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The Class Politics of Austerity

Jacobin | J Vondruska/Bloomberg/Getty
Jacobin | J Vondruska/Bloomberg/Getty

In Escape from Capitalism: An Intervention, Clara Mattei dispels the anti-worker ideology that permeated mainstream economists’ analysis of Joe Biden–era inflation. Rather than treating macroeconomic challenges as technical problems with technical fixes, Mattei shows that economics under capitalism is fundamentally political in nature. While central bank technocrats present raising interest rates as a technical solution to inflation, the real effect is to raise unemployment and increase employers’ bargaining power over workers. The power of unelected technocrats to strengthen capitalist power reveals the class character and antidemocratic foundations of the capitalist economy. Above: Job seekers wait in line to enter a career fair in Chicago, Illinois, on August 7, 2025.

Posted in: News on 02/01/2026 | Link to this post on IFP |
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