In the third of a four-part serialisation from her new book No to Nuclear, LINDA PENTZ GUNTER explains how the world had a chance to build an energy system around renewables more than 70 years ago — instead, it chose nuclear
Rebuild Britain: for socially responsible public finance
Reviewing a new pamphlet, FAWZI IBRAHIM asserts the need for public expenditure in which private finance is strictly regulated and constrained, allowing the Bank of England to fund government expenditure without the risk of inflation
The Bank of England
Elon Musk says AI will make work optional. The world of abundance he predicts actually spells the end of the capitalist system, argues FAWZI IBRAHIM
Indian students have fought for the right to education, schooling us all in the process. Comrades from the Students’ Federation of India (SFI) — UK comment on the resistance and its ripples here
Edinburgh’s upcoming by-elections offer tenants a chance to put politicians under pressure over soaring rents and a council that has repeatedly sided with landlords and developers, says ADITI JEHANGIR
The real welfare dependency is at the top of our society, says ALAN SIMPSON
Tony Benn’s constituents chose him by an overwhelming majority — but because he had inherited a peerage, parliamentary rules declared their choice invalid, writes MAT COWARD
HOW a government funds its expenditure is a question that all countries face. It is not confined to capitalist economies. It applies to Cuba as well as to Britain and the US.
Government expenditure invariably exceeds its income whether by design as a result of investment decisions, or due to natural disasters or war. Governments with a sovereign currency (and Britain is such a country, unlike those who are inside the EU) can simply print money to fund expenditure. However, that will lead to inflationary pressures on prices, at least in the short term, as general demand for resources increases.
Traditionally, governments have borrowed money from the private financial market through the issuance of bonds. Money is thus taken away from private finance into the hands of the government to spend.
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