Thursday April 24th, 2014, 12:27 pm (EDT)

Economics

Political Economy

Capitalist Change and Generational Shifts

Ask anyone what single event has most decisively shaped the culture of the left in the late 20th century, and they are almost certain to tell you that it was the “collapse of Communism.” Yet look at any of the dominant intellectual currents on the left today and you will find that, even while they invoke that historic Götterämmerung, they situate the great cultural and political rupture of our era somewhere else, and earlier … | more |

“The State in a Changing World”

Social-Democratizing Global Capitalism?

There are two central developments that define our era. One of these is the historic failure of the socialist project of the mass working-class parties, both Communist and Social Democratic. The other is, of course, what has commonly come to be known as the “globalization” of capitalism. These two developments are certainly related to one another, but they cannot be reduced to one another. Each also has its own specific dynamics which need to be analysed separately … | more |

July-August 1998, Volume 50, Number 3

July-August 1998, Volume 50, Number 3

» Notes from the Editors

We write in early June, and these will be the last “Notes from the Editors” until some time in September when things will surely be a lot different from what they are now. Meanwhile you should not spend too much time trying to figure out what the difference will be. We are clearly in the last stages of one of capitalism’s periodic “business cycles,” and these are always periods of severe contradictions and much confusion. Later on, when things have calmed down a bit and the course of events seems to be following a more coherent pattern, there will be time enough to analyze the various tendencies and counter-tendencies that are combining to shape this phase of the twentieth century’s final cycle … | more |

A Letter to a Contributor

The Same Old State

As mentioned over the phone, we like your article very much. It needs to be shortened, and we will be suggesting some editorial changes. Meanwhile, I would like to get your thinking about my disagreement with this statement in your conclusion: “Today’s neo-liberal state is a different kind of capitalist class than the social-democratic, Keynesian interventionist state of the previous period.” I can’t see any significant difference in either the state or its relation to the ruling class, even though clearly there is a considerable difference between the functioning of the capitalist economy during the so-called golden age and the subsequent long stretch of stagnation. I do not mean the absence of any change at all in the capitalist class. Thus, the growing influence of the financial sector (not necessarily a separate sector) is noteworthy. But that is hardly a measure of a major change in the state … | more |

Eras of Power

During the past few years a strong challenge has been mounted in the pages of Monthly Review to the argument—prevalent on the left as well as the right—that globalization and technological change have combined to bring us into a new era. Ellen Meiksins Wood captured the gist of the emerging MR position in an essay entitled “Modernity, Postmodernity, or Capitalism” in which she asserts that there has been no historic rupture, no epochal shift, to usher in globalization or postfordism or postmodernism … | more |

A Critique of Tabb on Globalization

Not only do we reject [so-called "weak" and "strong" versions of "globalization"], we reject the arguments used to support them, namely, that globalization has little basis in economic fact, is no more advanced than it was during the pre-1914 years, and has no significant political consequences. Our version, both “strong” and “nuanced,” would be that since the early 1970s changes in technology and politics have greatly increased the ability of capital to do what it has always wanted to do—turn the world into one “free market” for finance, production, and wage labor. Ideologically strengthened by the collapse of communism, corporate capital has used its initiatory power in the realms of investment, employment, pricing, industrial location, and selective implementation of new technologies to leapfrog ahead of the ability of progressive forces to mobilize and fight back—which takes time, organization, and, if history teaches us anything, decades of struggle. This is not exactly the first time workers, and the entire left, have faced this situation; nor is it the first time that capital has been able to use the nation-state to accomplish its ends easier and faster, this time in significant measure through the creation of supranational institutions promoting the needs of transnational finance and production (NAFTA, EU, WTO, MAI, and multilateral trade agreements, including the latest “Uruguay Round”)… | more |

A Note on Du Boff and Herman

I’m taking the liberty of appending this note because, though Du Boff and Herman’s article is directed mainly at Bill Tabb, it refers to some of the things I’ve written about globalization.…Recently, I got a letter from Bill Doyle, who wrote, “After reading Ed Herman’s comments in Z (magazine), I re-read your article and couldn’t see why Ed was so exercised. I’d be interested to know if you see a substantial difference between the two of you, and, if so, what it is.” Here, with some minor changes and additions, is what I wrote back.… | more |

More (or Less) on Globalization

Much has been written about “globalization” in the last few years. It is not my intention to add to this literature but only to put the topic into the context of my own understanding of the history of capitalism.…Globalization is not a condition or a phenomenon: it is a process that has been going on for a long time, in fact ever since capitalism came into the world as a viable form of society four or five centuries ago; (dating the birth of capitalism is an interesting problem but not relevant for present purposes). What is relevant and important, is to understand that capitalism is in its innermost essence an expanding system both internally and externally. Once rooted, it both grows and spreads. The classic analysis of this double movement is of course Marx’s Capital.… | more |

The Triumph of Financial Capital

The announced subject of this conference is “New Trends in Turkey and the World.” I shall not try to say anything about new trends in Turkey, partly because of my ignorance but more importantly because Turkey is very much part of the world, and in this period the mother of all new trends is global in nature. To understand what is happening in any part of the world, one must start from what is happening in the whole world. Never has Hegel’s dictum “The Truth is in the Whole” been as true and relevant as it is today.… | more |

The Financial Explosion

Credit where credit is due. For a long time now we have been harping in this space on the theme of a monetary system out of control; of the wild proliferation of new financial institutions, instruments, and markets; of the unchecked spread of a speculative fever certainly more pervasive and perhaps even more virulent than any recorded in the long history of capitalism’s get-rich-quick obsessions. With few exceptions, accredited economists, as is their wont, have ignored these bizarre goings-on: they are not part of the way the economy is supposed to operate and are hence unworthy of “scientific” attention. … | more |