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Imbalances of the Global Economy

Wide-ranging account of the growing disequilibria within an increasingly integrated global capitalism. Andrew Glyn takes the measure of China's still gigantic catch-up potential, in comparison to previous Asian NIEs, and assesses the impact of its rise across different sectors of the world economy.

Understanding the Bubble?

Andrew Glyn on Robert Shiller, Irrational Exuberance and Andrei Shleifer, Inefficient Markets. Have even the most critical professionals fully explained the record Wall Street bubble?

Social Democracy and Full Employment

“‘The voters, now convinced that full employment, generous welfare services and social stability can quite well be preserved, will certainly not relinquish them. Any Government which tampered seriously with the basic structure 0f the full-employment Welfare State would meet with a sharp reverse at the polls’ (Antony Crosland,1956). . . .” read more

The Costs of Stability: The Advanced Capitalist Countries in the 1980s

“It is widely recognized that economic policy in the advanced capitalist countries shifted profoundly in the 1980s. Employment levels were abandoned to market processes, government deficits would be eliminated to squeeze inflation and release resources for private initiative, profitability had to be restored to improve the climate for . . .” read more

Capital Flight and Exchange Controls

“The difficulties faced by a Labour Government in carrying out socialist policies in the UK assume their most dramatic form in the threat of capital flight. If free movement of financial capital is allowed, domestic UK interest rates are bound by a golden chain, via Euromarkets, . . .” read more

Labour and the Economy

“Britain’s fifth Labour government came to power in October 1964 at a time of rapidly maturing economic crisis for the capitalist system. The political existence of the Labour Party, as of all reformist, social democratic parties, rests on its ability to gain reforms for the working class within . . .” read more

The Critical Condition of British Capital

“Crisis is a word like wolf: it has been cried too often. But for British capitalism it looks as if this time the wolf is really at the door. A number of facts about the recent evolution of the British economy are well known enough—the rise in unemployment . . .” read more