Economic Justice

SACSIS promotes the principle of just economies. We are opposed to economic development that violates social and economic rights and increases inequalities in the pursuit of economic growth.

The IMF Rules the World: Will the Debtors Fight Back?

Picture: Agent Rouge Michael Hudson - Not much substantive news was expected to come out of the G-20 meetings that ended on April 2 in London – certainly no good news was even suggested. Europe, China and the United States had too deeply distinct interests. American diplomats wanted to lock foreign countries into further dependency on paper dollars. The rest of the world sought a way to avoid giving up real output and ownership of their resources and enterprises for yet more hot-potato dollars. In such cases one expects a...

A New Premise for Economics

Picture: lucapassoni Colette Francis - In my first year of business school I sat on a fold-down seat in a crowded lecture theatre, listening to a professor with a Texan drawl hammer home the central principle of modern economics. I looked around to see hundreds of eighteen-year-olds swallow his words like bait on a hook. Self-interest is good. Self-interest is better. Self-interest is best. Tentatively I raised my hand. "Excuse me, sir,’ I asked. ‘Shouldn’t we care about poor people?" He started up...

G20: Tens of Thousands Gather to Protest in the Streets of London

Picture: World Development Movement Democracy Now - Tens of thousands of protesters from around the world have gathered in London to demonstrate against the G20 talks and call for economic justice and environmental accountability. Amy Goodman of Democracy Now interviews Walden Bello of Focus on the Global South to get his perspective on the G20. *** AMY GOODMAN: President Obama is in London today ahead of the G20 summit, where world leaders are gathering to discuss the global economic crisis. It marks Obama’s first trip to Europe since...

Can Our Wine Industry Become a Model for the Rest of Our Agricultural Sector?

Picture: Trevor Samson - World Bank Glenn Ashton - Agricultural practice in modern South Africa has failed to evolve sufficiently to adapt to our emerging needs. Farm workers remain marginalised, their work conditions and job security are poor. The proposed redistribution of land is slow and fraught with problems. Existing farmers feel threatened. Globalisation poses enormous challenges to the sector. However, the travails and success of our wine industry may point us toward some solutions. South Africa's wine industry has matured since...

Motor Industry Rescue Plan Smacks of Corporate Welfarism

Picture: Ian Broyle Ebrahim-Khalil Hassen - Current debates on the motor industry rescue plan remind me of the origins of the term "Hobson’s choice". The phrase draws from a Mr. Hobson that rented out horses, and gave his customers no choice as to which horse they would rent. By limiting the choices available to customers, Mr. Hobson ensured that he both managed his stock, and ensured a rotation of horses. South African motor industries, through skilful lobbying, are arguing that the rescue plan is the only option...

Global Financial Crisis: We Know Who the Culprits are, But are We Prepared to Address the Cause?

Picture: Elyce Feliz Fazila Farouk - The global financial crisis has exploded onto the scene, bringing with it job losses, home losses and family murder-suicides. This crisis may be financial, but its costs are human. The culprit, ‘capitalism’ has been named and shamed and the casino they call Wall Street, exposed. Under the disapproving gaze of the world’s ordinary people, elites appear confounded. How did they get it so wrong? Why didn’t they see the writing on the wall? What were the predictions of...