Top Menu

The Internationalization of Monopoly Capital

In a 1997 article entitled “More (or Less) on Globalization,” Paul Sweezy referred to “the three most important underlying trends in the recent history of capitalism, the period beginning with the recession of 1974-75: (1) the slowing down of the overall rate of growth; (2) the worldwide proliferation of monopolistic (or oligopolistic) multinational corporations; and (3) what may be called the financialization of the capital accumulation process.”… The first and third of these three trends—economic stagnation in the rich economies and the financialization of accumulation—have been the subjects of widespread discussion since the onset of severe financial crisis in 2007-09. Yet the second underlying trend, which might be called the “internationalization of monopoly capital,” has received much less attention.… the dominant, neoliberal discourse—one that has also penetrated the left—assumes that the tendency toward monopoly has been vanquished… [In contrast,] we suggest that renewed international competition evident since the 1970s was much more limited in range than often supposed… In short, we are confronted by a system of international oligopoly.… | more…

The Jobs Disaster in the United States

The Great Recession in the United States, which lasted eighteen months, the longest downturn since the 1930s Depression, was declared over and done as of July 2009. The economy has been growing, albeit slowly, since then, and the output of goods and services (Gross Domestic Product or GDP) has returned to pre-recession levels. U.S. corporate profits have soared, and most of the big banks, after being bailed out, have been making piles of money. However, rising production and profits have not been accompanied by the return to work of millions of unemployed people, many of whom have been out of work for numerous months and have little prospect of future employment.… This essay will focus on the jobs disaster in the United States, although the problem is global. The United States is where the crisis began, and it is still the world’s richest and most powerful nation. What happens here has serious repercussions for everyone in the world. In addition, the disconnect between economic reality and the propaganda of recovery is greatest in the United States. So a close examination of what is happening in this country is instructive, not just for those of us who live here, but for those in the rest of the world as well.… | more…

The Rise of the Working Class and the Future of the Chinese Revolution

In July 2009, workers at the state-owned Tonghua Steel Company in Jilin, China organized a massive anti-privatization protest. Then, in the summer of 2010, a wave of strikes swept through China’s coastal provinces. These events may prove to be a historic turning point. After decades of defeat, retreat, and silence, the Chinese working class is now re-emerging as a new social and political force.… How will the rise of the Chinese working class shape the future of China and the world? Will the Chinese capitalist class manage to accommodate the working-class challenge while maintaining the capitalist system? Or will the rise of the Chinese working class lead to a new Chinese socialist revolution that could, in turn, pave the way for a global socialist revolution? The answers to these questions will, to a large extent, determine the course of world history in the twenty-first century.… | more…

Three Poems by Marilyn Buck

Marilyn Buck (1947-2010) spent over twenty-five years in prison for politically motivated actions against U.S. government policies and in support of the Black Panthers and the Black Liberation Army. She wrote these poems behind bars, as a way to comprehend the reality of prison and continue her fight as a white woman against injustice, particularly U.S.-generated white supremacy. Paroled in July 2010, she died of cancer twenty days after her release.… | more…

The Emperor Has No Clothes But Still He Rules

Moshe Adler, Economics for the Rest of Us: Debunking the Science that Makes Life Dismal (New York: The New Press, 2009), 224 pages, $24.95, hardcover; David Orrell, Economyths: Ten Ways That Economics Get It Wrong (Mississauga, Ontario: John Wiley & Sons Canada, Ltd., 2010), 288 pages, $27.95, hardcover; Yanis Varoufakis, Joseph Halevi, and Nicholas J. Theocaratis, Modern Political Economics: Making Sense of the Post-2008 World (New York: Routledge, 2011, forthcoming), 536 pages, $165.00, hardcover, $65.00, paperback.

Science is often thought to proceed from a theory to experiments that test its predictions. If new data are discovered that cannot be explained by the theory, eventually a new theory arises to replace it. If the new theory can explain everything the old one did plus the new phenomena, sooner or later every scientist will adhere to the new paradigm.… Neoclassical economics is taught in every college classroom in the United States and in almost every country in the world. Graduate students learn no other approach to economics. They are taught that neoclassical economics is a science, on a par with physics and the other natural sciences. There is even a joke that when good neoclassical economists die, they are reincarnated as physicists, but bad ones come back as sociologists.… | more…

Monthly Review Volume 63, Number 1 (May 2011)

May 2011 (Volume 63, Number 1)

» Notes from the Editors

On March 15, 2011, we received the following letter from Robert W. McChesney, former coeditor of MR and Gutgsell Endowed Professor of Communication at the University of Illinois at Urbana. Bob lives in Madison, Wisconsin, which in February and March, was the site of an intense class conflict over public-sector workers’ rights to organize. We are reprinting his letter in full here, as we think it will be of interest to all MR readers.… | more…

On the Laws of Capitalism

In February 2011, while I was drafting what was to become “Monopoly and Competition in Twenty-First Century Capitalism,” written with Robert W. McChesney and R. Jamil Jonna (Monthly Review, April 2011), I decided to take a look at Paul Sweezy’s copy of the original 1942 edition of Joseph Schumpeter’s Capitalism, Socialism, and Democracy, which I had in my possession. In doing so, I came across a folded, two-page document, “The Laws of Capitalism,” tucked into the pages. It was written in ink in Sweezy’s very compact handwriting. In the upper-right-hand corner, Sweezy had jotted (clearly much later) in pencil: “(A debate with J.A.S. before the Harvard Graduate Students’ Economics Club, Littauer Center, probably 1946 or 1947.)” The document consisted of a detailed outline, in full sentences, of a contribution to a debate. I immediately realized that this was Sweezy’s opening talk in the now legendary Sweezy-Schumpeter debate. Until that moment, I, along with everybody else, assumed that no detailed records of the actual talks had survived.… | more…

The Dialectic of Structure and History: An Introduction

The investigation of the dialectical relationship between structure and history is essential for a proper understanding of the nature and the defining characteristics of any social formation in which sustainable solutions are being sought to the encountered problems. This is particularly important in the case of capital’s social formation, with its inexorable tendency toward an all-embracing, structurally embedded determination of all aspects of societal reproduction and the—feasible for the first time ever—global domination implicit in that form of development. It is therefore by no means accidental that, in the interest of the required structural change, Marx had to focus critical attention on the concept of social structure, in the historical period of crises and revolutionary explosions of the 1840s when he articulated his own—radically new—conception of history.… | more…

Labor’s Love Lost: War Among the Unions

Steve Early, Labor’s Civil Wars (Chicago: Haymarket Books, 2011), 440 pages, $17.00, paperback.

Leadership driven union density or membership driven mobilization? Labor activist and writer Steve Early chronicles the divisions that opened up in a labor movement desperate to curb decline during the first decade of the 21st century. Divisions that led to a split in the AFL-CIO and in the largest US union, SEIU. Early’s detailed knowledge of the issues and players makes for a fascinating trip through labor politics, largely ignored in the mainstream media.… | more…

Labor Revolts in the 1970s

Aaron Brenner, Robert Brenner, and Cal Winslow, editors, Rebel Rank and File: Labor Militancy and the Revolt from Below During the Long Seventies (New York: Verso, 2010), 472 pages, $29.95, paperback.

Rebel Rank and File is a collection of articles that surveys the building, heydey, and decline of rank and file workers’ movement in the fields, mines, auto plants, schools, trucking and phone companies in the late 1960s through the 1970s. What makes this book so valuable is that the first half is devoted to detailing the context of these struggles—the political economy in which they were set. It begs the reader to look deeper into the basis of the book—bureaucratized unions, with leaders hell bent on maintaining power no matter the cost, who serve as buck privates in the Democratic Party army, and who need a compliant base every bit as much as the employers. The authors develop a number of interconnected themes: the single minded union strategy based on endless capitalist growth, parochialism, the private welfare state, pragmatism, anti-communism, influence of anti-war, black power and women’s movements—all of which then help the reader to see similarities of the different rank and file experiences, no matter the work or union.… | more…

The Jack O’Dell Story

Nikhil Pal Singh, editor, Climbin’ Jacob’s Ladder: The Freedom Movement Writings of Jack O’Dell (Berkeley: University of California Press, 2010), 298 pages, $34.95, hardcover.

The story Jack O’Dell is one of the least understood but most important stories in the last half-century of the American Left; important because O’Dell, in his organizing and his writing for Freedomways magazine, contributed in crucial ways to the struggle against racism. But also little understood because the taboo on American Communism and Communists has prevented individual stories from the surrounding milieux to be appreciated and understood. This review-essay brings O’Dell back to light.… | more…

FacebookRedditTwitterEmailPrintFriendlyShare