COVID-19 and Economic Development in Latin America

Global Value Chains (GVCs) started to play an increasing and key role in the global economy from the 1990s on. The market mechanism in GVCs supports industrialisation in the Global South and under certain conditions product and process upgrading. But GVCs do not lead to the catching-up of countries in the sense of them approaching real GDP per capita levels comparable with developed countries. These arguments are supported by a critical interpretation of the traditional trade theory, the New Trade Theory and specific approaches to explain GVCs, especially different governance structures and power relationships. Several case studies support these arguments. For catching-up, countries need comprehensive horizontal and vertical industrial policy and policies for social coherence. The small number of countries which managed to catch up did this in different variations.

El artículo crítica los fundamentos de la síntesis teórica actual que domina el pensamiento económico, conocida como Equilibrio General Dinámico Estocástico (GDSE por sus siglas en Inglés). Analiza la perspectiva de la crítica de Kuhm a los paradigmas científicos. Y concluye que la política económica basada en esta perspectiva no necesariamente conduce al bienestar general.

This article briefly examines Marx's profound contribution in the political-economic thought. It provides the historical foundations of Marxian economic thought based on the contemporary situation as well as the state of economic thought at that time. Lastly, it discusses the volumes of Marx's contribution, as well as subsequent contributions and …

Geld und Sprache sind das „Band der menschlichen Gesellschaft“ (Cicero). Im vorliegenden Text wird die menschliche Sprache als soziale Form, als Prozess der Vergesellschaftung rekonstruiert und das damit verbundene Denken daraus entwickelt als Logos. Das Geld stellt logisch und historisch ein Novum innerhalb dieser Vergesellschaftung dar, das zu einer sich immer weiter einlagernden berechnenden Vernunftform (Ratio) führt. Diese wachsende Dominanz der Ratio über den Logos charakterisiert den Prozess der Modernisierung und erlaubt zugleich ihren inneren Gegensatz aufzudecken. Es zeichnet sich schließlich in der völligen Verdinglichung der Ratio in der Künstlichen Intelligenz eine neue Weise der Vergesellschaftung ab, worin die Herrschaft des Geldes in neuer Form reproduziert wird.

The historical situation of low interest rates after the Fed's response to the 2001 crisis alongside with huge foreign money inflow to the US are presented as the historical context in which subprime lending and financial instruments like CDOs and CDS evolved. Then those instruments as well as the concept of leverage are explained briefly.

Costas Lapavitsas explica el proceso de financiarización y la absorción de los sistemas de pensiones en éste.