economy

National accounts figures released by the Australian Bureau of Statistics (ABS) on September 4 show economic growth was slower over the 2018–19 financial year than at any time in the past 10 years.

In Risking Together, Dick Bryan and Mike Rafferty look at how the financialisation of the global economy has swept up the lives of ordinary people who had nothing to do with playing the financial markets. In the process, their lives have come to mirror the risks of stock exchange, derivative and currency market speculation.

The economic slow down means the Coalition will either abandon its promise of increasing budget surpluses and increase government spending — on infrastructure for instance — to stimulate the economy or it will double down on its commitment to a surplus, necessitating spending cuts. Its track record suggests the latter, writes Graham Mathews.

It is not unusual to hear someone blame the crisis in affordable housing and healthcare or the very expensive tertiary education system on Baby Boomers, the generation born between 1946-64. Gayle Burmeister and Mary Merkenich take aim at this mistaken argument.

In 2009, economist Steve Keen walked from Canberra to Mount Kosciuszko after losing a bet that the Australian housing market would crash 40% after the Global Financial Crisis (GFC). However, he had been one of the few economists who actually predicted the coming of the GFC. And he still maintains that a crash in the Australian housing market is coming.

The Production of Money: How to Break the Power of the Bankers
Ann Pettifor
Verso
London, 2017
192 pages
Fictitious Capital: How Finance is Appropriating Our Future
Cederic Durand
Translated by David Broder
Verso
London, 2017
176 pages

It had been planned to be a lavish celebration on the Pnyx hill next to the Acropolis in Athens where the citizenry would hold popular assemblies in the ancient democratic period.

The angry aftermath of the forest fires last month put paid to Greek Prime Minister Alexis Tsipras hosting European Union and other luminaries in such a way. The event was to mark the formal end of the country’s subordination to the austerity memorandums enforced on it by the “troika” of the European Commission, the European Central Bank (ECB) and International Monetary Fund.

With growing concern over the possibility of a trade war between China and the United States, Marty Hart-Landsberg takes a look at the issues at stake.

In January, cryptocurrency Bitcoin dropped from a high of US$19,850 to US$6000. It has since risen to a more stable value of about US$10,000, but the wild ride of Bitcoin is a dangerous development in capitalism that should make us wary.

In Tokyo on January 24, 11 Pacific Rim countries including Australia reached an agreement to sign a revived Trans-Pacific Partnership (rebranded the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, CPTPP).

The huge free trade deal almost fell into oblivion last year when US President Donald Trump pulled his country out, citing concerns for the loss of US jobs.

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