Keynes: A Man for this Season?

One of the most significant consequences of the collapse of neoliberal economics, with its worship of the “self-regulating market,” has been the revival of the great English economist John Maynard Keynes. Not only do his writings make Keynes very...

Apologists for the Rich Are Scraping the Bottom of the Barrel

In tough economic times, work for some people can suddenly become significantly more difficult. Take, for instance, the analysts and academics who have decided, for whatever reason, to devote their careers to justifying the wealth of the wealthy. In normal times,...

Playing the Hawk With North Korea

SEOUL – If the Obama administration needed a rogue nation to demonstrate its foreign policy resolve, Central Casting couldn’t have supplied a better candidate than North Korea. The government in Pyongyang routinely promises to unleash destruction of...

People Power Pushed the New Deal

Sarah Anderson wrote this article as part of The New Economy, the Summer 2009 issue of YES! Magazine. During the Great Depression, my grandfather ran a butter creamery in rural Minnesota. Growing up, I heard how a group of farmers stormed in one day and threatened to...

The IMF is Back? Think Again

Last year, as the financial crisis reached global and historic proportions, many commentators identified one institution as the debacle’s great winner: the International Monetary Fund. Just two years ago, the IMF seemed to be on an inexorable downward path: its...

Will China Save the World from Depression?

Will China be the “growth pole” that will snatch the world from the jaws of depression? This question has become a favorite topic as the heroic American middle class consumer, weighed down by massive debt, ceases to be the key stimulus for global...

Thinking Big in Crisis Time

It might seem like the worst possible time for Tokyo to think big. The global economic crisis is hitting Japan hard. The current government of Taro Aso is scraping the bottom of public opinion polls. And with the ruling Liberal Democratic Party poised to suffer a...

Common Security Clubs: Working Together to Face Hard times

For 15 years, I have been tracking the growing inequalities of income and wealth in the United States. Along with others, I have argued that you can’t have a healthy economy if most people’s wages are flat and their consumption is based on overwork and...

Obama Is Right to Take on the Very Rich

We’ve seen, in recent weeks, an outpouring of public outrage over the mega millions that keep flowing – despite the escalating economic meltdown – into the pockets of America’s top bankers and corporate executives. “I’m...

Corporate America, Ground Your Jets

If anything symbolizes the excesses and inequalities of the last few years, it’s the private Learjet or Gulfstream. While the masses take off their shoes and line up for security screening, high-fliers inhabit a parallel transportation universe characterized by...

Executive Pay and the Stimulus Bill

This memo critiques the executive pay provisions in the stimulus bill passed by Congress on February 13. It includes a chart comparing the stimulus provisions with the compensation restrictions in the original financial bailout legislation, as well as the Treasury...