Thursday April 17th, 2014, 11:05 pm (EDT)

US Politics/Economy

Political Economy of the US

Walter Reuther, “Social Unionist”

Nelson Lichtenstein, The Most Dangerous Man in Detroit: Walter Reuther and the Fate of American Labor (New York: and Chicago: Basic Books, 1995), 575 pp., $35.00, cloth.

A New York Times obituary for Sophie Reuther on February 23, 1996, declared her husband, Victor, a co-founder of the United Auto Workers. So now the myth that Walter Reuther founded the UAW is extended to include his brother. Unfortunately, the new biography of Walter Reuther by Nelson Lichtenstein will do very little to squelch the myth; this despite the fact that the book documents Reuther’s career, warts and all.… | 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 |

Social Security: The Phony Crisis

In a recent speech, the head of the main government workers union in the United States accused the Reagan administration of “bleeding” the nation in order to finance defense spending and tax breaks for the rich. It is now clear that one cherished national social institution which is scheduled by the Reagan crowd for a major blood-letting is the Social Security System.… | more |

The Struggle to Save Social Security

Jacob Morris has effectively exposed the attack on Social Security for what it is, and he has done this within the framework of the existing system. The underlying assumption is that Social Security must be paid for out of an accounting reserve supported by payroll taxes. Based on this premise, generally accepted by liberals and conservatives alike, the financial integrity of the reserve is taken as equivalent to the integrity of Social Security itself. But the real questions are different. Why use an accounting reserve and why apply the test of financial integrity? No such tests are applied to any other part of the federal budget, surely not to the enormous armaments expenditures. Basically, what is at issue here is not a financial but a social problem.… | more |