[Marxism] Venezuela: The political economy of inflation and investment strikes | Links International Journal of Socialist Renewal

glparramatta 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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