The Ruling Class Has No Answer – Does the Left?
The Iran war has set off a cascade of crises working their way through the world economy. Oil reserves are at a twenty-year low, inflation is rising, bond yields are spiking, and the IMF is warning of a worldwide slump. But is there a way out on a capitalist basis?
In this week's Against the Stream, Hamid Alizadeh and Niklas Albin Svensson examine four of the proposed solutions for the crisis: the defence of liberal world order, protectionism and nationalism, Modern Monetary Theory, and a planned economy.
They explain why free trade and protectionism both lead to crises, why MMT cannot…
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