Economy

Trump Tariffs: The Madman Theory Applied to Economics (and what we should do about it)
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Trump Tariffs: The Madman Theory Applied to Economics (and what we should do about it)

ByPaul Jay

In part one, Paul Jay exposes how Trump’s tariff policy, far from protecting American workers, is a calculated strategy to fund militarization, crush labor, and entrench corporate-nationalist rule. Behind the chaos lies a coherent project—driven by Trump’s allies—to weaponize climate denial, exploit regressive taxes, and funnel billions into AI-driven warfare and fossil fuel expansion. The so-called “Golden Dome” is revealed as a trillion-dollar boondoggle enriching tech oligarchs under the guise of missile defense. This is not economic protectionism—it’s the financial architecture of authoritarianism.

Can Iran Kick Its Oil Addiction? – Djavad Salehi Isfahani Pt. 2/2
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Can Iran Kick Its Oil Addiction? – Djavad Salehi Isfahani Pt. 2/2

ByTalia Baroncelli

In part two, economist Djavad Salehi-Isfahani outlines what’s necessary for Iran to have a just energy transition and sustainable future. Salehi-Isfahani urges a reversal of destructive U.S. sanctions in order for Iran to better tap into its highly-educated workforce. He also argues that Iran is in a much more advantageous position to move away from its oil-export model, especially when compared to other oil-producing Gulf countries. 

How Sanctions Work: Iran and the Impact of Economic Warfare – Djavad Salehi-Isfahani Pt. 1/2
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How Sanctions Work: Iran and the Impact of Economic Warfare – Djavad Salehi-Isfahani Pt. 1/2

ByTalia Baroncelli

U.S. President Trump has extended the aims of his first presidential term’s “maximum pressure campaign” by slapping additional sanctions on Iran. Djavad Salehi-Isfahani, Professor of Economics at Virginia Tech, describes the detrimental effects of U.S. sanctions on Iran’s economy and society. Salehi-Isfahani illustrates how the sanctions’ differentiated effects often result in them being “invisible” to certain segments of Iranian society, leaving some Iranians convinced that their government is solely to blame for the country’s economic woes. In addition, he asserts that the combined effects of U.S. sanctions and Iran’s policy choices continue to hollow out the Iranian middle class: while the government has assisted the poor with large direct cash transfer programs, it has largely ignored the demands of its middle class. 

How South Africa’s Coal Exports to Israel Undermines Its Palestine Solidarity – Patrick Bond Pt. 2/2
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How South Africa’s Coal Exports to Israel Undermines Its Palestine Solidarity – Patrick Bond Pt. 2/2

ByTalia Baroncelli

In part two, political economist Patrick Bond outlines the activities of Glencore and other South African energy corporations which continue to ship coal to Israel’s electricity grid. Despite the historic efforts of South Africa to bring a genocide case against Israel at the International Court of Justice, as well as its involvement in the Hague Group to demand enforcement of international rulings on Israel’s unlawful occupation, Bond discusses South African policies and crony capitalist transactions which ultimately undermine these Palestine solidarity initiatives. With corporations such as India’s Adani Group heavily invested in Israel’s economy, Bond exposes the contradictions in BRICS’ stance towards Israel.  

The Failure of Global Finance is Systemic

The Failure of Global Finance is Systemic

ByLynn Fries

Jane D’Arista walks us through a comprehensive analysis of a global economy flooded with US dollar liabilities, economies bound to damaging export-led growth models, and vulnerable households piling up useless debts. She offers a rigorous template of policy and regulatory solutions encompassing reform of the US Federal Reserve and the International  Payments System and calls to continue fighting to get ideas out. Produced by GPEnewsdocs.

FDR’s Wartime Strategies Can Power a Just Transition Now – Martin Hart-Landsberg Pt. 2/2

FDR’s Wartime Strategies Can Power a Just Transition Now – Martin Hart-Landsberg Pt. 2/2

ByTalia Baroncelli

In part two, economist Martin Hart-Landsberg underscores the importance of planning for a just transition and transformation of socio-economic relations. Hart-Landsberg examines FDR’s Defense Production Corporation and War Production Board which were established to coordinate the U.S. economy’s rapid conversion from civilian to military production. The entrepreneurial class largely opposed these changes, fearing cuts to their bottom line. Yet FDR’s government, through experimentation with different strategies, was able to successfully allocate resources towards wartime production and negotiate enough procurement contracts to drive the conversion. Hart-Landsberg’s historical analysis of the successes and challenges of FDR’s WWII production model lends important insights for solidaristic organizing and eco-socialist activism. 

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.

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