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Fictionalizing Radical Activism of the 1960s, a review of Bryan Burrough’s book, Days of Rage

[G]iven the many ways in which crime has been understood through race and racist stereotypes, the stock characterizations in true crime stories have ever more damaging implications. Such distortions are more than bad history. They are toxic justifications for continued police brutality, mass incarceration, and the surveillance state in the name of “fighting crime.”… This is what makes Bryan Burrough’s Days of Rage not just disappointing but ultimately dangerous. Its genre is history as “true crime.” Burrough chronicles six revolutionary underground organizations from the late 1960s to the mid-1980s: the Weather Underground (WU), which emerged out of Students for a Democratic Society (SDS); the Black Liberation Army (BLA), an offshoot of the Black Panther Party; the Symbionese Liberation Army (SLA), whose best known act was kidnapping heiress Patty Hearst; the New World Liberation Front, a curious sequel of sorts to the SLA; the Puerto Rican independence group Fuerzas Armadas de Liberación Nacional; and a New England group of working-class white radicals that ultimately called itself the United Freedom Front.… | more…

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Remarks on Capitalism and the Environment It Produces

“Remarks on Capitalism and the Environment It Produces” is a recently discovered draft paper of Harry Magdoff’s. The exact date and location of its presentation is unknown; however the occasion was quite clearly a panel on economist Michael Tanzer’s The Sick Society (1971). We can therefore assume that it was written in 1971 or 1972. It is provided here in its original form with only minor copyediting. The title has been added. In our view, the chief importance of the paper is Magdoff’s early development of ecological ideas, ideas that are now much more common on the left.

—The Editors, Monthly Review

Strike at the Helm

The First Ministerial Meeting of the New Cycle of the Bolivarian Revolution

On October 7th, 2012, after hearing of his victory as the nation’s candidate with 56 percent of the vote, President Hugo Chávez Frias announced from a balcony in his hometown that a new cycle was beginning the very next day, October 8th.… Only a few days later, on October 20th, he headed the first meeting calling together the ministers of this new cycle, the Comandante called for a series of critiques and self-criticisms in order to expand efficiency, strengthen communal power, and further develop the National System of Public Media, among other themes regarding the construction of socialism.… This document synthesizes his words, as a tool for a debate in which we should all participate.

A Critical Reading of Steve Keen’s Debunking Economics (L’imposture économique

Samir Amin is director of the Third World Forum in Dakar, Senegal. His books published by Monthly Review Press include The Liberal VirusThe World We Wish to SeeThe Law of Worldwide Value, and, most recently, The Implosion of Contemporary Capitalism. This article was translated from the French by Shane Mage.

1. Let me begin by saying that I have read Steve Keen’s book Debunking Economics (L’imposture économique) with the greatest pleasure and, moreover, that I learned a great deal from it. I have never read anything quite so convincing on the absurdity, the absence of

The Compleat Economist

Nirmal Kumar Chandra (1936-2014)

Nirmal Chandra was, for half a century, among the very closest friends of Monthly Review. A comrade of Paul Sweezy and Harry Magdoff, Nirmal continued to guide their successors in the economics and politics of South Asia. He played a central role in the creation and survival of the sister edition of Monthly Review in India, the Analytical Monthly Review. His contribution to the entire Monthly Review project was offered freely and immediately at the first request, and was invaluable. The loving memorial by the venerable Ashok Mitra, reproduced below, first appeared in The Telegraph on April 4, 2014.… | more…

The Baran Marcuse Correspondence

Paul A. Baran and Herbert Marcuse were close, life-long friends, both of whom had been attached to the Institute for Social Research in Frankfurt in pre-Hitler Germany, and both of whom later emigrated to the United States—Marcuse to become a professor of philosophy at Brandeis University and Baran to become a professor of economics at Stanford. They corresponded frequently and met with each other when possible until Baran’s death in March 1964.

A Critique of Heinrich’s, ‘Crisis Theory, the Law of the Tendency of the Profit Rate to Fall, and Marx’s Studies in the 1870s’

Michael Heinrich’s article is really a continuation of the argument by Monthly Review that Marx’s law of the tendency of the rate of profit to fall (LTRPF) is not the main cause of economic crises.… Heinrich makes the following points: 1) Marx’s law is indeterminate; 2) it is empirically unproven and even unjustifiable on any measure of verification; 3) Engels edited Marx’s works badly, distorting his views about the law in Capital Vol. 3; 4) Marx himself, in writings during the 1870s, began to have doubts about the law as the cause of crises and started to abandon it in favour of some theory that took into account credit, interest rates and the problem of realisation (similar to Keynesian theory); 5) Marx died before he could present these revisions of his crisis theory, so there is no coherent Marxist theory of crisis.… | more…

Response to Heinrich—In Defense of Marx’s Law

It was Marx’s ultimate purpose, as stated in the preface to the first edition of Das Kapital, “to lay bare the economic law of motion of modern society.” It is clear that Marx regarded as his central achievement in this regard the “Law of the Falling Tendency of the Rate of Profit.” In vol.3, (p.303) he declares that: “The barrier of the capitalist mode of production becomes apparent… | more…

Critique of Heinrich: Marx did not Abandon the Logical Structure

Heinrich’s article is mainly about the falling rate of profit and crisis theory, but another important point has to do with Marx’s logical method in Capital, and in particular with the levels of abstraction of capital in general and competition. Heinrich argues that Marx encountered difficulties in the Manuscript of 1861-63 concerning this logical structure, and as a result of these difficulties, Marx abandoned this logical structure in the final versions of Capital.… | more…

Heinrich Answers Critics

For Marx, is a rising rate of surplus value (s/v) a part of the law itself (as it is presented in chapter 13 of vol. III of Capital) or is it a counteracting factor (dealt with in chapter 14)? There is an easy way to check: we just have to read chapter 13. Marx starts his presentation with a constant rate of surplus value and shows that a rising organic composition of capital leads to a falling rate of profit (pp. 317-18, all pages from the Penguin edition of Capital). Then very quickly he includes a rising rate of surplus value in his considerations (see pp. 319, 322, 326, 327, 333, 337). At pages 333 and 337 Marx even realizes the possibility of a profit rate rising with a rising rate of surplus value, but excludes such a possibility as an “isolated case” or not realistic without going into details. It is clear that he maintains the “law itself” not only with a constant rate of surplus value but also with a rising rate of surplus value!… | more…

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