International Viewpoint - online socialist magazine

Rosa Luxemburg and debt as an imperialist instrument - Part 1

Éric Toussaint — 2020-03-05T11:55:37Z

In her book titled The Accumulation of Capital, [1] published in 1913, Rosa Luxemburg [2] devoted an entire chapter to international loans [3] in order to show how the great capitalist powers of the time used the credits granted by their bankers to the countries of the periphery to exercise economic, military and political domination on the latter. She sought to analyse the indebtedness of the newly independent states of Latin America, particularly, following the wars of independence in the 1820s, as well as the indebtedness of Egypt and Turkey during the 19th century, without forgetting China.

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

World economy: The return of crisis

Joel Geier, Lee Sustar — 2017-01-27T11:05:52Z

In the wake of the 2008 global economic crisis, capitalism regrouped as states pumped enormous amounts of money into the system to stabilize it. The result has been a relatively weak recoveryâ€”one that has failed to clear away the problems that had produced the crisis in the first place. As a result, eight years later crisis threatens to return.

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

Xi Jinping's China – An extremely complex transition whose outcome remains unpredictable

Aldo Bronzo — 2017-01-26T13:49:08Z

In Xi Jinping's China the habitual political framework has not withstood any substantial modifications. The party has kept its usual centralized posture, which makes it the backbone of de facto power. The recent attempts to invest state-level and provincial agencies with greater managerial significance have not altered the usual frame of reference. This happened despite the erosion of credibility that the elite had to necessarily register vis-Ã -vis a body social that is progressively going into overdrive and within which increasingly divergent pressures and disparate impulses are taking shape. [1]

- Economic and debt crisis / Economy, China, Economic crisis, Features

Latin America and the global crisis

Claudio Katz — 2011-09-24T13:05:39Z

The effect of the world crisis in Latin America requires three types of discussion: the immediate economic effect, the long-run political effect and the social measures required to confront the financial collapse.

- Economic and debt crisis / Economy, Economic crisis

Declaration from the Athens Conference on Debt and Austerity

CADTM — 2011-06-12T12:46:05Z

We, representatives of movements and activists from across the world, met in Athens to discuss the lessons of previous international economic crises, to challenge illegitimate debt and mobilise for its cancellation, to offer our solidarity to the European people struggling against unjust austerity programmes imposed by governments, the EU and the IMF, exemplified by the “Memoranda of Understanding”, as well as to formulate a plan of economic action which meets the needs of people instead of serving a tiny social elite.

- IV437 - June 2011 / Greece, Economy, Global Justice, Economic crisis, Debt

China's rise amidst the crisis

Jean Sanuk — 2011-05-05T08:39:34Z

While North America and Europe were hardly hit, China has resisted to the international crisis of 2008 thanks to a rescue plan which combined huge public spending, a low interest rate and consumption subsidies. China's growth rate reached 9% in 2009 and 10.3% in 2010 dragging in its wake Asia and Latin America out of the crisis. It has also managed to maintain unemployment at a sustainable level. China even overtook Japan in 2010 as the second economy in the world in terms of GDP and is closing the gap with the US. On the whole, China's rise seems unaffected by the subprime crisis. A closer look shows that real problems lie ahead.

- IV436 - May 2011 / China, Economic crisis

Several doctrines for the same shock

Éric Toussaint — 2011-04-25T07:01:48Z

During the first phase of the world economic crisis (2007-2009), the governments of the countries most affected by the crisis, starting with the United States, have taken strong measures, drawing upon lessons of the first months following the Wall Street crash in October 1929. Back then, the lack of State intervention to support both the financial system and demand led to very grave consequences in terms of recession and bankruptcy, then to political and social radicalisation.

- IV435 - April 2011 / Economic crisis

Getting to the root causes of the food crisis

Éric Toussaint — 2011-04-25T07:01:09Z

The explosion of the economic crisis, the financial crisis and the food crisis in 2007-2008 showed just how interdependent the economies of the world are. These issues remain crucial today so we republish this article by Eric Toussaint written in November 2008.

- IV435 - April 2011 / Ecology and the Environment, Food crisis, Economic crisis

What Cuba's reforms may bring

Pedro Campos — 2011-03-15T07:15:13Z

People have been encouraged to speak freely about the economic guidelines of the Sixth Party Congress set for April, so with all due respect I am expressing my point of view.

- IV434 - March 2011 / Cuba, Latin America, Economic crisis, Debate section

The very symbol of illegitimate debt

Éric Toussaint — 2011-03-06T04:14:34Z

The Greek public debt made the headlines when the country's leaders accepted the austerity measures demanded by the IMF and the European Union, sparking very significant social struggles throughout 2010. But where does this Greek debt come from? As regards the debt incurred by the private sector, the increase has been recent: the first surge came about with the integration of Greece into the eurozone in 2001.

- IV434 - March 2011 / Greece, Economic crisis