THE ECONOMIC CONSEQUENCES OF THE WAR IN UKRAINE – 20 MAR 22

THE ECONOMIC CONSEQUENCES OF THE WAR IN UKRAINE – 20 MAR 22 – YouTube

Discussion introduced by Michael Roberts (Author of The Long Depression: Marxism and the Global Crisis of Capitalism and of the blog The Next Recession). The economic war between the US-led NATO group and Russia is hotting up alongside the real war in Ukraine itself. In response to the invasion of Ukraine by Russia, the US and Europe have upped the ante in imposing economic sanctions. What are the economic causes of this disaster and its implications, not only for the future of Ukraine and Russia, but also for the world economy? Economics cannot be divorced from politics; each plays on the other. But to paraphrase Friedrich Engels, in the last analysis, history is driven by material conditions. And as Lenin said: “politics is concentrated economics”. Ukraine is rich in natural resources, particularly in mineral deposits. The country is the world’s fifth-largest exporter of wheat and the world’s largest exporter of seed oils like sunflower and rapeseed. All of this remains to be fully exploited. The EU and the USA have also been drooling over the prospect of getting hold of these resources. That could deliver huge dividends to whichever power controls the country. Either way, once the war is over and after thousands have been killed or injured, Ukraine’s people will see little of the benefit.