This week's guest editors

Energy descent




These new value systems do not mean we will adapt to less, but rather we will return to core essentials, empowering individuals and local communities.

Not enough demand for green growth? Ask for it.

If change is slow to come from international agreements or business boardrooms, it could come from interconnected people who measure their success based on the sustainable impact their money and actions have. Aggregate environmental and social impact is the key.

The IMF – our sleeping beauty?

Finance has cast a spell on the framework for international economic co-operation established after the Second World War. The 2007-8 crisis and its aftermath highlight the need to rouse the IMF and the World Bank from their slumbers.

Why the precariat is not a “bogus concept”

The precariat, a class-in-the-making, is the first mass class in history that has systematically been losing rights built up for citizens. So, why is it the new dangerous class and how is it differentiated from other class groups in the evolving global labour process?

Reuniting the monetary union: a proposal to counter the eurozone’s imbalances

Persistent trade imbalances are threatening to derail the European economy. Luca Fantacci calls for a European Clearing Union to promote a sustainable pattern of production and consumption across the Eurozone.

Financial repression - myth, metaphor and reality

“Financial repression” always casts state regulators as authoritarian villains and allows apologists for uncontrolled finance to pose as freedom fighters. Maybe we should worry far less about efforts to “repress” finance and far more about finance’s efforts to oppress the rest of us.

Understanding and confronting financialisation

The growth of finance over the last forty years has changed capitalism profoundly. It is time for its critics to grasp the nature and significance of these changes. Only then will the supremacy of finance face an effective challenge.

Shadow banking, or why black holes are important in the global financial system

The shadow banking sector is now integral to the global financial system. Its architects are constantly seeking to evade oversight and control through the use of offshore accounting and forbidding complexity. The regulatory reforms that followed the 2007-8 crisis are bound to be tested.

The BRICS of collapse? Why emerging economies need a different development model

They have pursued GDP growth with little or no investment in human, social and natural capital. This does not bode well for the future of the world economy.

The Keen-Krugman debate

The debate between these two economists on the role of banking and specifically the creation of credit is of fundamental importance in understanding the shortcomings of orthodox economic thinking - and why it was so ill-equipped to handle, let alone predict, the crash of 2008.

Whose money is it?

Money is currently produced by a ‘public-private partnership’ between the state and the financial sector, a partnership whose nature remains obscure to the great majority of the population. Is another distribution of knowledge – and hence of power – possible? This, argues, Geoffrey Ingham, remains the crucial question for socialists.

We can end the despotism of finance, at a price

To mark the publication of Ann Pettifor's e-book, Just Money: How Society Can Break the Despotic Power of Finance, OurKingdom are running a series of articles that explore the nature of money and the politics of the financial system. Here Pettifor launches the series and introduces some of its key themes.

Welfare benefits are calculated by political objectives not empirical calculations

"Humans as persons of necessity exist in social relationships." Adequacy of Minimum Income Schemes is a debate that is gaining traction across the EU.

GDP turns 80. Time to retire!

As GDP systematically disregards key sectors in the economy and neglects critical costs, no reasonable businessman would use it to run a company.

Is banking liberal?

The inability to distinguish between state currency and ‘bank money’ we have today is unjust and profoundly illiberal.

The politics of numbers in the age of austerity

The inherent power of numbers explains why all sorts of data, good or bad, can become a potent weapon to shape complacency and subservience in society.

EU and US both threatened by secret trade talks

This week’s talks, like the previous rounds, will happen behind closed doors. The negotiating texts will be kept secret from the public but not from the ca. 600 corporate representatives who have been named ‘cleared advisors’ for the United States.

Is the WTO deal good news for multilateralism?

Resolving gridlock involves the search for a new kind of politics that builds on the many and various partial solutions to global challenges that can be found today. The only alternative is collective drift.

Trapped in the Eurozone - the deep nature of Spain's economic woes

The logic behind tax avoidance is the lack of trust. If you do not trust your fellow countrymen (and particularly the state) and think they will cheat on their taxes, then there is no point in you paying at all.

Secular stagnation & Keynes

"The ‘Keynesian’ solution to secular stagnation is not simply fiscal stimulus – it’s as much about dealing with the ‘financialisation’ of investment planning, combating short termism and taking inequality seriously."

Frankenstein's bankers - the tale every taxpayer should know

It is now 5 years since the banking crash but its effects are still with us. What exactly happened, what has the world done about it, and is there anything to stop something similar happening again?

The resource curse, or the paradox of poverty from plenty

Is finance like crude oil? Countries rich in minerals are often poverty-stricken, corrupt and violent. A relatively small rent-seeking elite captures vast wealth while the dominant sector crowds out the rest of the economy. The parallels with countries ‘blessed’ with powerful financial sectors are becoming too obvious to ignore.

Is devaluation of sterling the answer to Britain's economic woes?

In his new book John Mills makes a strong case for a British devaluation of sterling but we must start thinking about the socio-political foundations which shape our dysfunctional economy - you can't have a German economy sitting on the UK's political structures.

Still locked out

The states in greatest difficulty since 2008 have been those most closely wedded to neoliberalism and accommodating to the needs of transnational capital. One hundred years on from the Dublin Lockout, many in Ireland are still ‘locked out’ from public economic decision-making. 

Northern Italy and the republican tradition

The Emilia Romagna region in northern Italy gives an insight into how a republican economy might look in practice. The whole infrastructure is significantly geared towards cooperative production without any sign of lost efficiency. There is plenty the UK should learn.

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