MAYER WAKEFIELD speaks to Urielle Klein-Mekongo about activism, musical inspiration and the black British experience
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Illusions of the Ponzi circus
WILL PODMORE takes issue with a faulty analysis of capitalist crisis that cannot see the wood for the trees
BRIDGE OVER TROUBLED WATERS: Farmers have parked their tractors on a small bridge over a highway in Frankfurt, Germany on January 26 2024
KEVIN BRYAN reviews new releases by The Outlaws, Mark Radcliffe & David Boardman, Clarence White
BOB NEWLAND reviews a book that will take many back to the final years of apartheid in South Africa
GAVIN O’TOOLE examines the fatal relationship between environmental crimes and politics in Brazil and the inspiration provided by Indigenous people
MARIA DUARTE and LEO BOIX review Little Trouble Girls, Big Boys, The Roses, and Caught Stealing
MARY CONWAY admires a study of environmental idealism that aspires to Chekhov but is arrested in a deluge of middle-class opinion
You always hurt the one you love: central banks and the murder of capitalism
Bernard Connolly
Unicorn, £30
BERNARD CONNOLLY is the excellent economist who wrote the brilliant critique of the euro, The Rotten Heart Of Europe. In this fine book, he analyses what he calls “the global Ponzi scheme” that is present-day capitalism.
He acknowledges that “there has been extractive behaviour (what Marxists would call exploitation) on a massive scale... What has happened in Western economies in this century in terms of financial crises and massive inequalities of income and particularly, wealth, can appear to validate Marxist predictions.”
As he notes, Marx believed that crisis was inherent in the nature of capitalism and wanted the crisis to be resolved by instituting a socialist system. Friedrich von Hayek, by contrast, believed that recurrent crises in capitalism were caused not by the nature of private property but by monetary mismanagement, and wanted crises to be resolved in a way that preserved capitalism.
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