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The Crisis of Capitalism in Europe, West and East

There are three dimensions to the current, unprecedented global crisis of capitalism: economic, ecological, and political.

Let us look first at the economic dimension, which will be our main concern in this article. Capitalism is facing a major realization crisis—an inability to sell the output produced, i.e., to realize, in the form of profits, the surplus value extracted from workers’ labor. Neoliberalism can be viewed as an attempt initially to solve the stagflation crisis of the 1970s by abandoning the “Keynesian consensus” of the “golden age” of capitalism (relatively high social welfare spending, strong unions, and labor-management cooperation), via an attack on labor. It succeeded, in that profit rates eventually recovered in the major capitalist economies by the 1990s… | more |

Equality and Rights for Immigrants—the Key to Organizing Unions

Organizing immigrant communities is not a matter of taking pity on the downtrodden. It is a matter of understanding what is necessary for the survival of our communities, of our labor movement. If we are serious in wanting to build political power, then we must incorporate migrant workers, fight for their rights, and make the movement for social justice one that belongs to all of us, documented and undocumented.… | more |

Two Poems

When Marilyn Buck died last August 3, she had lived outside prison, on parole, for only twenty days. At age sixty-two, she had spent her last twenty-five years in various maximum security prisons. Before that, she lived years underground, supporting and taking part in actions with the Black Panther Party and later, the Black Liberation Army. Marilyn was a white woman who carried a great deal of pain, most of which came from her unflinching acknowledgement of the centuries of untold inequities suffered by African Americans and other people of color at the hands of “freedom-loving” white America… | more |

The Great Financial Crisis—Three Years On

The Great Financial Crisis began in the summer of 2007 and three years later, despite a putative “recovery,” it is still having profound effects in the United States, Europe, and in much of the world. Austerity is being forced on working people in many countries. Matters are especially difficult in Greece, a country that is being compelled by the demands of bankers, including the International Monetary Fund, to squeeze its workers in return for loans from abroad to help pay down government debts. Official unemployment in the United States is still around 10 percent, and real unemployment is much higher. An unprecedented 44 percent of the officially unemployed have been without work for over six months. A record number of people are receiving government food assistance as well as meals and groceries from charities. Many U.S. states and cities, facing large shortfalls in their budgets due to falling tax revenues, are cutting jobs and reducing funding for schools and social programs… | more |

Red Cop in Red China

Qiu Xiaolong’s Novels on the Cusp of Communism and Capitalism

The books reviewed here are Qiu Xiaolong, Death of a Red Heroine (2000), 464 pages, $14.00; A Loyal Character Dancer (2002), 360 pages, $14.00; When Red Is Black (2004), 320 pages, $13.00, all published in New York by Soho Crime; and A Case of Two Cities (2006), 320 pages, $13.95; Red Mandarin Dress (2007), 320 pages, $13.95; The Mao Case (2009), 304 pages, $13.99, all published in New York by Minotaur Books.

Qiu Xiaolong—the prolific Chinese novelist born 1953 in Shanghai and a resident of the United States since 1988—has made a fetish of the word and the color red, not surprisingly, since he writes about Red China. Three of his innovative novels include red in the title: Death of a Red Heroine (2000), When Red Is Black (2004), and Red Mandarin Dress (2007). In all three of these books, the main character is a sensitive, poetry loving, yet tough-minded police inspector who works for the Shanghai Police Bureau; he’s on the city payroll and doesn’t work as a free-lance private eye for hire… | more |

Monthly Review Volume 62, Number 4 (September 2010)

September 2010 (Volume 62, Number 4)

» Notes from the Editors

During the period stretching from the 1970s through the 1990s, Monthly Review, under the editorship of Harry Magdoff and Paul Sweezy, stood apart in its analysis of the tendency to economic stagnation in advanced capitalism and its view that the economic slowdown beginning in the 1970s was a manifestation of this secular tendency. The financial explosion that also emerged in these years was seen as an attempt by the system to stave off stagnation by means of credit-debt expansion, but at the cost of increasing financial fragility… | more |

The Wall Street Collapse and Return of Reality-Based Economics

Over the past generation, the U.S. economy as well as most of the rest of the global economy have been dominated by the idea that free market capitalism produces dynamic growth, financial stability, and as close as we are likely to come to a fair society. Supporters of this pro-market framework hold that government interventions to encourage growth, stability, or even fairness will almost always produce more harm than good. This mode of thinking has been the intellectual foundation for the era of financial deregulation in the United States—the dismantling of the Glass-Steagall regulatory system that was built amid the rubble of the 1929 stock market crash and ensuing 1930s Depression. The Clinton administration provided the final nails in the coffin of financial regulation with the passage of the Financial Services Modernization Act in 1999… | more |

The Wisdom of Property and the Politics of the Middle Classes

At the end of the twentieth century, while financial economists satisfied their intellectual pretensions to useful knowledge by conjuring up visions of a world peopled with materialistic consumer-investors optimizing rationally in accordance with their willingness to hazard their wealth, the propertied classes themselves were succumbing to new delusions fostered by the financial markets. The reasoned response of propertied individuals to their experience of the world of speculative finance has created a new political culture with important consequences for the political economy of capitalism… | more |

Genocide Denial with a Vengeance: Old and New Imperial Norms

Perhaps the most shattering lesson from [the] powerful inquiry [of Edward S. Herman and David Peterson in The Politics of Genocide] is that the end of the Cold War opened the way to an era of virtual Holocaust denial. As the authors put it, more temperately, “During the past several decades, the word ‘genocide’ has increased in frequency of use and recklessness of application, so much so that the crime of the 20th Century for which the term originally was coined often appears debased.” Current usage, they show, is an insult to the memory of victims of the Nazis… | more |

Chemical Catastrophe: From Bhopal to BP Texas City

Twenty-five years ago, a runaway chemical reaction in a tank at a Union Carbide (UC) pesticide factory created a poisonous gas which, unimpeded by the factory’s safety devices, spewed out over the sleeping population of the Indian city of Bhopal. Amnesty International estimated that seven thousand to ten thousand died in the catastrophe’s first three days, and that, by 2004, another fifteen thousand died. Prior to Bhopal, concern over toxic chemicals was confined to long-term or chronic effects on human health and the environment. Bhopal, however, showed that the manufacture, storage, and use of toxic chemicals also posed a major, acute risk to the safety of those working in and living around petrochemical plants and complexes… | more |

Cultural Impersonations and Appropriations: A Fashion Report

Growing up on a Midwestern farm while Marx worked on the final draft of Capital, Vol. I, was a boy who, as a man, would have a very different take on the relationship of workers to the products of their labor. Thorstein Veblen would become famous for what he wrote about the fetishized commodities of consumers.…For Veblen, all the nonessentials that we purchase as consumers reflect standards of respectability established by the upper class. The “motive that lies at the root of ownership is emulation,” he wrote, not just of others but of wealthy and powerful others. Under capitalism, one’s property “becomes the conventional basis of esteem,” by which Veblen meant both the high regard of others and self-esteem.…Over the past few decades, however, standards for personal appearance have been transformed in ways that seem to turn Veblen’s conspicuous consumption idea inside out… | more |

Workingclass nostalgia

Marge Piercy ( is the author of seventeen novels, most recently Sex Wars; seventeen volumes of poetry, most recently The Crooked Inheritance; a memoir, Sleeping with Cats; and two nonfiction books. Knopf will publish her second volume of selected poems, The Hunger Moon: Selected Poems, 1980-2010, next March… | more |

Our Last Chance to Save Humanity?

James Hansen, Storms of My Grandchildren: The Truth About the Coming Climate Catastrophe and Our Last Chance to Save Humanity (New York: Bloomsbury Press, 2009), 320 pages, $25.00, hardcover.

James Hansen, one of the world’s most distinguished climate scientists, has written an important book about the threat posed by climate change. The title, Storms of My Grandchildren, refers to the prediction of more powerful and more damaging storms in a warmer, future earth. Subtitled The Truth About the Coming Climate Catastrophe and Our Last Chance to Save Humanity, the book is written for a lay public and is certain to be controversial… | more |

A History of the Great Bust—Still With Us

Michael Perelman, The Confiscation of American Prosperity. From Right-Wing Extremism and Economic Ideology to the Next Great Depression (New York: Palgrave Macmillan, 2007), 239 pages, $30.00 hardcover.

Yves Smith, Econned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism (New York: Palgrave Macmillan, 2010), 362 pages, $30 hardcover.

Some forty years ago, the American business empire viewed itself as under siege as a result of government interventions threatening its freedom of action, demands for annual wage increases in the face of declining corporate profitability, import penetration of its home markets, as well as by loss of global hegemony symbolized by defeat in Vietnam. The empire struck back. A conglomerate of right-wing forces proceeded to declare war on the social reforms and institutions that had taken shape since the 1930s under the wing of an expanding federal government… | more |

Monthly Review Volume 62, Number 3 (July-August 2010)

July-August 2010 (Volume 62, Number 3)

» Notes from the Editors

For those wishing to understand the theory and practice of “socialism for the 21st century,” the publication this summer of Michael Lebowitz’s The Socialist Alternative: Real Human Development (Monthly Review Press) is a major event. Like Marta Harnecker, whose work, “Latin America and Twenty-First Century Socialism: Inventing to Avoid Mistakes,” forms the content of this issue of Monthly Review, Lebowitz is associated with the Centro Internacional Miranda research institute in Venezuela, is an advisor to President Hugo Chávez, and is a major Marxian theorist and political economist. He is also author of Beyond Capital: Marx’s Political Economy of the Working Class, and, more recently, Build it Now (Monthly Review Press, 2006)… | more |