Economy

Debunking the IMF Myth: South Korea A ‘Free Market Miracle’? – Martin Hart-Landsberg Pt. 1/2
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Debunking the IMF Myth: South Korea A ‘Free Market Miracle’? – Martin Hart-Landsberg Pt. 1/2

ByTalia Baroncelli

Despite being (mis)characterized by the IMF as a free-market “success story,” South Korea’s development model involved state planning and import controls for decades prior to the 1997 East Asia debt crisis. Economist Martin Hart-Landsberg, Professor Emeritus at Lewis and Clark College in Portland, explains how capitalist globalization materialized and morphed in East Asia, often to the detriment of its worker population. With Trump’s inauguration nearing, Hart-Landsberg sheds light on why contemporary U.S.-China hawks view China as a threat rather than a technological competitor. 

How the Left Won Sri Lanka – Devaka Gunawardena Pt. 2/2
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How the Left Won Sri Lanka – Devaka Gunawardena Pt. 2/2

ByTalia Baroncelli

In part two, political economist Dr. Devaka Gunawardena outlines the political dynasties in Sri Lanka that governed the country until the National People Power’s (NPP) recent electoral victory. Gunawardena discusses how NPP leader Anura Kumara Dissanayake has garnered widespread support across different ethnic and class lines despite being a political outsider. 

Historic Victory for Sri Lankan Left – Can They Deliver? – Devaka Gunawardena Pt. 1/2
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Historic Victory for Sri Lankan Left – Can They Deliver? – Devaka Gunawardena Pt. 1/2

ByTalia Baroncelli

In November 2024, Anura Kumara Dissanayake’s National People’s Power (NPP) coalition won a two-thirds majority in Sri Lanka’s general elections, marking a historic win for the Sri Lankan left. NPP’s victory came at a time of prolonged economic crisis exacerbated by the crushing terms of Sri Lanka’s IMF agreement. Political economist Dr. Devaka Gunawardena traces the factors leading to Sri Lanka’s economic woes and how international sovereign bonds (ISBs) held by private equity firms such as BlackRock constitute a large segment of Sri Lanka’s debt. Given the government’s recent private creditor debt restructuring agreement, can the NPP still deliver on its campaign promises of wealth redistribution and reversing austerity? 

Who Owns America’s Debt? – Bob Pollin Pt. 2/2

Who Owns America’s Debt? – Bob Pollin Pt. 2/2

ByTalia Baroncelli

In part 2, Bob Pollin, economist and Co-Director of the Political Economy Research Institute (PERI), lays out policies to increase workers’ wages and bargaining power and bring down the price of food items such as eggs. He tackles the issue of U.S. government debt, as well as fiscal conservative and MAGA Republican claims that China owns most of this debt. These falsehoods deflect from Trump’s massive tax cuts for the rich and his high military expenditure, which ran up U.S. debt far more than under the Biden administration. Pollin asserts the best way to reduce high-interest payments on U.S. debt and support social services is to increase government revenue via capital gains and income taxes.

Price Gouging, Greedflation, and Monopolization – Bob Pollin part 2/2
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Price Gouging, Greedflation, and Monopolization – Bob Pollin part 2/2

ByTalia Baroncelli

Given voters’ concerns over rising food and housing costs, Kamala Harris has pledged to combat price gouging if elected president, though she has yet to clearly lay out the hallmarks of the rest of her economic policy. In part 2, Bob Pollin, economist and advisor to U.S. Senator Bernie Sanders and Representative Pramila Jayapal on Medicare For All, explains the meaning of price gouging and delves into the causes of inflation during the COVID pandemic. 

How Indian, Chinese, and U.S. Corporations Vie for Control of Sri Lankan Ports – Asoka Bandarage part 2/2
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How Indian, Chinese, and U.S. Corporations Vie for Control of Sri Lankan Ports – Asoka Bandarage part 2/2

ByTalia Baroncelli

Due to its prime geographical location in maintaining global value chains and shipping routes, the U.S., via the U.S. International Development Finance Corporation (DFC), as well as India’s Adani Group and China, are all investing in Sri Lanka’s ports. In part 2, sociologist Asoka Bandarage discusses how many countries and multi-national corporations treat Sri Lanka as testing and dumping grounds, exemplified by reports that the Dali ship, which crashed into the Baltimore Bridge, was carrying hazardous waste to Sri Lanka.

IMF & Private Creditors Subject Sri Lanka to Neo-Colonial Debt Bondage – Asoka Bandarage part 1/2
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IMF & Private Creditors Subject Sri Lanka to Neo-Colonial Debt Bondage – Asoka Bandarage part 1/2

ByTalia Baroncelli

The Sri Lankan government turned to the IMF for a near $3 billion bailout to repay loans provided by India and Japan, as well as international sovereign bonds issued by foreign creditors such as BlackRock. Dr. Asoka Bandarage, sociologist and author of Crisis in Sri Lanka and the World, suggests that Prime Minister Rajapaksa’s declaration of bankruptcy in 2022 and the subsequent IMF bailout under Prime Minister Wickremesinghe was not an absolute necessity, but an attempt to shift Sri Lanka further under the umbrella of Western and Indian institutions, and away from Chinese loans.

Seeking Full Employment Without Falling Prey to Neoliberal Traps

Seeking Full Employment Without Falling Prey to Neoliberal Traps

ByLynn Fries

William Mitchell exposes the many ideological maneuvers progressives need to confront in disputing the supremacy of profits over employment and people’s dignity. That goes for disciplining the state to appease foreign exchange markets, the problems with Basic Income proposals, and much more. Lynn Fries interviews William Mitchell on GPEnewsdocs.

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