In its most recent issue (July 17th) Doug Henwood’s excellent Left Business Observer, now in its seventh year of publication, highlights what may come to be seen as an important turning point in current economic history. The gist of it is that Alan Greenspan and his supporters at the Federal Reserve have come to the conclusion that inflation is no longer a serious problem and the real threat today is deflation. “For all the bad press that inflation gets, deflation is generally far worse for all but the richest and best-positioned.…Greenspan and Co. might not fear an exact replay of the 1929-32 collapse, but clearly that’s the ‘it’ that central bankers don’t want ever to happen again” (to paraphrase the title of Hyman Minsky’s classic book Can ‘It’ Happen Again?).
Volume 49, Issue 04 (September)
Much has been written about “globalization” in the last few years. It is not my intention to add to this literature but only to put the topic into the context of my own understanding of the history of capitalism.…Globalization is not a condition or a phenomenon: it is a process that has been going on for a long time, in fact ever since capitalism came into the world as a viable form of society four or five centuries ago; (dating the birth of capitalism is an interesting problem but not relevant for present purposes). What is relevant and important, is to understand that capitalism is in its innermost essence an expanding system both internally and externally. Once rooted, it both grows and spreads. The classic analysis of this double movement is of course Marx’s Capital.
The conscious crafting of an honest history by a state commission is a rare enough event to justify our calling your attention to South Africa’s Truth and Reconciliation Commission. But this writing of history is incomplete, in the same degree as the process of change in South Africa. Certain brute facts are ignored and avoided, and this avoidance was the condition of the bargain accepted by the ANC. As per South Africa’s Freedom Charter, now it can in some meaningful sense be said that “South Africa belongs to all who live in it, black and white.” But what belongs to whom is the question left unaddressed as the very condition of the transition negotiations, transferring its tension into all aspects of that transition, not least any permitted debate over present remedies for a history of injustice.