Marx argued that capitalism is inherently chaotic and crisis-prone, with a constant drive for profits leading to mechanization and the exploitation of workers. He also believed that capitalism’s focus on creating and satisfying arbitrary desires would lead to a society driven by a constant need for more and more products, even if they are not truly necessary. In addition, Marx predicted that capitalism would lead to globalization, with companies searching for new markets and cheap labor around the world, and the concentration of market power in large monopoly firms. He also believed that capitalism would lead to increasing inequality and the alienation of individuals from the work they do and the products they produce. While Marx was wrong about some aspects of capitalism, his analysis correctly predicted several aspects of contemporary capitalism.
Category Archives: Economy
The rise of AI, automation and the future of jobs
With advances in artificial intelligence and machine learning, robots are becoming increasingly capable of performing tasks that were previously thought to be the exclusive domain of humans. This has led to concerns about the potential threat of a jobless future, as many jobs that were once considered safe are now at risk of being automated.Continue reading The rise of AI, automation and the future of jobs
Was Karl Marx right?
It is difficult to say whether Karl Marx was right in his predictions about the eventual collapse of capitalism. While many of the issues that he identified, such as exploitation and inequality, continue to be relevant today, the exact course of history has not unfolded exactly as he predicted. However, Marx’s critique of capitalism remains an important and influential perspective in understanding the dynamics of the economy and society.
It’s important to note that Marx’s ideas were developed in the 19th century and were based on the conditions and experiences of that time. As such, they may not be applicable or relevant to the complex and rapidly-changing world of the 21st century. Additionally, Marx’s theories were not intended to be predictive or prescriptive, but rather were meant to provide a critical analysis of capitalism and its effects on society. While some of Marx’s ideas have been challenged by events and developments in the world, his theories continue to be a valuable source of insight and debate in the fields of economics and political science.
Rising global inflation
There are a number of factors that can contribute to rising global inflation, including increases in the cost of raw materials and energy, changes in monetary policy, and increases in demand for goods and services. Inflation is a measure of how much prices for goods and services are increasing over time, and it is typically measured by looking at the rate of change in a basket of commonly-purchased goods and services. When the overall level of prices in an economy is rising, it means that the purchasing power of money is declining, and people need more money to buy the same goods and services. Rising inflation can be a concern for governments and central banks, as it can lead to increased uncertainty and volatility in financial markets.
E-commerce, refers to the buying and selling of goods and services over the internet. It has become an increasingly popular way for businesses and consumers to interact, thanks to the convenience and accessibility of the internet. E-commerce allows businesses to reach a wider audience and sell their products and services to customers around the world. It also allows consumers to shop from the comfort of their own homes, compare prices, and make purchases quickly and easily. Some common examples of e-commerce include online retail stores, virtual marketplaces, and subscription-based services. The rapid growth of e-commerce has had a major impact on the global economy, and is expected to continue to expand in the coming years.
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Chinese tech giant Alibaba breaks into Pakistani market by acquiring Daraz
China’s biggest e-commerce company, Alibaba Group, broke into the Pakistani market on Tuesday by fully acquiring the Daraz Group.
Continue reading Chinese tech giant Alibaba breaks into Pakistani market by acquiring Daraz
One belt One Road – China makes Pakistan an offer it cannot refuse
MOVE OVER, DUBAI. Some day soon, cruise ships will disgorge frolicking pensioners not by the palm-fringed Persian Gulf but on the balmy Pakistan Riviera. From the muddy delta of the Indus to the barren Baloch coast, a twinkling constellation of attractions is set to rise: luxury hotels, water parks, golf courses, health spas, yacht harbours, night clubs, the works.
Continue reading One belt One Road – China makes Pakistan an offer it cannot refuse
A new narrative for a complex age: It’s Time for New Economic Thinking Based on the Best Science Available, Not Ideology
If 2008 was the year of the financial crash, 2016 was the year of the political crash. In that year we witnessed the collapse of the last of the four major economic-political ideologies that dominated the 20th century: nationalism; Keynesian Pragmatism; socialism; and neoliberalism. In the 1970s and 80s the center right in many countries abandoned Keynesianism and adopted neoliberalism. In the 1980s and 90s the centre left followed, largely abandoning democratic socialism and adopting a softer version of neoliberalism.Continue reading A new narrative for a complex age: It’s Time for New Economic Thinking Based on the Best Science Available, Not Ideology
UAE-India Signs A 75 Billion Dollars Pact
NEW DELHI: A deal of 75 billion dollars was made between UAE and India. Both the countries in New Delhi signed 14 MoUs over strategic partnership, trade and defense. Negotiations at delegation level took place between Narendra Modi and UAE representative Sheikh Muhammed bin Zaid-ul-Nahiyan. On the occasion both signed an agreement of 75 billion dollars on 14 MoUs.
Read more >> Pakistan Point News
See more >> http://www.pakistanpoint.com/en/world/news/uae-india-signs-a-75-billion-dollars-pact-93412.html
Initiative: Pakistan to build country’s first Naphtha Cracker Complex
LAHORE: In an unprecedented development to boost the economy, Pakistan is set to build the country’s first ever Naphtha Cracker Complex (NCC), a state-of-the-art “grand infrastructure” to change petrochemical raw substances into value-added products ranging from construction, home décor, appliances, furniture, medical care, paints, cleaning stuff and top of the line military gadgets.
Read more » The Express Tribune
See more >> http://tribune.com.pk/story/1302875/initiative-pakistan-build-countrys-first-naphtha-cracker-complex/
@ where Marx went wrong ?
By Iqbal Latif
Marx was the best thinker but he thought that the world will not move forward and has frozen that will continue with extreme suppression of labour. Marx & Engels in the Communist Manifesto in 1848 said ‘the proletarians have nothing to lose but their chains. They have a world to win. Working Men of All Countries, Unite! ‘
Marx could not believe that workers in a century plus will become partners in firms like MSFT INTEL Google and FB and 🍎!
Marx could not imagine mental cerebral capacity of man will create a trillions of $ worth universally 24/7 connected economy that will be managed not by 18 hours a work day dungeons labour force but intelligent servers.
Marx never thought that Apple and like of those will make huge extraordinary complexes to get the best out of workers not wretched conditions.
Marx thought that entrepreneur will extract the last drop out of the workers body. He could not imagine a capitalist state agreeing on 36 hours work week!
Marx had no idea of an economy based on service! ‘Employees Holidays’ are a huge industry, that he never thought or could imagine. An employee or a worker today enjoys the same holidays as his boss in a fair capitalist society.
Marx never thought that accumulated wealth by largest billionaires will be transferred freely without a war to the next generation of mankind not to their children. Gates Buffet Zuckerberg phenomenon. This was not envisaged in his Das Kalital!
There was no concept in Das Kapital of a capitalist state taking care of the basic education health and shelter of every child from cradle to the grave!
Marx thought that the grain of ‘Historical Exploitation of man’ is genetically homed in and if will continue. That actually did not happen, the world thinking changed 180 degree.
The only place where such exploitation continues are the Marxist countries like North Korea and Cuba! Freedom of action is curtailed. Deng freed the Chinese nation from exploitation of the state in the name of Great Leap Forward.
I think forget about complicated jargon what destroyed Marxism was benevolence of the state ‘ the kind of state education system, the NHS and the housing policies of capitalist states plus a punitive taxation structure where multiplication of unbridled wealth is checked and not allowed to be transferred without hefty cuts.
It was Deng who destroyed Marxism more than anyone else next was Yeltsin!! These issues highlighted above cannot be answered by Das Kapital – it is like the Genesis that went time barred with emergence of Hubble and LHC Couldron. There was no room left for 6/6000 days creation by a super creator.
Courtesy: Above article adopted from Social media.
Via – Facebook
Swiss to vote on 2,500 franc basic income for every adult
Switzerland will hold a vote on whether to introduce a basic income for all adults, in a further sign of growing public activism over pay inequality since the financial crisis. A grassroots committee is calling for all adults in Switzerland to receive an unconditional income of 2,500 Swiss francs ($2,800) per month from the state, with the aim of providing a financial safety net for the population.
Read more » Reuters
Karnataka, India: 14 Lakh Farmers Are Selling Their Products Online And Thus No Middle Men
Farmers in Karnataka have adopted the digital platform in selling their produce. They go online, check out the quotes of the traders and seal the deal that suits them best and also receive the payments online. This facility has gained quite popularity now and other states like Andhra Pradesh has also come forward to adopt it.
Read more » THE LOGICAL INDIAN
A Message to Humanity: Charlie Chaplin’s Iconic Speech, Remixed
“We want to live by each other’s happiness, not by each other’s misery.”
BY MARIA POPOVA
From the same remix artist who brought us yesterday’s Alan Watts meditation on the meaningful life comes “A Message for all of Humanity” — a stirring mashup of Charlie Chaplin’s famous speech from The Great Dictator and scenes of humanity’s most tragic and most hopeful moments in recent history, spanning everything from space exploration to the Occupy protests, with an appropriately epic score by Hans Zimmer.
Read more » BrainPickings
See more » https://www.brainpickings.org/2012/10/11/a-message-for-mankind-charlie-chaplin-great-dictator/
Here’s Why India Is About to Become the World’s Most Important Economy
Excerpt: If India can successfully transform its human resources into productive workers, you can expect it to quickly replace China as the economy that both inspires fear and respect among American economy watchers.
Read more » Fortune
The 7 biggest Economic lies
Karl Marx Was Right
By Chris Hedges
Karl Marx exposed the peculiar dynamics of capitalism, or what he called “the bourgeois mode of production.” He foresaw that capitalism had built within it the seeds of its own destruction. He knew that reigning ideologies—think neoliberalism—were created to serve the interests of the elites and in particular the economic elites, since “the class which has the means of material production at its disposal, has control at the same time over the means of mental production” and “the ruling ideas are nothing more than the ideal expression of the dominant material relationships … the relationships which make one class the ruling one.” He saw that there would come a day when capitalism would exhaust its potential and collapse. He did not know when that day would come. Marx, as Meghnad Desai wrote, was “an astronomer of history, not an astrologer.” Marx was keenly aware of capitalism’s ability to innovate and adapt. But he also knew that capitalist expansion was not eternally sustainable. And as we witness the denouement of capitalism and the disintegration of globalism, Karl Marx is vindicated as capitalism’s most prescient and important critic.
In a preface to “The Contribution to the Critique of Political Economy” Marx wrote:
Read more » truthdig
See more » http://www.truthdig.com/report/item/karl_marx_was_right_20150531
Inequality is not inevitable
62 individuals now own more wealth than the poorest 3.6 billion people on the planet.
Read more » Oxfam
See more » https://act.oxfam.org/canada/ask-our-new-prime-minister
Sweden introduces six-hour work day
Sweden is moving to a six-hour working day in a bid to increase productivity and make people happier. Employers across the country have already made the change, according to the Science Alert website, which said the aim was to get more done in a shorter amount of time and ensure people had the energy to enjoy their private lives.
Read more » INDEPENDENT
Oxfam says wealth of richest 1% equal to other 99%
The richest 1% now has as much wealth as the rest of the world combined, according to Oxfam.
It uses data from Credit Suisse from October for the report, which urges leaders meeting in Davos this week to take action on inequality.
Oxfam also calculated that the richest 62 people in the world had as much wealth as the poorest half of the global population.
It criticised the work of lobbyists and the amount of money kept in tax havens.
Oxfam predicted that the 1% would overtake the rest of the world this time last year.
Read more » BBC
See more » http://www.bbc.com/news/business-35339475
THATTO DUAL CARRIAGEWAY PROJECT USHER IN NEW VISTAS OF INVESTMENT
KARACHI: Sindh Chief Minister Syed Qaim Ali Shah has said that Thatta-Karachi Dualway Carriage would be a mile stone in the development of the province.
He said that he is committed with people and leadership to develop Sindh and create congenial atmosphere for investment in industrial sector, particularly in Thar coal filed.
He was addressing the signing ceremony of financing agreement Thatta – Karachi Dual Carriageway Project at the CM House here on Tuesday, said a statement.
He said that building infrastructure and commitment of providing better road network, the Works and Services Department in association with Sindh Public Private Partnership Unit is going to launch Karachi- Thatta Dual Carriageway Project.
The project is most important artery in the Province from Karachi to Thatta and a larger economic benefit of this Project is linked with connecting this corridor from Thatta towards Thar for Thar coal filed, he added.
Read more » Business Recorder
See more » http://www.brecorder.com/pakistan/politics-a-policy/270302-thatta-dual-carriageway-project-usher-in-new-vistas-of-investment.html
Dutch city plans to pay citizens a ‘basic income’, and Greens say it could work in the UK
By Daniel Boffey in Utrecht
It’s an idea whose adherents over the centuries have ranged from socialists to libertarians to far-right mavericks. It was first proposed by Thomas Paine in his 1797 pamphlet, Agrarian Justice, as a system in which at the “age of majority” everyone would receive an equal capital grant, a “basic income” handed over by the state to each and all, no questions asked, to do with what they wanted.
Read more » The guardian
Zimbabwe to adopt Chinese yuan as legal currency after debt cancellation
In an unprecedented move that signals China’s growing global influence, Zimbabwe has announced that it will adopt the Chinese currency as legal tender.
The announcement came after China cancelled $40-million (U.S.) in Zimbabwean debt earlier this week. China is already Zimbabwe’s biggest trading partner, and Beijing is often praised by the Zimbabwean government, which has adopted a “Look East” policy after years of sanctions by Western governments.
While the decision to adopt the Chinese yuan as legal tender next month is largely a political message by an anti-Western government, it also illustrates China’s economic power in Africa, where Beijing has rapidly become a major investor and the continent’s biggest trading partner.
Read more » The Globe and Mail
See more » http://www.theglobeandmail.com/report-on-business/international-business/african-and-mideast-business/zimbabwe-to-adopt-chinese-yuan-as-legal-currency-after-debt-cancellation/article27914154/
22 wind power projects in pipeline
KARACHI: Wind power generation capacity of the country is projected to increase from 250 to 1,530MW within a year as 22 windmill projects are in the pipeline.
The cheap and environmental-friendly wind energy, introduced late in Pakistan, is gaining popularity as it ensures quick return in a short cycle of three years.
Sources in the Ministry of Water and Power told Dawn that Pakistan has a 1,046km coastline in the South (Sindh and Balochistan), but most of the wind power projects are currently being installed at Gharo-Keti Bander and Hyderabad wind corridor.
Official sources said that nine wind turbine generator (WTG) projects are in advanced stage of development, while the other nine are under-construction and four have got their letters of intent (LoIs). Many more are under process and documentation. The estimated energy potential of the wind corridor is 50,000MW. Besides Gharo, several other sites have been identified in coastal areas of Balochistan and Northern areas.
Read more » DAWN
See more » http://www.dawn.com/news/1227553/
Is Africa getting a Dubai?
Bordered by Somalia, Ethiopia and Eritrea, tiny Djibouti has quietly been making headlines for its dreams to become as successful as the Emirate.
Read more » BBC
Pew Report: The American middle class is shrinking & standards of living are slipping.
The American Middle Class Is Losing Ground
No longer the majority and falling behind financially
After more than four decades of serving as the nation’s economic majority, the American middle class is now matched in number by those in the economic tiers above and below it. In early 2015, 120.8 million adults were in middle-income households, compared with 121.3 million in lower- and upper-income households combined, a demographic shift that could signal a tipping point, according to a new Pew Research Center analysis of government data.1
Read more » PewResearchCenter
Finland to pay every citizen $1,100 per month and scrap all other benefits in effort to reduce unemployment rate
Finland’s government is drawing up plans to pay every citizen a basic income of euros 800 ($1,165) each month, scrapping benefits altogether.
Read more » National Post
China’s yuan gains IMF reserve status
The International Monetary Fund (IMF) has announced that China’s currency, the yuan, will join the fund’s basket of reserve currencies.
Currently just the US dollar, the euro, the yen and the pound are in the group.
The IMF said the yuan “met all existing criteria” and should become part of the basket in October 2016.
The yuan will now make up part of the IMF’s Special Drawing Rights (SDR) – an asset created by the IMF which serves almost as a currency.
It is used for transactions between central banks and the IMF, and is used to decide the currency mix that countries like Greece, for example, receive when the IMF provides financial aid.
The last change made to the basket was in 2000, when the euro replaced the German mark and the franc.
Read more » BBC
See more » http://www.bbc.com/news/business-34957580
The Big Picture – China Pakistan deal: Should India be concerned?