The Target of German Economists Sergio Cesaratto

Beyond any doubt, Hans-Werner Sinn is the most influential German economist. He exhibits a flawless, albeit conventional, curriculum. Revered by his dominantly priggish colleagues, he chairs Cesifo, a powerful group of research institutes in a country in which the economists’ opinion is viewed in high consideration. Sinn’s views are the most pro-German one can imagine and have the sole purpose of depicting it as the real victim of the rest of Europe. It obviously makes little sense to blame Germany or any other country for the European crisis. Each dominant class joined the European Monetary Union (EMU) in its own…

How Brazil can defend against Financialization Michael Hudson

In this article, it is argued that for developing countries, privatizing the public domain and financializing the economy is akin to military defeat. To defend themselves, the BRIC countries need to isolate themselves from global debt creation. And Brazil (as well as other developing countries), needs to promote the investment of its economic surplus for raising production and living standards, so as to create a positive feedback between higher wage levels and productivity, hence higher global competitiveness. Brazil (Download the full text in PDF format)

Ten years of NAFTA Jayati Ghosh

The first day of this year marked the tenth anniversary of NAFTA – the North American Free Trade Agreement, which brought the economies of the United States, Canada and Mexico together. This was a trade deal preceded by much debate and opposition, but ultimately pushed through with enthusiastic support from the large corporations of the US, some would say even written by them. But the decade's experience suggests that it is mainly these corporations that have benefited, while almost all of the other promises of the agreement's supporters have turned sour. NAFTA was an ambitious agreement in some respects, bringing…