INEQUALITY times TAX DODGING: HEAVEN FOR THE RICH, HELL FOR THE POOR.

This weekend the leaders of the G7 get together to ratify the 15% global corporate tax rate. This marks a political shift but is not a done deal. This article examines tax dodging by the rich and their corporations. When wealth flows into fewer and fewer hands and when those hands pay less and less tax, society suffers.

A study by the Rand Corporation examining incomes up to 2018 showed that the changed tax arrangements cost workers up to $42,000 each year by 2016.

https://www.rand.org/pubs/working_papers/WRA516-1.html

VIRUSES OF MASS DESTRUCTION. The CIA is unleashed.

This week the Biden tasked its agent provocateur, the CIA to uncover the origins of the COVID virus. The deployment of the CIA confirms the old age adage – the first victim of war will always be the truth.

US NON-FINANCIAL CORPORATE PROFITS first quarter 2021. PROFITS REVIVE.

21st CENTURY DRAFT PROGRAMME (MANIFESTO).

This is the most important and consequential document on this website. It reconnects with Marx’s Critique of the Gotha Programme and his concept of the voluntary and equal association of emancipated producers. It corrects all the 20th Century Programmes based on nationalization with the state in whatever form, acting as the new economic manager on behalf of society.

MODERN MARXIST MONETARY THEORY. Further observations.

This is the second article on Modern Marxist Monetary Theory which looks more deeply and broadly at the dialectical interaction between legacy value and newly produced value.

From the 19th Century, Marxists, including Rosa Luxemburg, were of the opinion that the restrictive consumption of the masses was the primary cause of lack of markets which explained the drive to acquire new markets in which to offload surplus commodities. Indeed there was a structural restriction, but not one caused by the limited consumption of the masses, but because of the limitation imposed on capital itself, namely that new value can only be circulated by value previously produced – legacy value (revenue). In a rapidly expanding world economy at the time, that is to say, with the rapid expansion of value in successive cycles of production, trailing legacy value became insufficient to circulate the new value. Thus what these theoreticians saw as a phenomenon of space was in fact a phenomenon of time, one of sequencing, thus more difficult to detect and understand. It was the old holding back the new in the absence of new credit. In order to present this observation starkly, the article does not expand on the issue of profitability and its effect on legacy value.

MODERN MARXIST MONETARY THEORY OR MMMT. THE ROLE OF LEGACY VALUE.

IDENTITY POLITICS IS BLIND TO PROPERTY RELATIONS.

THE MATERIAL BASIS FOR UNDER-CONSUMPTIONISM AND HOW TO CRITIQUE IT

This article provides two views of productive and unproductive consumption (investment) as the driver of the economy. The one view is taken from Gross Output and the other from Gross Value Added (GDP). Without spoiling the plot, the contrast in views shows how important adopting the correct method is.

The article is the first download.

NOT SO MUCH OVEN READY AS READY MADE CURTAINS FOR MR JOHNSON.

The ONS released the rate of return for UK industry this week. This together with the ructions around the Prime Minister suggested this article.

Postscript. I should have added in this vein Bolsonaro is being investigated by a parliamentary committee in Brazil which is likely to indict him.

HOW ECONOMIES ARE BENT OUT OF SHAPE.

This article looks at the nature of money especially credit money and how fictitious capital has distorted economic behaviour.