The Great Penance

When the economic crisis becomes acute, when the rate of profit sinks towards zero, the bourgeoisie can see only one way to restore its profits: it empties the pockets of the people down to the last centime. It resorts to what M. Caillaux, once finance minister of France, expressively calls “the great penance”: brutal . . . → Read More: The Great Penance

Tax Havens

Governments running large welfare states have long resented tax havens, which reduce their tax take. In recent weeks, some people have managed to sell the idea that in response to the global financial crisis, governments need to crack down on tax havens. I, for one, don’t see any link between tax havens and the . . . → Read More: Tax Havens

Winners And Losers

Voluntary trade ensures that people only deal with others when they expect to be better off after the trade. . . . → Read More: Winners And Losers