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Economics of the 1%

Economics of the 1%

ECONOMICS OF THE 1%

Economics of the 1%: How Economics Serves the Rich, Obscures Reality and Distorts Policy

John F. Weeks

Imprint: Anthem Press

Paperback

ISBN 9780857281081

January 2014 | 246 Pages | 216 x 140mm / 8.5 x 5.5 | 20+ graphs

http://www.anthempress.com/ economics-of-the-1-percent

Today’s ‘doctrine of choice’ assures adults that they are competent to make serious personal decisions about healthcare, education and retirement plans. At the same time, most people are convinced that they are so ignorant of economics that they are not capable of holding an informed opinion, and that economic issues must be left to experts. The so-called experts of the mainstream economics profession claim to have profound, inaccessible knowledge; in fact they understand little and obscure almost everything.

Understanding the economy is not simple, but it is no more complicated than understanding the political system sufficiently to cast a vote. In straightforward language, John F. Weeks exposes the myths of mainstream economics and explains why current economic policies fail to serve the vast majority of people in the United States, Europe and elsewhere. He demonstrates that austerity policies have little theoretical basis and achieve nothing but inequality and misery. He goes on to explain how the current deficit and debt ‘crises’ in the United States and Europe are ideologically manufactured, unnecessary and simple to overcome. Drawing on examples from around the world, this book provides a bold alternative to the economics of the 1%. Their failure to serve the interests of the many results from their devoted service to the few.

John Weeks, an American living in London, is professor emeritus of economics at SOAS, University of London. He has advised numerous governments and written and commented widely on economic and social issues in the United States, Europe and developing regions.

Book Launch Lecture (from YouTube), SOAS, University of London, 3rd February 2014: http://www.youtube.com/watch?v=_8xKikh_g1w&feature=c4-overview&list=UUwlZZGmE1e_6PI2e-HOPOQw

Other Links (including interviews with John Weeks): http://www.anthempress.com/economics-of-the-1-percent

“The recent crisis has exposed the weaknesses of not only the business models of the capitalist world but also the flaws in mainstream economic thought. John F. Weeks’ polemic on the ‘Economics of the 1%’ explores these intellectual blind alleys and takes no prisoners. Pointing out holes in the mainstream logic, Weeks aligns himself with the tradition(s) of Karl Marx, John Maynard Keynes and Thorstein Veblen, and with such contemporaries as James K. Galbraith, Ha-Joon Chang and Paul Krugman. And Weeks is right. We have to replace ‘fakeconomics’ with proper economic analysis to combat the social inequalities that have grown disproportionately and dangerously in recent decades.” —László Andor, Economist and Commissioner for Employment, Social Affairs and Inclusion, European Commission

Economics

**END**

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Crisis Sublime

HISTORICAL MATERIALISM CONFERENCE 2010 – REGISTRATION ON THE DOOR

PREREGISTRATION IS NOW CLOSED FOR THE CONFERENCE. HOWEVER YOU CAN COME 
AND REGISTER ON THE DOOR, THURSDAY THROUGH TO SUNDAY

Registration desk is at SOAS, Thornhaugh Square, Russell Square Underground station.

Thursday at 12:00

Friday at 9.00

Saturday at 9.00

Sunday at 9.00

All those who cannot afford the suggested unwaged contribution rate, or who only wish to attend a few sessions, should come to registration to discuss a fair contribution.

‘Crisis and Critique’: Historical Materialism Annual London Conference 2010

Central London, Thursday 11th to Sunday 14th November

Provisional Programme Now Available online: http://www.historicalmaterialism.org/conferences/annual7

Notwithstanding repeated invocations of the ‘green shoots of recovery’, the effects of the economic crisis that began in 2008 continue to be felt around the world. While some central tenets of the neoliberal project have been called into question, bank bailouts, cuts to public services and attacks on working people’s lives demonstrate that the ruling order remains capable of imposing its agenda. Many significant Marxist analyses have already been produced of the origins, forms and prospects of the crisis, and we look forward to furthering these debates at HM London 2010. We also aim to encourage dialogue between the critique of political economy and other modes of criticism – ideological, political, aesthetic, philosophical – central to the Marxist tradition.

In the 1930s, Walter Benjamin and Bertolt Brecht projected a journal to be called ‘Crisis and Critique’. In very different times, but in a similar spirit, HM London 2010 aims to serve as a forum for dialogue, interaction and debate between different strands of critical-Marxist theory. Whether their focus is the study of the capitalist mode of production’s theoretical and practical foundations, the unmasking of its ideological forms of legitimation or its political negation, we are convinced that a renewed and politically effective Marxism will need to rely on all the resources of critique in the years ahead.

Crises produce periods of ideological and political uncertainty. They are moments that put into question established cognitive and disciplinary compartmentalisations, and require a recomposition at the level of both theory and practice. HM London 2010 hopes to contribute to a broader dialogue on the Left aimed at such a recomposition, one of whose prerequisites remains the young Marx’s call for the ‘ruthless criticism of all that exists’.

Themes discussed by the Conference include: Activism * Adorno: Philosophy, Aesthetics, Politics * Aesthetics of Crisis * Art and Activism * Althusser and the Aleatory Encounter I: Conceptual Aspects * Althusser and the Aleatory Encounter II: Philosophical Contrasts * Applying Value Theory * Approaching Passive Revolutions * Art in Neoliberalism * The Arts and Capitalist Triumphant: American Culture in the 1940s * Between Political Economy and Political Struggles *  Beyond What Is and Isn’t to Be Done: The Question of Organisation Today * Biocapitalism * Bolshevik History * Book Launch: Jairus Banaji’s Theory as History * Capital and the Crisis of Nature * Capitalism, Labour, Photography * Centenary of Hilferding’s Finance Capital * China: Internal Struggles and External Perceptions * Class, Gender, Crisis: The Attack on Public Services and Welfare * Class and Nation in the Middle East * Climate Change and Ecological Crisis: Law, Gender, Technology * Commodities, Labour and Space * Conjuncture, Contingency and Overdetermination * The Contemporary Global Economy (Marx and the ‘Global South’ 1) * Crisis and Accumulation in Asia * Crisis of Representation: Philosophy, Politics, Aesthetics * Crisis in Greece, Crisis in the Eurozone * The Crisis this Time * Commons and Commonwealths * Commons and Communism, Past and Present * Confronting the Right * Cultural Contradictions of Capitalism * Death and Utopia: Bloch and Benjamin * Dependency and Exploitation in Latin America * Dimensions of the Crisis: History, Finance, and the Labour Process * Energy and Crisis * The End of Old and New Labour: What’s Left? * Eurozone Crisis: Causes and Ways Out * Feminism and the Critique of Political Economy * Financial Capital Before and After the Crisis * Financialisation: Theory and Practice * Forgotten Space: Capitalism and the Sea * Forms of Working-Class Resistance * From Crisis To Crises: Marxist Perspectives On Latin America In The Global Economy * From Crisis of Capitalism to Crisis of the Public Sector * Gender, Labour and the Future of Feminism * Geographies of Crisis and Critique I * Geographies of Crisis and Critique II * German Crises * Georg Lukács and the Aspiration Towards Totality * Gramsci * Historical Materialism, Universal History, and East Asia * Histories of Workers’ Struggles * The Ideology of the ‘Big Society’ * Imperialism: History and Theory * Intellectuals, Public Discourse and Education * International Relations, Militarism and Modes of Foreign Relations * Japanese and Western Marxism * Korsch, Lefebvre and Hegelian Marxism * Labour and Migration * Labour Power and the Marxian Analytics of Crisis * Latin America, Resistance and Political Economy * Legacies of Bolshevism * Lenin, Luxemburg and the Russian Revolution * Limits of Citizenship and Democracy * Managing Crisis: Fair Trade, Cooperatives,  Degrowth * Marx Against Eurocentrism (Marx and the ‘Global South’ 2) * Marx and Critique * Marxian Investigations * Marxism and Geopolitics * Marxism and International Law * Marxism and Politics Today * Marxism and Theories of Politics * Marxist Theories of Finance and Risk * Marxist Theory and Cultural Politics * Marx for Our Times * Marx, Normativity, Justice * Marx’s Capital and the Development of Capitalism Today * Music and Resistance * Neoliberalism and World Cinema: A Double Take * Palestine and Global Justice: Current and Historic Challenges for the Left * Poetics, Painting, Politics * Political Ecology in a Time of Crisis * Political Economy and Value Theory * The Politics and Political Economy of the Media * The Politics of Housing * Profit and the Crisis * Radicalism in Contemporary Art and Literature * Red October: Left-Indigenous Struggles in Modern Bolivia * Rethinking the State * Rosa Luxemburg  and the Critique of Political Economy * Screening: Comuna Under Construction * Servicing the Crisis * Sex in Crisis * Slavery and American Capitalism * Stasis, Contradiction, Hostility * Strategies for Art Today I * Strategies for Art Today II * Theorising the Crisis I * Theorising the Crisis II * Theorising the Crisis III * The Transformation of Chinese Marxism * Ultra-Leftism, Insurrection, and the City * Useless But True: Economic Crisis and the Peculiarities of Economic Science * Value and Struggles in China * Varieties of Capitalism I * Varieties of Capitalism II * Violence and Non-Violence * Walter Benjamin and Anthropological Materialism * Walter Benjamin and the Critique of Violence * Whither Feminism? * Who Rules the World? Contemporary Views on Ruling and Capitalist Classes * Workers, the Union Movement and the Crisis * Workers’ Self-Management and Alternative Work Organisation I * Workers’ Self-Management and Alternative Work Organization II * The Working Class after Neoliberalism: From the World to the East End of Glasgow * The Work of Daniel Bensaid *

Speakers include: Greg Albo * Bueno Aldo * Görkem Akgöz * Idris Akkuzu * Donatella Alessandrini * Anne Alexander * Jamie Allinson * Elmar Altvater * Marko Ampuja * James Anderson * Kevin Anderson * Alex Anievas * Caroline Arscott * Sam Ashman * John Ashworth * Tara Atluri * Maurizio Atzeni * Antonio Azevedo * Dario Azzellini * Abigail Bakan * Jeff Bale * Jairus Banaji * Laurent Baronian * Luca Basso * Amita Baviskar * Wesley Baxter * Dave Beech * Riccardo Bellofiore * Aaron Benanav * Marc Berdet * Janis Berzins * Beverley Best * Brenna Bhandar * Alain Bihr * Cyrus Bina * Robin Blackburn * Paul Blackledge * Joost de Bloois * Iain Boal * Roland Boer * Armando Boito * Patrick Bond * Bill Bowring * Chris Boyd * Umut Bozkurt * Honor Brabazon * Craig Brandist * Pepijn Brandon * Lutz Brangsch * Colm Breathnach * Peter Brogan * Heather Brown * Sebastian Budgen * Jonah Butovsky * Alex Callinicos * Liam Campling * Bob Cannon * Thomas Carmichael * The Carrot Workers Collective * Warren Carter * Noel Castree * Aude de Caunes * Maria Elisa Cevasco * Giorgio Cesarale * Sharad Chari * Matthew Charles * François Chesnais * Danielle Child * Christopher Chitty * Joseph Choonara * John Clegg * Perci Coelho * Sheila Cohen * Alejandro Colás * Nathan Coombs * John Cooper * Luke Cooper * Gareth Dale * Neil Davidson * Chuck Davis * Tim Dayton * Shane Deckard * Radhika Desai * Li Dianlai * Katja Diefenbach * Angela Dimitrakaki * James Dunkerley * Bill Dunn * Cedric Durand * Nick Dyer-Witheford * Caroline Edwards * Steve Edwards * Evie Embrechts * Katsuhiko Endo * Theresa Enright * Adam Fabry * Mauro Farnesi Camellone * Sara Farris * David Featherstone * Romain Felli * Oliver Feltham * David Fernbach * Michele Filippini * Ben Fine * Eoin Flaherty * Paul Flenley * Keith Flett * Kirsten Forkert * Des Freedman * Alan Freeman * James Furner * Nicola Fusaro * Jin Gao * Lindsey German * M.A. Gonzalez * Sara Gonzalez * James Goodman * Jamie Gough * Nicolas Grinberg * Agon Hamza  * Adam Hanieh * Bue Rübner Hansen * Jane Hardy * Lea Haro * Barnaby Harran * Barbara Harriss-White * Johan Hartle * Dan Hartley * Mike Haynes * Amrit Heer * Paul Heideman * Christoph Hermann * Chris Hesketh * Andy Higginbottom * Jan Hoff * John Holloway * Charlie Hore * Nik Howard * Peter Hudis * Ian Hussey * Ursula Huws * Anthony Iles * Ozlem Ingun * Robert Jackson * Dhruv Jain * Sang-Hwan Jang * Anselm Jappe * Olivier Jelinski * Heesang Jeon * Seongjin Jeong * Jonny Jones * Jyotsna Kapur * Marina Kaneti * Ioannis Kaplanis * Elif Karacimen * Rebecca Karl * Ken Kawashima * Alexander Keller Hirsch * Mark Kelly * Anneleen Kenis * Paul Kellogg * Christiane Ketteler * Sami Khatib * Jim Kincaid * Don Kingsbury * Stathis Kouvelakis * Sam Knafo * Juha Koivisto * Stathis Kouvelakis * Michael R. Krätke * Clarice Kuhling * Alexi Kukuljevic * Anne E. Lacsamana * Mikko Lahtinen * Ishay Landa * Costas Lapavitsas * Amanda Latimer * Nick Lawrence * Philippe Lege * Emanuele Leonardi * Esther Leslie * Alex Levant * Les Levidow * Iren Levina * Norman Levine * Ben Lewis * Aiyun Liang * Lars Lih * Jacob Carlos Lima * Por-Yee Lin * Duncan Lindo * Nicola Livingstone * Alex Loftus * Domenico Losurdo * Nikos Lountos * David Mabb * Denis Mäder * Yahya Madra * F.T.C. Manning * Paula Marcelino * Fábio Marvulle *  Pierre Matari * Paul Mattick * Patricia McCafferty * Daniel McCarthy * Andrew McGettigan * David McNally * James Meadway * Eileen Meehan * Antigoni Memou * Zhang Meng * David Michalski * China Miéville * Owen Miller * Seamus Milne * Andrew Milner * Dimitris Milonakis * Gautam Mody * Simon Mohun * Kim Moody * Colin Mooers * Michael Moran * Vittorio Morfino * Adam David Morton * Avigail Moss * Sara Motta * Tadzio Mueller * Sara Murawski * Douglas Murphy * Mary Jo Nadeau * Yutaka Nagahara * Immanuel Ness * Susan Newman * Michael Niblett *  Stephen Norrie * Benjamin Noys * Sebnem Oguz * Francisco Ojeda * Chris O’Kane * Kosuke Oki * Ken Olende * Ozlem Onaran * Ahmet Öncü * Ozgur Orhangazi * Judith Orr * Reecia Orzeck * Ceren Ozselcuk * Leo Panitch * Giorgos Papafragkou * Rose Parfitt * Mark Paschal * Jody Patterson * Laurie Penny * He Ping * Simon Pirani * Charles Post * Nina Power * Gonzalo Pozo-Martin * Lucia Pradella * Tim Pringle * Toni Prug * Muriel Pucci * Besnik Pula * Thomas Purcell * Sam Putinja * Uri Ram * Gene Ray * Jason Read * John Rees * Oliver Ressler * Felicita Reuschling * Larry Reynolds * John Roberts * John Michael Roberts * William Roberts * Ed Rooksby * Sadi dal Rosso * Christina Rousseau * Giorgos Sagriotis * Spyros Sakellaropoulos * Gregory Schwartz * David Schwartzman * Ian J. Seda-Irizarry * Ben Selwyn * Richard Seymour * Greg Sharzer * Greg Shollette * Jan Sieber * Oishik Sircar * Murray E.G. Smith * John Smith * Jeffrey Sommers * Panagiotis Sotiris * Michalis Spourdalakis * Kerstin Stakemeier * Julian Stallabrass * Guido Starosta * Engelbert Stockhammer * Robert Stolz * Ted Stolze * Kendra Strauss * Bronislaw Szerszynski * Jeff Tan * Keeanga-Yamahtta Taylor * Kampagiannis Thanassis * Tzuchien Tho * Martin Thomas * Peter Thomas * Peter Thompson * Hillel Herschel Ticktin * Vladimir Tikhonov * Oxana Timofeeva * Bruno Tinel * Tania Toffanin * Massimiliano Tomba * Stavros Tombazos * George Tomlinson * Samo Tomsic * Jan Toporowski * Alberto Toscano * Nicos Trimikliniotis * Ben Trott * Pei Kuei Tsai * Alan Tuckman * Deborah Tudor * Lori Turner * Alexej Ulbricht * Steve Vallance * Giovanna Vertova * Marina Vishmidt * Keith Wagner * Hilary Wainwright * Gavin Walker * Andrew Warstat * Ben Watson * Michael Watts * Mike Wayne * Alexis Wearmouth * Jeffery R. Webber * John Weeks * Brian Whitener * Evan Calder Williams * Frieder Otto Wolf * Xinwang Wu * Wu Xinwei * Galip Yalman * Faruk Yalvaç * Eddie Yuen * Rafeef  Ziadah * Mislav Zitko *

END

‘I believe in the afterlife.

It starts tomorrow,

When I go to work’

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Karl Marx

JOHN WEEKS RECORDING, CAPITAL VOLUME II AND MORE: KING’S COLLEGE LONDON READING CAPITAL SOCIETY

King’s College London Reading Capital Society

October 14th 2010
– – –
http://www.kclreadingcapital.blogspot.com
http://www.facebook.com/group.php?gid=49539959005
– – –
1) John Weeks Recording:

Around 70-80 people came to King’s last Monday evening for John Weeks’ very interesting talk on ‘Capital, Exploitation and Economic Crises’. For those who weren’t able to come, there is a recording of the talk
here: http://rapidshare.com/files/424492618/JohnWeeks_11Oct2010.mp3

A copy of John’s PowerPoint presentation will also be available soon on http://kclreadingcapital.blogspot.com

– – –

2) Volume II of Capital:

The Reading Group continues this year with Volume II of Marx’s Capital. Although, as Engels pointed out, Volume II does not contain ‘much material for agitation’, in describing the process by which the total social capital is reproduced and circulated, it occupies a crucial place in Marx’s analysis of the capitalist mode of production. Volume II, centred around the market-place, explains not how value and surplus-value are produced, but how they are realised.

For our first session, Nicholas Beech, a PhD student from UCL, will be presenting a short introduction followed by a discussion on Ernest Mandel’s Introduction to the Penguin edition of Volume II.

Monday 25th October

6pm
Strand Building, Room tbc
King’s College London

N.B. We will be reading the Introduction to Vol.II by Ernest Mandel for this meeting.

Facebook event at: http://www.facebook.com/#!/event.php?eid=116271315100098

– – –

3) Reading Marx:

A number of people have expressed an interest in attending one-off sessions around shorter works by Marx, such the Communist Manifesto, the Paris Manuscripts, etc. If you would like to take part in such sessions please contact us on usual email address kclreadingcapital@gmail.com
.
Also if you would like to be put in touch with others interested in reading Volume I of Capital likewise please email.

– – –

Regards,
KCL Reading Capital

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CAPITALISM, EXPOLITATION AND ECONOMIC CRISES

King’s College London Reading Capital Society presents….

‘Capital, Exploitation & Economic Crises’

A talk by John Weeks, author of the seminal work ‘Capital and Exploitation’ (re-written and soon to be republished as ‘Capital, Exploitation & Economic Crises’), who will trace a path from Marx’s analysis of commodities to the capitalist crisis of the twenty-first century.

Mon 11th Oct 2010
6.30pm
Room K4U.12, Strand Campus
King’s College London

The current economic crisis is the worst since the depression of the 1930s. Mainstream economics has failed to account for this disastrous collapse of financial assets, which required massive state intervention throughout the capitalist world. Karl Marx did anticipate this type of financial collapse, arguing that it was a product of the ‘fetishism of commodities’ inherent in the capitalist mode of production.

All welcome. Please see John’s website for further background reading – www.jweeks.org

Poster at:
http://kclreadingcapital.posterous.com/

Facebook event is at:
http://www.facebook.com/event.php?eid=159504547409032

For more details see:
http://kclreadingcapital.blogspot.com

or email:
kclreadingcapital@gmail.com

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