September 2002, Volume 54, Number 54
The growth and eventual bursting of financial bubbles is an inherent feature of capitalist accumulation, as can be seen in the long history of such crises from the South Sea Bubble of the early eighteenth century to the financial blowouts of the present day. In the first half of the summer a dramatic bubble-bursting decline in the U.S. and European stock exchanges wiped out the stock market gains of the previous five years—a period characterized by manic speculation… | more |
Economic & Environmental
History has provided us with numerous examples of economic stagnation and breakdown, as well as environmental degradation caused by human activity, even before capitalism existed. But capitalism’s central characteristic—the incessant drive to invest and accumulate wealth—gives birth to never-ending economic and environmental crises… | more |
The Nature of the Contradiction
The social relation of capital, as we all know, is a contradictory one. These contradictions, though stemming from capitalism’s internal laws of motion, extend out to phenomena that are usually conceived as external to the system, threatening the integrity of the entire biosphere and everything within it as a result of capital’s relentless expansion. How to understand capitalism’s ecological contradictions has therefore become a subject of heated debate among socialists. Two crucial issues in this debate are: (1) must ecological crisis lead to economic crisis under capitalism?, and (2) to what extent is there an ecological contradiction at the heart of capitalist society? … | more |
The story of how Helen Keller (1880-1967), struck blind and deaf while a toddler, overcame her disabilities with the help of her teacher Anne Sullivan, is a familiar one. William Gibson’s drama, The Miracle Worker, made into a movie, popularized that part of her story. She is remembered for accomplishments such as graduating cum laude from Radcliffe College; as an internationally famous advocate for the deaf and blind; and as a celebrity, writing books, appearing in films and on the vaudeville stage. Her friend Mark Twain described her, along with Napoleon, as one of the “two most interesting characters of the nineteenth century.” What is usually forgotten, however, is that she was also a prominent, articulate, and passionate voice for socialism. From a condition of profound isolation she grew into an inspired communicator, fully engaged with the world around her. She joined the Socialist Party in 1909 (later she’d join the Industrial Workers of the World, too) and championed her socialist vision while lecturing and writing on the issues of her day-in support of worker’s struggles, the Russian Revolution, and women’s suffrage, and against the First World War. There was no separation in her mind between her struggle on behalf of the disabled and her struggle for socialism. She attributed the greater portion of the ills experienced by the disabled, and the cause of these disabilities in many cases, to capitalism and industrialism. After 1921, she focused her energies on raising funds for the American Foundation for the Blind but she remained a supporter of radical causes for the rest of her life. This essay appeared in the New York Call, a daily newspaper of the Socialist Party, on November 3, 1912.… | more |
A Student-Worker Alliance is Born
Not long ago, the conventional wisdom was that capitalism was so completely triumphant that we were at the “end of history.” So strong and seemingly obvious was this view that many progressives embraced it. People’s imaginations shrunk and only the smallest and most local kinds of change appeared possible… | more |
