A very detailed walkthrough of the big new left economic idea. Modern Monetary Theory is having a moment. The theory, in brief, argues that countries that issue their own currencies can never “run out of money” the way people or businesses can. But what was once an obscure “heterodox” branch of economics has now become a major topic […]
The Second Wave of Algorithmic Accountability
Which systems really deserve to be built? Which problems most need to be tackled? Who is best placed to build them? And who decides? We need genuine accountability mechanisms, external to companies and accessible to populations Over the past decade, algorithmic accountability has become an important concern for social scientists, computer scientists, journalists, and lawyers. Exposés have […]
The Long History of Debt Cancellation
Moral thinking about debt has fluctuated throughout U.S. history. Today’s calls for cancellation suggest it may be poised for transformation once again. It wasn’t until after World War I, however, that it became legal for banks to lend to individuals for profit, marking a final turn towards the economy of debt that we recognize today. […]
Against Economics
David Graeber reviews Money and Government: The Past and Future of Economics by Robert Skidelsky Mainstream economists nowadays might not be particularly good at predicting financial crashes, facilitating general prosperity, or coming up with models for preventing climate change, but when it comes to establishing themselves in positions of intellectual authority, unaffected by such failings, their […]
A Handful of Super-Corporations Control The Fate of The World, Chilling Report Shows
This is a vital signal for anyone concerned with economic justice, democracy and the rule of laws of-for-by democratically determined societies. “TNCs have become a defining feature of the interconnected planet of people and nature, with humans as a hyper-dominant species in the biosphere affecting global patterns of ecological change.” A small group of super-powerful […]