Economy

Housing & the property bubble in Ireland - Bubbles, Booms and Busts

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Based on Monopoly houses by Doun Donnell on flickrThe years from 1995 to 2007 saw record levels of housing construction in Ireland. Construction output went up, land and house prices mushroomed and it seemed as if there was a never-ending bandwagon on which everyone was going to get rich by simply waiting for their pile of bricks to increase in value.

First published in The Irish Anarchist Review 2

A whole new lexicon of terms and vocabulary entered the everyday parlance – terms such as ‘starter home’, ‘property ladder’, ‘first time buyer’; Newspeak phrases such as ‘affordable housing’ were bandied about. Houses and housing estates were advertised for sale by estate agents and property developers with colourful banner headlines and slogans such as ‘live the dream’, ‘live the lifestyle’ – it was almost explicitly stated that even the dreary Irish weather could be by-passed by buying an apartment or house in the latest development. It seemed as if the dream would go on forever. But in mid 2007, disaster struck. With the onset of the world- wide recession, Ireland’s very own property bubble burst with a huge bang and left only destruction behind it. The dream turned to a nightmare for many people and the vocabulary was now dominated by terms such as ‘negative equity’, ‘ghost estates’ and ‘price collapse’.

The crisis in capitalism and the anarchist response

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Starting at our Spring 2009 national conference the WSM has debated and voted on a number of documents on the capitalist crisis and the resistance to it. This text is the agreed collective position of the WSM and looks at the causes of the crisis, how it impacts workers in Ireland, what resistance there has been and what hope there is for the future.   Most recently this text was updated at the May 2013 Feb WSM national conference.

The 420 Billion giveaway: How Ireland is losing its valuable natural resources

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This page 'rescues' the text of the Shell to Sea information pack 'The 420 Billion giveaway: How Ireland is losing its valuable natural resources' on Ireland’s offshore oil and gas and the Corrib Gas controversy, prepared by Dublin Shell to Sea November 2009.

They Didn’t Share the Wealth Why Should we Share the Pain

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There is no money left in Ireland. At least that’s what you might think after listening to Brian Cowen, Enda Kenny, IBEC and the parade of capitalist economists and pundits who parrot this nonsense. Yes, we are heading into a deep recession but guess who is expected to pay the cost?

The historical development of the global financial order under US hegemony

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In 'Financial Weapons of Mass Destruction', Paul Bowman examined the derivatives market and promised that the succeeding article would cover the 'story of the historical development of successive regimes of global financial orders' and would explain the role of the Eurodollars market 'in undermining the Keynesian Bretton Woods system'.

However, in the interests of space and relevance, I will only tell the story of the historical development of the regime of global financial order under US hegemony. I will begin by examining how the centre of capital accumulation shifted from Europe to the US in the first half of the twentieth century, and how following World War II the global financial order became centred around the US through the Bretton Woods system.

I will then look at how the Bretton Woods System was undermined, concentrating as much on the role of workers’ militancy as on the role of the Eurodollars market. After considering the response to the crisis of Bretton Woods, I'll look at the Clinton boom bringing us up to the current situation of the US’s current heavy dependence on foreign borrowing.

Financial Weapons of Mass Destruction

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Written months before the banking crash of the Autumn of 2008 this is the first part of a series of articles investigating the capitalist financial markets from a critical perspective.  It explains in some detail what the various financial instruments are that were to be blamed for the crash and what implication they have for class struggle. (Image: Just around the corner)

The cause of the crisis in global capitalism

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A very detailed talk on the cause of the current world financial crisis that starts off by explaining the background economics in an easy to understand manner, moves on to the role the war and other events apart from the sub-prime crash played and concludes with a look at what opportunities have been created for anarchist by this sequence of events.

 

Why Ireland stands to lose €400 billion in natural gas and oil deposits

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Concerns about the safety of Shell’s pipeline in Rossport are well known. But that’s not all that’s at stake. Not by 400 billion euro (2007 figure). The oil companies exploiting Ireland’s west coast have got some of the sweetest deals in the world and that doesn’t happen by accident. This article looks at how the Irish state has been busy rolling over for the last thirty years so the multinationals can grab the riches that should belong to us all.

Privatisation – the rip-off of public resources

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Throughout the world, public services have been under attack for the past twenty years. Forming a central plank of the capitalist globalisation agenda, ‘privatisation’ and ‘competition’ are the seemingly unchallenged dogma of modern capitalism. The levels of privatisation which have taken place worldwide are absolutely mindblowing. During the 1990s alone over $900 billion worth of public assets were transferred into private hands. Globally this agenda is pushed by the World Bank and the World Trade Organisation (WTO). The basic theory by which these bodies operate is that all decisions should be made on the basis of profitability alone.

Communism: What's In A Word?

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This article opens by looking at how the meaning of communism as opposed to socialism evolved in the late nineteenth century and closes with a look at how this applies to the free software movement today. The terms socialism and communism appear in England around the 1820s as terms adopted by members of the cooperative movement who were sick of hearing their politics referred to as "Owenism". Originally the two terms were undifferentiated but by the 1840s communism was used by revolutionaries to differentiate themselves from reformists such as J.S.Mill who had adopted socialism to cover an indigestible mess of reformisms.

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