[Marxism] Venezuela: The political economy of inflation and investment strikes | Links International Journal of Socialist Renewal
glparramatta at greenleft.org.au
Mon Feb 10 01:55:23 MST 2014
By *Oliver Levingston*
February 10, 2014 -- /Links International Journal of Socialist Renewal/
-- This paper adopts a Marxian class analysis to dispute the orthodox
critique of high inflation in contemporary Venezuela. It draws a
parallel between the 2002-03 oil industry lock-out and the capital
strike in the Venezuelan foodstuffs industry today. In each case,
capital has suspended production to bid up the price of basic goods and
create widespread shortages.
Orthodox economists have cited worsening output and rising inflation in
the aftermath of the capital strike to demand fiscal austerity and
restrictive monetary policy.
This paper explores explores how inflation-targeting conceals the class
antagonism of capital strikes and highlights the class interests that
underpin monetarism. In doing so, it argues for the importance of
socialising production as a viable alternative to neoliberal austerity.
Full article at http://links.org.au/node/3705
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