In his opus The Wealth of Nations published in 1776 Adam Smith drew a distinction between the progressive state, the stationary state and the declining state. The progressive state was one where capital accumulation would be occurring at a rate…
The coming to power of governments led by fascists is either a reality or a threat today over large parts of the world. In Europe at present there are several countries where fascists are leading governments; France was on the…
For the French elections which Emmanuel Macron has called in the wake of the impressive showing by the Far-Right in the European parliamentary polls, four parties on the Left, the Communists, the Socialists, the Greens, and France Unbowed (of Jean-Luc…
Poverty is taken to be a homogeneous phenomenon irrespective of the mode of production that is under consideration. Even reputed economists believe in this homogeneous conception of poverty. In fact, however, poverty under capitalism is entirely different from poverty in…
The fundamental issue raised by Hollywood writers when they had gone on a strike against being replaced by artificial intelligence, somehow receded to the background after the resolution of that particular conflict; but it remains a fundamental issue. Much has…
There has been a significant diffusion of production occurring in the world economy. Many call this phenomenon a shift from a US-led world economy to a “multipolar world economy”, but no matter what one thinks of this description, the fact…
A Distinction is drawn in economics between demand-constrained systems and resource-constrained systems (which for simplicity and symmetry we shall call supply-constrained systems). In the former, an increase in output can occur if there is a rise in aggregate demand without…
The current protests in US university campuses demanding “divestment” from firms linked to Israel’s military machine, are reminiscent of the protests that had swept these campuses in the late sixties and early seventies demanding an end to the Vietnam war.…
Each strand of political praxis is informed by a political philosophy which analyses the world around us, especially, in modern times, its economic characteristics. On the basis of this analysis, the particular political philosophy sets out the objectives which have…
John Stuart Mill was among the foremost liberal thinkers of modern times who wrote extensively on economics and philosophy. Though under the influence of his wife Harriet Taylor Mill, he came closer towards socialism late in his life, it was…
