Dr Clive Thomas

Introduction   Last week I introduced the first in the present series of lessons explaining Guyana’s public investment management regime.

Introduction   Surprisingly, considering what appears to be the public’s main preoccupations today, thus far I have already received an unusual number of queries concerning the notion of “pathological altruism”, which I had introduced in recent columns that discussed the Venezuelan PetroCaribe scheme.

Introduction As I write this concluding column on PetroCaribe, global crude oil prices have resumed their decline.

Introduction Today’s column, along with next week’s will concentrate on 1) an evaluation of the role the PetroCaribe initiative has been playing in the region’s regime of crude oil importation, since its establishment in 2005, and 2) an assessment of the near-to-medium prospects of this initiative, with special reference to Guyana’s membership.

Introduction: Lifeline or noose   I shall outline the key details of the Venezuela PetroCaribe initiative in the next section of this column but upfront I wish to categorically assert that Guyana along with other members of this initiative have benefited greatly from it since its establishment in 2005 and for sure right up to the middle of 2014.

  Introduction   As indicated last week, in order to promote an intelligent appraisal of PetroCaribe and the current regime of Guyana’s oil importation, an appreciation of the trajectory of the current global crude oil price is essential.

Market price: demand and supply                Today the PetroCaribe Agreement and Guyana’s oil importation has to be contextualized against the dramatic fall in the global price of oil, which started in mid-2014.

Introduction Last week’s column revealed that in 2015, even as Guyana approaches half a century of Independence, several classical features of its colonial economic structure remain intact by global standards.

Then and now Sadly, as we approach Republic Day 2015, and after about half a century of independence, the classic description of the Guyana colonial economy as very small (even micro by global standards), poor, highly open, and exceptionally dependent on trade in primary commodities remains as broadly accurate today as it was back then.

Part4   Introduction Today’s column concludes this four-part series on the Guyana state.

So far Parts 1 & 2 of this four-part series of columns have argued that the proximate or immediately precipitating factor driving the multifaceted crises which have emerged in Guyana today, stems from the unprecedented torrent of financial lawlessness, abuses and irregularities unleashed by the minority PPP/C executive, which came into office following the November 2011 national elections.

Part2   Introduction   Last week, in Part 1 of this four-part series of columns I had argued that the proximate or immediately preceding factor driving the several ongoing crises and threatening contradictions in Guyana (starkly symbolized in the presidential prorogation of the National Assembly on November 10, 2014) has been the uncontrolled torrent of financial abuses, irregularities, and lawlessness perpetrated by the PPP/C executive since the November 2011 elections.

Part1   Introduction   There is a connecting thread to Guyana’s ongoing narrative of multiple unfolding crises, major economic contradictions, and threats of state violence against government critics.

This week’s column concludes the discussion of inequality and poverty in Guyana.

Introduction     As promised last week, today’s column begins with a brief report on the only recent study that I know of, which provides a quantitative measure of the direct impact of the global economy on poverty and inequality within nations.

There are two crucial issues which remain to be tackled in this series on inequality and poverty in contemporary Guyana.

Introduction   This week I complete my presentation of Piketty’s recent paradigm- shifting contribution to the study of income and wealth inequality (Capital in the 21st Century), which I had introduced last week.

Introduction Last week’s column sought to make it very clear that, in my view, Guyana’s burgeoning inequality and poverty are the direct products of decisions and collective choices made by the ruling cabal of politicians, controllers of criminal networks, economic and financial rogues, and other marauders, who as I have indicated, consider themselves not only ‘too big to jail’ but also destined by the gods to rule Guyana.

In today’s column I propose to take last week’s discussion concerning the impact of massive wage and salary spreads along with the prevalence of the phantom economy on Guyana’s inequality and poverty one step further, through engaging an important emerging global line of thought on these matters.

Absolute v relative poverty This week I shall follow up on three matters related to last week’s discussion of poverty and inequality in the context of Guyana’s growth, joblessness and the minimum wage.