Erosophia

Category: Economics

  • Cuba to Begin Privitization

    by Jason Stotts The Guardian is reporting that Cuba is set to cut 1,000,000 government jobs in the coming year, with 500,000 government jobs eliminated by March. Cuba has announced it will lay off more than a million state employees in a sweeping privatisation drive that will transform the island’s socialist economy. Authorities said layoffs…

  • Capitalism and Terminology

    by Jason Stotts There is some debate about the origins of the word “capitalism,” but we do know that it followed widespread use of the term “capitalist” – meaning one who had money or property. Capitalism is a term coined by Karl Marx to describe what he thought of a system whereby the capital owning…