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Volume 59, Issue 02 (June)

June 2007 (Volume 59, Number 2)

June 2007 (Volume 59, Number 2)

Notes from the Editors

In January 2007 the Development, Concepts and Doctrine Centre of the UK Ministry of Defence published a ninety-page report, entitled Global Strategic Trends, 2007–2036, highlighting a wide array of potential dangers to the prevailing order over the next thirty years. The report is organized around three “Ring Road Issues”: (1) climate change, (2) globalization, and (3) global inequality (p. xiii). Global warming and the possibility of abrupt climate change, together with the end of “the golden age of cheap energy,” are seen as placing increasing strains on populations throughout the planet (p. 31). The globalization of the world economy, embodying “particularly ruthless laws of supply and demand,” is viewed as creating new interdependencies, contradictions, and conflicts. Expanding global inequality, the UK Ministry of Defence insists, could lead to “a resurgence of not only anti-capitalist ideologies . . . but also to populism and the revival of Marxism” (p. 3)

Imminent Crises: Threats and Opportunities

egrettably, there are all too many candidates that qualify as imminent and very serious crises. Several should be high on everyone’s agenda of concern, because they pose literal threats to human survival: the increasing likelihood of a terminal nuclear war, and environmental disaster, which may not be too far removed. However, I would like to focus on narrower issues, those that are of greatest concern in the West right now. I will be speaking primarily of the United States, which I know best, and it is the most important case because of its enormous power. But as far as I can ascertain, Europe is not very different

Wage Stagnation, Growing Insecurity, and the Future of the U.S. Working Class

The most important promises used to justify capitalism are that your children will have a better life than you do, and in President Kennedy’s famous words, “a rising tide lifts all boats,” meaning everyone benefits from the accumulation of capital. These promises ring hollow in a period in which the relative position of the working people of the United States is declining and its ruling class is able to appropriate an increasing share of the national income. This pattern of accumulation and appropriation has become evident to many Americans and this awareness is beginning to affect political consciousness

The South Has Already Repaid its External Debt to the North: But the North Denies its Debt to the South

The South has already repaid its external debt to the North. Since the onset of the global debt crisis, precipitated in 1979 by a sharp increase in the Federal Reserve’s interest rates by Paul Volcker, the developing/ emerging market economies as a whole have paid in current dollars a cumulative $7.673 trillion in external debt service.1 However, during the same period their debt has increased from $618 billion in 1980 to $3.150 trillion in 2006, according to figures published by the International Monetary Fund (IMF). The external debt of this group of countries, comprising 145 member states, will continue to grow throughout 2007, according to the IMF, to more than $3.350 trillion. The debt of the Asian developing countries alone could rise to $955 billion. Although they have already repaid, in interest and capital, far more than the original amount due in 1980, these countries are now carrying a burden of debt much larger than they faced at the beginning of the period

With Thanks to Hans Koning

Hans Koning died April 13 in his Connecticut home at the age of eighty-five. Monthly Review Press had the distinction of publishing three of his books. One of them, still a classic in many high schools, was Columbus: His Enterprise — Exploding the Myth, the first trade book to challenge the U.S. origin myth. That myth says that this nation was founded by brave white men fleeing oppression — not by genocide, enslaved labor, and imperialist expansion. Originally published in 1976, the U.S. Bicentennial year, it was reprinted in 1992, the five-hundredth anniversary of Columbus’s voyage, when it sold 30,000 copies. MR Press also published The Conquest of America: How the Indian Nations Lost Their Continent (1993)

From Military Keynesianism to Global-Neoliberal Militarism

In mid-summer of 2006 a Harris Opinion poll revealed that roughly 50 percent of the U.S. public believed that weapons of mass destruction (WMD) had been found in Iraq by U.S. forces and nearly two-thirds of those polled thought that the Iraqi regime had been collaborating with al-Qaeda forces prior to the Washington invasion in the spring of 2003. All this, of course, stood in stark contrast to the facts as they were then known and grudgingly acknowledged by U.S. policymakers. At the same time, a large majority of the population believed that the invasion had been a mistake and favored significant troop withdrawals in the near future