China at century’s end

by Salvatore J. Babones One year ago I published an article in Foreign Affairs magazine predicting that China’s outsized rate of economic growth would soon slow down to the levels that are typical of other middle-income countries like Mexico, Brazil, and Russia.  Foreign Affairs published my article under the punning but (in my view) inappropriate title “The Middling Kingdom.”  There is nothing middling about China: it is the world’s largest country, the center of one of the world’s great civilizations, and in many ways the most important place on Earth.  But will its economy continue to grow at 10% per … Continue reading China at century’s end

A Marxian interpretation of the economic crisis

by Stephen Resnick and Richard Wolff Two different and contending mainstream theories have explained capitalism’s repeated crises over the last century. Each time each theory proposed correspondingly different solutions. Today’s crisis is no exception. One theory—called, after one of its founders, “Keynesian economics”—claims that unregulated private markets inevitably yield price movements that react back on the decisions of businesses, workers, and consumers to produce out-of-control price spirals. These periodically push the economy into inflations, recessions, or even depressions. Without intervention from outside, capitalism’s private economy may remain depressed or inflated long enough to threaten capitalism itself. Keynesian—or now more generally … Continue reading A Marxian interpretation of the economic crisis