The EU and the Greek government are manipulating the facts to cover up the results of the unsuccessful austerity policies in Southern Europe. “The policy which was based on austerity, privatization and liberalization deepened the crisis instead of bringing about any solutions.” ...

The economic impact of the Greek crisis has been well publicised. A recession that began in 2008 has led to GDP contracting by a quarter, while unemployment has risen above 27 percent. Greece’s fiscal consolidation effort has also received much attention. A general government deficit of 15.6 percent in 2009 was transformed into a small surplus in 2013 – one of the sharpest adjustments the world has ever see ...

Michael Roberts looks at the impact of climate change across the world The world is experiencing extreme weather.  In the US, California’s drought is the worst in 100-years while the East Coast faced a massive snowstorm with freezing temperatures. On the other side of the world, Australia continues to deal with intense summer heat and droughts, causing major bush fires. There has been severe winter flooding ...

In his latest book, Creditocracy, scholar-activist Andrew Ross makes a compelling case for debt refusal as “a protective deed on behalf of democracy”. ...

Where and to whom one is born is, it seems, arbitrary, chance, fate or karma being the divine decision maker. Wake from innocence to middle class parents in one of the developed wealthy nations of the world, and be blessed with comfort, opportunity, good health care and education and a life of profitable possibilities. Find yourself in a slum in Nairobi, Kenya or the daughter of tea pickers in Assam, India, ...

The victory of Kshama Sawant as a Socialist city councillor in Seattle (http://www.spokesman.com/stories/2013/nov/16/socialist-kshama-sawant-wins-seattle-city-council/) has taken an interesting turn on the economics front.  You see, Sawant is not only a socialist, she also has a Ph D in economics and teaches it at the local city college.  This news has outraged a columnist for the Forbes magazine.  Forbes m ...

The death of Nelson Mandela reminds us of the great victory that the black masses of South Africa achieved over the vicious, cruel and regressive apartheid system first encouraged by British imperialism and then adopted by a reactionary and racist white South African ruling class to preserve the privileges of a tiny few.  Mandela spent 27 years in prison and the people he represented fought a long and hard ...

Non-mainstream economists are all-too aware of the failure of mainstream economists to anticipate, let alone avoid, the Global Financial Crisis and the ensuing Great Recession.  The mainstream profession is also failing to fix the problem, and is actually making it worse. ...

lan Collinge, author of “The Student Loan Scam: The Most Oppressive Debt in U.S. History and How We Can Fight Back,” recently spoke to students at the University of Illinois Urbana campus. His argument is detailed, persuasive, and heartbreaking; it is also a call to action for students and progressives. I was privileged to speak briefly at this event about the economic and political context of student debt, ...

National Bank of Greece, the country's largest lender, is close to clinching a deal to sell a majority stake in its fully-owned real estate arm Pangaia to private equity firm Invel Real Estate, two bankers close to the deal told Reuters on Sunday. ...