economy

In Harare, Bulawayo and smaller Zimbabwean cities, hundreds of thousands of citizens joyfully took to the streets on Saturday, November 18, approving a Zimbabwe Defence Force (ZDF) military semi-coup that resolves a long-simmering faction fight within the ruling party and ends the extraordinary career of Robert Mugabe at the age of 93.

In public debate “the thin end of the wedge” — the notion that once made, any penetration of the status quo will inevitably be followed by something greater — is an idiom invoked almost exclusively in the negative. It is an insufferable refrain of the perpetually fearful, the racist, the homophobic, the xenophobic, the Islamophobic, and the climate change-phobic.

It is one of former Prime Minister Tony Abbott’s favourite lines.

Workers in Venezuela are demonstrating what is possible when workers and communities take over the means of production.

Faced with a company shutdown and mass sacking, workers at the former Brahma beer factory in Barquisimeto, Lara state, occupied the factory in 2013. Today, the company is owned by the community, run by workers and geared towards meeting the need of local farmers and residents.

Last week a conceptual barrier carefully constructed by South Africa’s elites since 2015 was suddenly cracked at the University of the Witwatersrand Great Hall, by two of the country’s leading economic personalities: Pravin Gordhan, who served as a pro-business finance minister for seven years until being sacked in March, and super-consultant Iraj Abedian, who in 1996 co-authored the country’s post-apartheid structural adjustment programme. Two more solid bourgeois representatives would be hard to find.

Using the Metro Cable car system built under former president Hugo Chavez, our solidarity delegation to the South American nation, organised by Venezuelanalysis.com, travelled high up into the mountain to the neighbourhood of San Agustin.

The Metro Cable system, the first of its kind in Venezuela, was inspired by a visit by Chavez to Austria where he saw dozens of chairlifts going up and down the mountains.

The devastating hurricanes that hit the southern US and the Caribbean, and the catastrophic flooding in South Asia, have highlighted the worsening reality of global warming-related extreme weather.

The worsening reality of  weather-related disasters was explicitly recorded in a little-noticed United Nations Office for Disaster risk reduction report The Human Cost of Weather-Related Disasters: 1995-2015. The report noted that both the number of extreme-weather events, and the number of people affected, has risen dramatically over the past two decades.

Omnia Sunt Communia: On the Commons & the Transformation to Postcapitalism
By Massimo De Angelis
Zed, 2017
456 pp, $20.76

Massimo De Angelis, an Italian academic based at the University of East London, has produced a thought-provoking guide to “commons” as a means of transforming and ultimately displacing capitalism. Commons, referring to collective forms of ownership, are increasingly seen as a way of moving beyond both oppressive states and exploitative markets.

There is a climate emergency. The massive forest fires in Canada, the Lucifer heatwave engulfing southern Europe and Australia experiencing its warmest July on record have all happened within the past fortnight. Yet, Australia’s carbon emissions continue to rise.

The growing movement to prevent the Adani Carmichael coalmine, as well as fossil fuel divestment campaigns, show we are making headway. But activism is not enough.

I know exactly where I was on August 9, 2007. It was a hot summer’s day — “debtonation day”.

Bankers all over the world had lost their collective nerve and refused to lend to each other. The globally synchronised financial system froze, and began its descent into sustained failure. It then took more than a year, and Lehman Brothers’ collapse, before the world understood the gravity of the crisis.

Ten years on, that slow-motion crisis, a prolonged period of disinflation, noflation and deflation, is still playing out.

Queensland Premier Anastacia Palaszczuk’s 2015 election commitments to transparent decision making, no “secret deals” and that the Adani project must “stand alone on its feet ... on the economics of the project itself” have been challenged by documents released under a Right to Information request.

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