It is said that a man standing on the edge of cliff does not reason. Today’s global economy is full of cliffs, one of the steepest being the Silicon Valley tech sector, and the men peering over it can be heard chattering nervously about . . . an impending stampede of unicorns. Those uninitiated in the Orwellian parlance of Silicon Valley and its venture capitalist circles could easily mistake such talk for the absurd ravings of a lunatic. But this term has come to describe the primary danger threatening to devastate the tech sector in a cataclysmic repetition of the 1999 dot-com bubble.

Oxfam report 2016

The latest in a series of annual reports from Oxfam, detailing the level of economic inequality in our world, is a striking example of Marx’s prediction that capitalism concentrates wealth in fewer and fewer hands. 

stock brokerGlobal markets gave fallen 7.1% since January 1st, their worst start since 1970. George Soros, the renowned business magnate, says the situation developing in China reminds him of the period prior to the banking crisis of 2008. Former US treasury secretary Larry Summers has said, “The global risk to domestic performance in the US, Europe and many emerging markets is as great as any time I can remember.”

UberTaxiProtestChicago ScottMLiebenson thThe arrival of the smart-phone application Uber has thrown the taxi industry into a state of disarray. First launched in June 2009 in San Francisco, the application has spread rapidly and today finds itself in over 300 cities in approximately 58 countries. While it offers many advantages over traditional taxis, including lower rates, it is having serious effects on the living conditions of taxi drivers. 

o mal do mundoThe International Monetary Fund has been forced, not only to repeatedly downgrade its growth forecasts, but to now predict a fall in World GDP in dollar terms, the first since 2009. This is a reflection of the crisis-ridden world we are in.

o mal do mundoIn the final part of his series on the rise of the sharing economy, Adam Booth reviews Paul Mason's new book, PostCapitalism, about the impact of information technology and its contradictory contribution within the crisis-ridden capitalism system. What is the way forward for society in order to utilise the abundance of technology and wealth we see around us today?

Israel’s Boycott-Proof EconomyIn the first of a three-part article, Adam Booth examines the rise of the sharing economy, which has featured heavily in the media because of firms like AirBnB and Uber. These new models are presented as offering a revolutionary new dynamic phase in the life of capitalism. But the reality under capitalism is far from this utopian promise.

latuff-fallen capital-thumbThe world economy teeters on the brink and the global capitalist system has entered its deepest crisis since the 1930s. Governments around the world are scrambling to stabilize the economy, but by doing so they are disrupting the already fragile social and political equilibrium.

stock-brokerWorld stock markets have been in meltdown from Shanghai and Shenzhen to London and New York. A sea of red blighted the computer screens of the stock exchanges everywhere in a panic global sell-off. Shock and disbelief among investors was ubiquitous. Even as the Dow Jones claws its way back from its worst losses, extreme volatility pervades the entire system. Could this crash be a one-off event, which will quickly return to normal, or the beginning of a series of shocks in an unstoppable chain of events?

dead-endAs Adam Booth explains in this article, serious bourgeois economists can see a new world economic slump coming, which they have no way of averting, having already used all the traditional measures they would have adopted in the past, lowering interest rates, credit, etc. In these conditions any important event, such as a Greek default or a dramatic turn of events in the Middle East, can trigger an unravelling of all the pent up contradictions.

dollar comicOnce more, the world economy is dangling on the edge of a precipice. The crisis in Greece has again hit the headlines and threatens to drag Europe down with it. The days when capitalism could simply sail by without a care in the world have gone forever. As in the interwar period, the crisis of capitalism remains deep-seated and protracted.

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