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Contradictions of Finance Capitalism

Over the last thirty years, capital has abstracted upwards, from production to finance; its sphere of operations has expanded outwards, to every nook and cranny of the globe; the speed of its movement has increased, to milliseconds; and its control has extended to include “everything.” We now live in the era of global finance capitalism.… Financialization has involved increasingly exotic forms of financial instruments and the growth of a shadow-banking system, off the balance sheets of the banks. The repeal of the Glass-Steagall Act in 1999 symbolized the almost complete deregulation of a financial sector that has become complex, opaque, and ungovernable.… Although these are useful ideas, they only begin a full analysis of finance capitalism. Where did finance capitalism come from? Did neoliberal policy create finance capitalism? Does finance capital exploit differently from industrial capital? And, most importantly, what are the central contradictions that generate crises in finance capitalism?

Nepal’s Geography of Underdevelopment

Baburam Bhattarai, The Nature of Underdevelopment and Regional Structure of Nepal: A Marxist Analysis (Delhi: Adroit Publishers, 2003), xx, 540 pages, hardcover, Rs 600 ($14).

Emerging from a middle-peasant family background in Nepal, Baburam Bhattarai excelled at school and then, with a Colombo Plan scholarship in hand, studied architecture and planning in India. By the early to middle 1980s, the theoretical structure of spatial and regional planning studies had changed—in a Marxist direction. Bhattarai wrote his doctoral dissertation at one of the centers of political-theoretical ferment—the Centre for Study of Regional Development, at Jawaharlal Nehru University (JNU) in New Delhi—finishing in 1986. While he was a student, Bhattarai was president of the All India Nepalese Students Association on its founding in 1977. He joined the illegal Communist Party of Nepal (Masal) in the early 1980s. Returning to his native Nepal in 1986, he was the spokesperson of the United National People’s Movement during the 1990 uprising, and from 1991 the Coordinator of the United People’s Front Nepal, the legal front of the Communist Party of Nepal (Unity Centre), which in turn gave birth in 1995 to the Communist Party of Nepal (Maoist) (CPN[M]). Bhattarai served prominently in the Peoples’ War 1996–2006, and is now de facto second in command of the CPN(M). As of the date of writing preparatory negotiations for Constituent Assembly elections are still taking place, with the fate of the monarchy and the future direction of Nepalese society to be decided in the continuing struggle

The Hidden History of the Americas

Charles C. Mann, 1491: New Revelations of the Americas before Columbus (New York: Alfred A. Knopf, 2005), 480 pages, hardcover $30.00.

Countless, almost perfectly round, forested islands dot the remote, watery plain of the Beni in eastern Bolivia. A millennium ago the islands were linked by causeways, parts of an intricate landscape management system tended by thousands of highly organized workers. These mounds do not have their origins in geo-morphological forces, but originate instead in human logic, in anthro-morphology. For even simple excavation reveals that they are built from broken pottery. Each pile, and there are hundreds, is larger than Monte Testaccio, a hill of broken pots southeast of classical Rome, serving as a garbage dump for the imperial city. Simply extending from the volume of ceramics piled on the Beni suggests that the plain was home to a highly structured society. Beginning three thousand years ago, an Arawak-speaking people created a civilization that, at its height, was populated by a million people walking the causeways wearing “long cotton tunics, [with] heavy ornaments dangling from their waists and necks” (12). The Beni was one of humankind’s greatest works of landscape artistry. Yet it was unknown until recently even by its contemporary inhabitants, the Siriono. For the builders of the mounds and the caretakers of the dikes disappeared just before the Spanish invaders arrived. Its discovery awaited Bill Deneven, a geography graduate student at the University of California, Berkeley, who flew over the area in 1961 and was astonished to see great regularities in the landscape that could only be human in origin

Perpetual War for a Lasting Peace

Thomas P. M. Barnett, The Pentagon’s New Map: War and Peace in the Twenty-First Century (New York: G. P. Putnam’s Sons, 2004), 320 pages, hardcover $26.95.

The geopolitics of war are theorized in a Pentagon-centered system of war colleges, defense universities, academic departments, institutes of strategic and international studies, and quasi-private think tanks. Together these make up a powerful, rightist military-ideological complex. For the most part, waging war is discussed behind closed doors by people sharing similar attitudes, beliefs, and values—of patriotism for their beloved country, and antagonism toward its circle of enemies, real and supposed