Payments can happen cheaply and easily without banks or credit card companies. This has now been demonstrated – not in the United States but in China. Unlike in the US, where numerous firms feast on fees from handling and processing payments, in China most money flows through mobile phones nearly for free. In 2018 these cashless payments totaleda whopping $41.5 trillion; and 90% were through Alipay and WeChat Pay, a pair of digital ecosystems that blend social media, commerce and banking.
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Labor / Economics
Stories about Labor and Economics.
The fact that the living standard of wage labourers has been delinked from GDP growth has an important implication: their well-being can be substantially increased under circumstances of a constant, or even shrinking GDP. We need not be concerned with maintaining or boosting GDP growth while discussing climate action. On the contrary, revealing and emphasizing the lack of connection between growth and well-being is more fruitful insofar as it demystifies the content of capitalist accumulation.
Today’s economics, especially Economics 101, is a major source of humankind’s denial of the possibility of the calamity of all calamities, which our economy is engineering. Annually, millions of students around the world are forced to study textbooks that indoctrinate them into thinking that there is no significant causal connection between our economy and the ecosphere. Once upon a time there wasn’t. Although from the first forest-clearing onwards, the economy has caused environmental damage and at an increasing rate, it was only in the 19th century – when the economy began the big switch away from muscle energy – that it began to acquire the means to cause lethal damage to the ecosphere.
It has now been over half a century since the natural sciences began to discover that the economy was causing fundamental and irreversible changes to the ecosphere by which we and the economy exist. Given that economics is the study of the economy, a more radical change in a science’s empirical realm is unimaginable.
Venezuela has become a popular argument against socialism amongst conservatives because of the deep economic crisis it is currently traversing. Defenders of the Bolivarian project, though, say that US sanctions and economic war are to blame for the crisis. Greg Wilpert presents an analysis that tries to take all the factors into account
Economists pride themselves on being the serious social science, the one most deserving of status as an actual science. I will let others make the comparative assessment, but there is an awful lot of nonsense that passes as serious analysis within economics.
Dozens of Coca-Cola workers are camping out at a major bottling plant until they get a raise. More than 8,000 Walmart employees were prepared to walk off the job, until management met some of their demands.And 30,000 striking factory workers have finally returned to work after a month-long strike.
Workers are organizing at unprecedented rates along the border — in Mexico.
The streets of Matamoros’s Ciudad Industrial were alive with activity. The northeastern border city sits on the banks of the Rio Grande, directly across from Brownsville, Texas. Outside the gates of dozens of maquiladora factories arranged in grid-like fashion in this industrial zone, workers crowded in front of white banners with the numbers “20/32” scrawled in black marker, representing the strikers’ demands for a 20% pay hike and an annual $32,000 peso (about $1,578 USD) bonus. Their bodies blocked would-be strikebreakers from entering the factory. Nearby, workers took shelter from the cold, huddling over wood fires beneath tarps rigged to form temporary encampments. Many leaders I spoke with when I visited on February 14 said they hadn’t been home since the work stoppage began a week earlier. Often, they’d slept in their cars.
The US Neocon-led strategy is increasingly clear: establish a ‘beach-head’ on the Colombian-Venezuelan (and Venezuelan-Brazilian) border under the guise of providing humanitarian aid. Use the aid to get Venezuelans on the border to welcome the US proxy forces to cross over. Set up political and military structures thereafter just inside the Venezuelan borders with Colombia and Brazil, from which to launch further similar efforts deeper into Venezuela. Repeat this province by province, step by step, penetrating Venezuela space until enough local units of the Venezuelan military change sides and convince one or more of the Venezuelan military hierarchy to join them.
At 10 am, February 6, 1919, Seattle’s workers struck, all of them. In doing so they literally took control of the city. The strike was in support of shipyard workers, some 35,000, then in conflict with the city’s shipyards owners and the federal government’s US Shipping Board, the latter still enforcing wartime wage agreements.
Seattle’s Central Labor Council (CLC), representing 110 unions, all affiliated with the American Federation of Labor (AFL), called the strike. The CLC’s Union Record reported 65,000 union members on strike. Perhaps as many as 100,000 working people participated; the strikers were joined by unorganized workers, unemployed workers and family members. Silence settled on the city’s streets and waterfront, “nothing moved but the tide.”