A very Thai farce

Karl Marx once famously quipped in his commentary on the 1851 coup d’etat in France by Napoleon’s cousin, Louis Napoleon, that “that all great world-historic facts and personages appear, so to speak, twice… the first time as tragedy, the second time as farce”. This adage seems about to be realized in Thailand. With the country [...]

Capital accumulation & poverty

If wealthy nations are unable to accumulate capital by extending credit to debtor nations for civilian and military products and services during a contracting economic cycle at the level that they could during the expansionary cycle, how does the process of capital accumulation work during contracting economic cycles? In short, if accumulation does not take [...]