Articles & blogs on inequality & justice

Category: inequality & justice

Covid-19 and the impact of Racial Capitalism in the Caribbean

““Racial capitalism” is a brutal socio-economic system. Regionally across the small islands nations and countries of the Caribbean the scars of this system are everywhere. […] The introduction and spread of deadly disease within the region via tourism and globalization can be read as one aspect of how racialised global capitalism facilitates the spread of Covid-19 from elsewhere to a region historically exploited and underdeveloped, and how different nations and populations will experience the social and economic fallout from Covid-19 in different and uneven ways.”

Capitalism’s Triple Crisis

“After the 2008 financial crisis, we learned the hard way what happens when governments flood the economy with unconditional liquidity, rather than laying the foundation for a sustainable and inclusive recovery. Now that an even more severe crisis is underway, we must not repeat the same mistake”, writes economist Mariana Mazzucato.

Why Women’s Voices Are Missing from the Future of Work Debate

“Media firms, management consultancies, NGOs, business schools and economic modellers are all envisaging a new version of capitalism. This has led to an abundance of studies and reports […] These ideas claim to describe what is coming, yet they only offer a partial view of the future, as they have emerged from reports written in sectors that remain male-dominated and where female voices represent the minority.”

This Is Not a Financial Crisis, So Why Should We Bailout Wall Street (Again)?

“Republican and Democratic Senators reached a deal on a $2 trillion bill to help businesses and people hit by the coronavirus outbreak. But the bill also includes slush funds to bail out market funds and guarantee trillions of dollars of risky bank debt. At the same time, millions of small and medium-sized businesses are going to have no access to cash and revenue freezes, because of the pandemic and economic restrictions.”

Sweatshops Aren’t Going to Last Forever

“Brands like Gap and H&M have long been able to shop around for outsourced suppliers, driving sweatshop conditions in newly industrializing countries. But their rising dependence on large, centralized suppliers is undermining the bases of the sweatshop model — and increasing workers’ power to fight for improvements.” – interview with Ashok Kumar, author of Monopsony Capitalism; Power and Production in the Twilight of the Sweatshop Age (Cambridge University Press, 2020)

Why Are Workers Getting Smaller Pieces of the Pie?

“It’s one of the biggest economic changes in recent decades: Workers get a smaller slice of company revenue, while a larger share is paid to capital owners and distributed as profits. Or, as economists like to say, there has been a fall in labor’s share of gross domestic product, or GDP. A new study co-authored by MIT economists uncovers a major reason for this trend: Big companies that spend more on capital and less on workers are gaining market share, while smaller firms that spend more on workers and less on capital are losing market share.”

How The Free Market Created Rentiers And Plutocracy In Post-Soviet Central Asian Countries

“In his book The Road to Serfdom, Friedrich Hayek claimed that state socialism would lead to a loss of economic and political freedoms, and eventually to tyranny. Only a free market capitalism would ensure that individual freedoms would be preserved. But ironically neoliberal economic reforms have helped to create another road to serfdom. The free-market ideology has promoted and celebrated rent extraction, sometimes over wealth creation. Neoliberalism has concentrated wealth and power into the hands of a few, and has merged economic and political elites into the rentier class: individuals who extract income based on existing assets”

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