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Crisis After Crisis: 10 Years After the Crash, There's No 'Reforming' Global Capitalism - FPIF
The real battle is now between two post-globalization camps: democratic socialists… and fascists.
economy 
2 days ago by bullfrogfilms
‘Nothing is as it should be’: Residents in East Ghouta struggle under broken economy six months into government rule - Syria Direct
“The Syrian government heavily limits what humanitarian groups can do [in East Ghouta],” says Mohamad Katoub, senior advocacy officer with the Syrian-American Medical Association (SAMS) in Turkey.
economy  Mar15  Damascus  unemployment 
3 days ago by elizrael
The real Goldfinger: the London banker who broke the world | News | The Guardian
The true story of how the City of London invented offshore banking – and set the rich free
economy 
3 days ago by beajeanm
Alibaba's Jack Ma says U.S.-China trade war ends 1 million U.S. jobs promise: Xinhua
Ma, expected to step down as Alibaba chairman in a year, predicted on Tuesday that trade frictions would lead to “a mess” for all parties involved.

He added U.S. tariffs on hundreds of billions of dollars of Chinese products could prompt the country to export elsewhere.

“We should work more in Africa, SEA (South East Asia), Europe,” he said.
china  africa  europe  economy  trends 
4 days ago by corrales
Wages Are Low and Workers Are Scarce. Wait, What?
"The low unemployment rate and stagnant pay point to a depressed economy underneath."
economy  economics 
4 days ago by jimmykduong
The Myth of the Ethical Shopper
The Chartered Institute of Logistics and Transport calls Li & Fung’s operations “ephemeral.” It has 15,000 supplier factories in 40 countries, but doesn’t own or operate any of them. It’s a coordinator, configuring cotton suppliers, textile mills, stitching and sewing houses into a straight line just long enough to deliver one order to one buyer, and then reconfiguring them for the next.

Li & Fung does inspect its suppliers and send reports back to its buyers. But there’s no guarantee that orders will be filled by the same factory twice, and audits are often carried out after the order has already been placed. And so clothing companies have no ability or incentive to fix what they find.

Jeroen Merk, a researcher at the International Institute of Social Studies of Erasmus University Rotterdam—and one of the few academics who’s investigating the megasuppliers—says their business model is deliberately organized to keep buyers separated from factories. If brands discover what factories charge, they might work with them directly and keep the margin for themselves. Some companies ordering clothes through megasuppliers, he says, don’t know which factories they were made in—or even which countries.

After the Tazreen fire, NGO campaigns focused on how Wal-Mart was responsible for 60 percent of the clothing being produced there. But Wal-Mart never actually placed an order with Tazreen. In fact, over a year before the fire, Wal-Mart inspected the factory and discovered that it was unsafe. By the time of the fire, it had banned its suppliers from using it.

So here’s how its products ended up at Tazreen anyway: Wal-Mart hired a megasupplier called Success Apparel to fill an order for shorts. Success hired another company, Simco, to carry out the work. Simco—without telling Success, much less Wal-Mart—sub-contracted 7 percent of the order to Tazreen’s parent company, the Tuba Group, which then assigned it to Tazreen. Two other sub- (or sub-sub-sub-) contractors also placed Wal-Mart orders at Tazreen, also without telling the company.

We are not going to shop ourselves into a better world. Advocating for boring stuff like complaint mechanisms and formalized labor contracts is nowhere near as satisfying as buying a pair of Fair Trade sandals or whatever. But that’s how the hard work of development actually gets done: Not by imploring people to buy better, but by giving them no other option.
workersrights  safety  wealthinequality  fashion  economy 
4 days ago by campylobacter

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