International Viewpoint - online socialist magazine

The political economy of the cost of living crisis in the UK: What is to be done?

Özlem Onaran — 2023-03-12T19:20:40Z

Soaring prices of energy, food, other essentials and rent in 2022, caused by multiple supply chain disruptions after Brexit and the pandemic, followed by Russia's invasion of Ukraine, brought an intensive cost of living crisis, exacerbated by inequalities in class, race, gender, as well as the care and ecological crises.

- IV578 - March 2023 / Britain, Economy

What is to be Done with the Banks? Radical Proposals for Radical Changes

2016-04-14T07:55:54Z

Nine years after the outbreak of the financial crisis that continues to produce damaging social effects through the austerity policies imposed on victim populations, it's time to take another look at the commitments that were made at that time by bankers, financiers, politicians and regulatory bodies. Those four players have failed fundamentally in the promises they made in the wake of the crisis – to moralise the banking system, separate commercial banks from investment banks, end exorbitant salaries and bonuses, and finally finance the real economy. We didn't believe those promises at the time, and for good reason. Instead of a moralising of the banking system, all we've had is a long list of misappropriations that have been brought to light by a series of bank failures, beginning with that of Lehman Brothers in 15 September, 2008.

- IV495 - April 2016 / Economy, Debt

Why Europe Needs A Debt Conference

Özlem Onaran — 2015-06-24T15:19:07Z

After yet another summit on the Greek debt on 22 June, there are signs of an “extend and pretend” deal until winter. There is vague talk of a “debt relief” in the future, although it is unclear how much of the debt the Eurozone governments are willing to write off. Most importantly what are the conditions they impose in return?

- IV485 - June 2015 / Greece, European Union, Debt

Should Greece Pay Back Its Debt?

Özlem Onaran — 2015-04-25T09:41:04Z

Financial speculators are nervously asking whether Greece will pay its debt or default. Political leaders from Europe to the US and the IMF are telling the Greek government to leave aside its democratic mandate and accept further austerity as a condition for getting credit to continue to pay back its debt. But the right question politically is: should Greece pay this debt.?

- IV483 - April 2015 / Greece, Debt

What to do about the Debt and the Euro?

2013-09-20T14:22:23Z

Europe is sinking into crisis and social regression under the pressure of austerity, recession and the strategy of “structural reforms”. This pressure is tightly coordinated at the European level, under the leadership of the German Government, the ECB and the European Commission. There is a broad consensus that these policies are absurd and even “illiterate”: fiscal austerity does not reduce the burden of the debt but generates a spiral of depression, more unemployment and despair among the European peoples.

- IV464 - September 2013 / Economy, European Union, Debt

“To rebel is something to be proud of”

Özlem Onaran — 2013-06-09T16:41:16Z

This interview with Ã–zlem Onaran by Anastasia Giamali of Avgi (The Dawn), Syriza's daily paper, was made on 5 June and published on 9 June 2013.

- IV461 - June 2013 / Turkey

An internationalist transitional program towards an anti-capitalist Europe

Özlem Onaran — 2011-04-14T06:48:35Z

The crisis laid bare the historical divergences within Europe, and led to a European crisis and a new stage in the global crisis. The existing policies in Europe has three fundamental flaws: First, they assume that the problem is a lack of fiscal discipline and repeats the old faith in strengthening the surveillance of budget deficits; it does not question the reasons behind the deficits; it ignores all the structural problems regarding divergence in productivity, and imbalances in current accounts due to the “beggar my neighbour” policies of Germany. Second, they are based on the argument that Europe has a sovereign debt crisis, which ignores the fact that public debt would not have increased at the current rates if it were not for the financial crisis, which was prevented by unprecedented bank rescue packages; which in turn increased the budget deficits along with loss in tax revenues and increased social spending because of the crisis. Third, they deny the underlying reason behind the current crisis, which was increased inequality in the distribution of income and wealth –a fundamental feature of neoliberal capitalism.

- IV435 - April 2011 / Economy, European Union

Fiscal crisis or a crisis of distribution?

Özlem Onaran — 2010-04-30T11:44:44Z

We are in a new episode of the global crisis: the struggle to distribute the costs of the crisis. This crisis has been an outcome of increased exploitation and inequality, since the post-1980s across the globe. Neoliberalism tried to solve the crisis of the golden age of capitalism via a major attack on workers. The outcome was a dramatic decline in worker's bargaining power and labor's share in income across the globe in the post-1980s.

- IV424 - May 2010 / Greece, Economy

Global crisis and the policy reaction in Western and Eastern European Union

Özlem Onaran — 2010-01-18T14:34:48Z

This article is based on the report given at the IIRE Economists' seminar in October 2009. It examines European Union policy response to the crisis.

- Economic and debt crisis / Europe, Economy, Economic crisis