the US Congress, supported by leading Republicans and Democrats, to extend bans on Chinese telecos regarded as a threat to “national security.”
By Nick Beams, 25 May 2018
The investigation was directly linked to statements about economic preparations for war.
By Nick Beams, 24 May 2018
The delay in imposing tariffs on China has been condemned by both sides of the US Congress as giving in to Beijing.
By Nick Beams, 22 May 2018
Despite the postponement of US tariffs, the threat of open trade war remains.
By Nick Beams, 21 May 2018
The vagueness of the final, brief communiqué, left the way open for both sides to offer their own interpretations on what had been agreed.
By Nick Beams, 17 May 2018
A letter signed by 32 Democrats stated that “America’s national security must not be signed away as bargaining chip in trade negotiations.”
By Nick Beams, 15 May 2018
One has the sense from both articles of the growing fears in ruling circles of the consequences of the US economic and foreign policy agenda for the stability of the world capitalist system.
By Nick Beams, 11 May 2018
ZTE operates on a global scale, doing business in more than 160 countries with over 74,000 employees, and generating revenues of $17 billion last year.
By Eric London, 10 May 2018
An estimated 75 percent of Argentinians oppose the move, which takes place alongside broadening strikes among teachers and other workers.
By Nick Beams, 10 May 2018
Countries with high debts are coming under pressure because of rising interest rates and an appreciation in the value of the US dollar.
By Nick Beams, 7 May 2018
The list of measures is not intended as the basis for negotiations but to escalate economic conflict and military tensions.
By Mike Head, 5 May 2018
The Commonwealth Bank of Australia agreed to a worthless “enforceable undertaking,” which means it can carry on with its rapacious activities.
By Nick Beams, 3 May 2018
The conflict is over more than the trade deficit numbers, with the overriding concern of the US being China’s moves to develop its high-tech capacities.
By Gabriel Black, 2 May 2018
The companies have presented the merger as a critical geopolitical move in the fight against China’s development of 5G.
By Nick Beams, 2 May 2018
The European Commission said there was no basis for tariffs on “national security” grounds and it would not negotiate under threat.
By Nick Beams, 27 April 2018
The ECB appears to have adopted a “wait and see” approach on monetary policy in light of the latest eurozone slowdown.
By Nick Beams, 26 April 2018
Trump said there was a “very good chance of making a deal,” but if not, the US would impose “very substantial tariffs” on Chinese imports.
By Nick Beams, 23 April 2018
Adopting the tone of an overlord, US Treasury Secretary Steven Mnuchin demanded that the IMF back Washington in its drive against what it claims are “unfair global trade practices.”
By Nick Beams, 21 April 2018
Under a 1977 law, president Trump could declare a national emergency in response to an “unusual and extraordinary threat” which would allow him to block transactions and even to seize assets.
By Nick Beams, 19 April 2018
The IMF chief economist said it seemed “paradoxical” that major economies were “flirting with trade war” at a time of economic expansion.
By Nick Beams, 17 April 2018
Both countries imposed the bans amid calls for more aggressive moves by US authorities against Chinese communications and telecom firms.
By Nick Beams, 14 April 2018
The apparent turnaround is motivated by two immediate considerations: the need to be seen as taking action to alleviate pressure on US farmers threatened by the China tariffs, and the search for international allies against China.
By Nick Beams, 13 April 2018
IMF chief Christine Lagarde said that as a result of easy financial conditions, global debt—public and private—has reached an all-time high of $164 trillion.
By Nick Beams, 12 April 2018
The key question is not primarily the Chinese trade surplus against which Trump rails, but Beijing’s plan to become a major source of high-tech development.
By Nick Beams, 10 April 2018
Trump’s key trade adviser Peter Navarro declared that China’s move into high-tech development was a direct threat to US economic and military dominance.
By Eric London, 10 April 2018
The report found that if inequality grows at its present rate, the world’s billionaires will eventually “own 100 percent of the world’s wealth.”
By Nick Beams, 7 April 2018
At a briefing with reporters in Beijing Friday evening, Chinese Commerce Ministry spokesman Gao Feng said the US move was “extremely wrong” and China was preparing to retaliate.
By Roger Jordan, 7 April 2018
Trudeau’s protectionist measures, which help enforce Trump’s trade war tariffs, include corporatist initiatives aimed at further integrating the unions with big business and the state.
By Nick Beams, 6 April 2018
The White House said the new directive was in response to the Chinese decision to impose tariffs on $50 billion worth of American exports.
By Nick Beams, 5 April 2018
The driving force of the US action is Washington’s attempt to prevent China from developing its capacities in high technology sectors, including communications, robotics, aircraft and pharmaceuticals.
By Nick Beams, 3 April 2018
The Chinese moves appear to have had an impact on Wall Street, where the Dow was down by more than 450 points at end of yesterday.
By Nick Beams, 29 March 2018
The volatility reflects the speculative character of the share market’s rise and the fears that a global trade war could puncture this bubble.
By Nick Beams, 24 March 2018
Chinese reaction to US tariff measures has been fairly muted, so far, but government officials said they will defend their “legitimate interests.”
By Nick Beams, 23 March 2018
The Trump administration has drawn up a list of more than 1,000 products, and proposed investment bans, targeting 10 key Chinese industries.
By Nick Beams, 22 March 2018
US Trade Representative Robert Lighthizer said action would be taken outside the WTO, because China’s “state-dominated economy” rejects “market principles.”
By Nick Beams, 20 March 2018
Talks in Washington with the Trump administration will determine whether the EU proceeds with threatened measures in retaliation against the US imposition of tariffs on steel and aluminium.
By Nick Beams, 12 March 2018
US trade representative Robert Lighthizer could give his EU and Japanese counterparts no indication of the criteria for gaining an exemption.
By Nick Beams, 10 March 2018
The European Union is “counting” on being exempted from the Trump tariff measures but may get short shrift.
By Mike Head, 10 March 2018
The government argued that retaining steel production in Australia was vital for its $200 billion military spending program.
By Nick Beams, 9 March 2018
Trump’s tariff announcement expresses the turn by the United States to the types of protectionist measures that characterised the 1930s Great Depression.
By Nick Beams, 8 March 2018
The European Union hopes to avert the Trump tariff measures but at a press conference Trump singled out the EU for attack.
By Roger Jordan, 7 March 2018
Signaling the Canadian ruling elite’s readiness to support Washington in a trade war against China and other rivals, Ottawa is pleading for an exemption from Trump’s tariffs.
By Nick Beams, 5 March 2018
Trump’s trade measures are a major step in the dismantling of the system of economic relations established by Washington itself after World War II.
By Peter Symonds, 3 March 2018
Trump’s announcement of global tariffs on steel and aluminium has triggered international criticism, including from US allies that will be among the hardest hit.
By Nick Beams, 2 March 2018
In imposing a global tariff hike, rather than selective measures, Trump took the toughest option presented to him by Commerce Secretary Wilbur Ross.
By Nick Beams, 24 February 2018
Two major initiatives by the Trump administration over the past month have ratcheted up global tensions, bringing the threat of retaliatory actions from the European Union and China.
By Nick Beams, 19 February 2018
“If we ever have a conflict, we don’t want to be buying steel [from] a country we are fighting,” Trump declared, referring particularly to China.
By Nick Beams, 17 February 2018
The largest fall in markets since the crisis of 2008 has provided a damning exposure of the entire framework of bourgeois economics and a living confirmation of the analysis of Karl Marx.
By Nick Beams, 10 February 2018
The business channel CNBC calculated that the Dow gyrated a total of 22,000 points up and down during the week.
By Nick Beams, 9 February 2018
A major feature of the turmoil has been the speed of events, with stock prices plunging and oscillating dramatically.
By Nick Beams, 6 February 2018
One of the most significant features of yesterday’s decline was its speed with the Dow plunging 900 points in just 11 minutes in an avalanche of selling.
By Nick Beams, 5 February 2018
Friday’s fall on world stock markets, in response to an uptick in US wages, demonstrates the significance of Marx's labor theory of value, which explains the inner workings of the capitalist economy.
By Wasantha Rupasinghe, 5 February 2018
Modi’s manoeuvres with ASEAN are part of India’s transformation into a frontline state in Washington’s strategic offensive against China.
By Barry Grey, 3 February 2018
The increasing market volatility takes place amidst signs of mounting working class resistance.
By Nick Beams, 2 February 2018
The major concern in financial markets is that a rise in bond yields could see an end to the rise in stock prices and even set off a major downturn.
By Nick Beams, 31 January 2018
Remarks by US Treasury Secretary Steven Mnuchin on the advantages of a lower dollar brought a sharp response from European Central Bank President Mario Draghi.
By Andre Damon, 27 January 2018
The 47th annual World Economic Forum was dominated by apprehension over every aspect of global politics and economics, from the possibility of a 2008-style financial collapse to the threat of a new world war.
By Johannes Stern, 26 January 2018
Merkel sought to drum up support for a European defence policy that would enable Germany and Europe to enforce their economic and geostrategic interests around the world.
By Mike Head, 25 January 2018
The “TPP 11” announcement points to the increasing isolation of the US, and the escalating tensions between the rival capitalist powers.
By Katy Kinner, 25 January 2018
Fink, whose firm manages $6 trillion in investments, has penned a worried and hypocritical letter to the world’s CEOs urging them to exercise a “positive influence on society.”
By Bill Van Auken, 24 January 2018
The gathering of the world’s oligarchs is taking place amid the breakdown of the postwar capitalist order and the eruption of great power conflict.
By Nick Beams, 24 January 2018
While attention is focused on the headline predictions of a rise in growth, there are warnings that the spurt may not last.
By Niles Niemuth, 23 January 2018
The annual survey, which reported the largest annual increase in the number of billionaires worldwide, was released to coincide with the World Economic Forum in Davos, Switzerland.
By Kranti Kumara, 23 January 2018
The WEF deliberations will be bookended by speeches from Modi, a slavish servant of big business and Hindu supremacist, and the fascist-minded billionaire, US President Donald Trump.
By K. Ratnayake, 23 January 2018
Sirisena’s cabinet walkout demonstrates the government’s crisis and points to preparations for dictatorial rule.
By Nick Beams, 22 January 2018
The Trump administration has declared it was a mistake to admit China to the World Trade Organisation in 2001.
By Nick Beams, 19 January 2018
The speculative rise, and now the plunges, in bitcoin and other cryptocurrencies are indicative of broader processes in the global financial system.
By Bill Van Auken, 18 January 2018
The Global Risk Report released in advance of the World Economic Forum in Davos exposes mounting anxiety in ruling circles over the threat of war and social revolution.
By Nick Beams, 16 January 2018
A series of “anti-dumping” measures initiated by the United States could set in motion retaliatory action and lead to widening trade conflicts.
By Nick Beams, 13 January 2018
While the bond market has calmed since Wednesday’s sell-off, reports in the financial press indicate considerable nervousness over what the dip could signify.
By Nick Beams, 11 January 2018
The bank warned of “particularly worrying” longer-term risks associated with “subdued productivity and potential growth.”
By Trévon Austin, 6 January 2018
The modest improvement in the unemployment rate and number of jobs added over the last year are not reflective of the real situation confronting millions of workers.
By George Gallanis, 6 January 2018
Decades of deindustrialization have created unprecedented levels of social inequality, poverty and unemployment, which corporations like Foxconn can exploit.
By Nick Beams, 5 January 2018
Rather than reflecting economic health, the stock market bubble is a mechanism for the perverse and malignant upward redistribution of social wealth.
By Barry Grey, 28 December 2017
It is impossible to seriously address a single major social issue without breaking the political and economic stranglehold of the financial oligarchy over society.
By Nick Beams, 23 December 2017
In seeking to grasp the significance of the present frenzy, it is worth recalling the analysis made by Marx of previous financial bubbles, in particular those associated with the expansion of the credit system, which began in the mid-nineteenth century.
By Nick Beams, 21 December 2017
The appetites of financial speculators continue to be whetted by reports of huge gains made by hedge funds that specialise in bitcoin and other cryptocurrencies.