Capital Flows - Ann Pettifor

The duel: Should we aim to get the economy back to “business as usual”?

July 10, 2020 / Capital Flows, Climate Change, Covid19, Economic Orthodoxy, Globalisation, International Financial Architecture

The following debate between Paul Wallace and Ann Pettifor appeared in Prospect magazine on 10 July, 2020. Is our capitalist economy an unparalleled engine of prosperity, or a human and ecological disaster? Two contributors debate whether the system is worth saving Yes—Paul Wallace It is tempting, when living through a once-in-a-century event such …

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Vultures are Circling Our Fragile Economy…

June 16, 2020 / Capital Flows, Globalisation, Privatisation, Taxation, Uncategorized

This article appeared on the Open Democracy site on 16 June 2020 On the weekend of 30 May Elon Musk – a billionaire with a net worth of $38billion – launched a rocket into space. This private venture was in contrast to President Kennedy’s ‘moonshot’ ambition of 1961-69 – one of the greatest mobilizations of …

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Globalisation, a pandemic and the US dollar

May 4, 2020 / Capital Flows, Credit Creation, Globalisation, International Financial Architecture, International Financial System, Neo-liberal Economics, Sovereign debt

As published on Progressive International on Monday, 11 May, 2020 She said, “My name’s Flo, and you’re on the right track But look here, daddy, I wear furs on my back So if you want to have fun in this man’s land Let Lincoln and Jackson start shaking hands I reached in my pocket, and …

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Capital subordinated to the interests of labour (society)

March 23, 2020 / Bretton Woods, Capital Flows, Economic Orthodoxy, Globalisation, International Financial Architecture, International Financial System, Sovereign debt, Uncategorized

We are living through terrifying times. The greatest threat to humanity stems not just from a virulent superbug, but as scary – the response to it. In Britain, as in the US, policy action is dictated by an ultra-nationalist government, which while pretending to “take back control” remains committed to a free-for-all for the owners …

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On capital vs exchange controls

January 29, 2019 / Capital Flows, Economic Orthodoxy, Uncategorized

This article appeared on the Progressive Economy Forum website on 29 January, 2019. Last week John McDonnell MP took the opportunity to “make explicit” that a Labour government would not introduce capital controls. The Financial Times covered the story, and like many, got its exchange and capital controls in a tangle. The UK had various …

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10 years after – and nothing has changed.

October 21, 2018 / Anglo-American Financial Crisis, Bank Bail-outs, Capital Flows, Central Banks, Credit Crunch, ECB, Economic Orthodoxy, Federal Reserve, Financial Crisis, Globalisation, Interest Rates, International Financial System

The following is an interview with Yena Yoon – a financial journalist with Chosen Ilbo “the largest newspaper in South Korea” conducted on 12 February, 2018, but still relevant.

The Indefatigable Efforts of J. M. Keynes

September 13, 2018 / Capital Flows, Economic Orthodoxy, International Financial System, Keynes, Uncategorized

This is an extract from an article written for The Times Literary Supplement The international and financial dimensions of Keynes’ work are today neglected in favour of the laissez-faire economics that Keynes had so vigorously contested. His profession is dominated by economists concerned overwhelmingly with the activities of individuals, …

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The Irish Housing Crisis & the Crisis of Economics

June 22, 2018 / Capital Flows, Economic Orthodoxy, Euroland, Housing

This is the original text of an article that appeared, after edits, in the Irish Times on 22nd June, 2018. Economists regard the theory of ‘supply and demand’ as nothing less than a ‘law’ and “and as one of the fundamental principles governing ‘the economy’. Almost every economic event or phenomenon is considered the product …

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The Financialisation of the Housing Market

February 7, 2018 / Capital Flows, Economic Orthodoxy, Globalisation, Housing

This is the original, long version of an article I wrote for the Guardian. The published version was edited down, and appeared on 28th January. This version was written on 11th December, 2017. “If some of us grow rich in our sleep, where do we think this wealth is coming from? It doesn’t materialise out …

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Why Building More Houses Will Not Solve the housing Crisis

January 28, 2018 / Capital Flows, Economic Orthodoxy, Housing, Taxation, Tobin Tax

I wrote a piece for the Saturday (26 January 2018) Guardian. Its been described by many as “counter-intuitive” – because in it I draw on the research of others (notably that of Ian Mulheirn – director of consulting at Oxford Economics) to argue that building more houses will not dampen house prices. I posed this …

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