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Whither Japan? Seven Decades After Defeat

The hard-won lessons of Japan’s wartime defeat are enshrined in its National Constitution and Article 9 in particular.… For the past seventy years, Article 9 remained a fundamental principle of Japanese diplomacy, undergirded by memories of the Asia-Pacific War and the U.S. occupation, buttressed by important revisionist histories of Japanese imperialism. A politically recovered, economically restored Japanese populace still appreciates the Constitution and the relevance of Article 9. But conservative politicians who never believed in the Constitution’s ideals repeatedly challenged and worked around Article 9 despite the majority’s support for it.… Today, once again, Article 9 stands in danger of abandonment by interpretation rather than revision by constitutional processes.… | more |

New this week!

Cotton: The Fabric of Death

Sven Beckert, Empire of Cotton: A Global History (New York: Knopf, 2014), 640 pages, $35, hardback.

For four years following the 2008 mortgage crisis, I worked as a cotton merchant for one of the “big four” trading firms—ADM, Bunge, Cargill, and Louis Dreyfus. These shadowy giants, two of them privately held, maintain oligopoly control of agricultural commodity markets. From desks in Memphis, my colleagues and I purchased mountains of cotton in Asia, Africa, and the Americas, warehoused it, speculated on it, and sold it back to mills on those same continents.… We sat at the pinnacle of a web of political and economic forces that funneled cotton into facilities we owned and cash into our accounts, but nowhere in the office was there a visible sign of the violence that made it all possible.… Too often liberal histories focus on a single period, territory, or class perspective, and end up obscuring the truth, severing the threads that tie a moment to its historical roots. Sven Beckert’s Empire of Cotton is different. Although a liberal historian, Beckert refuses to limit his scope in the traditional way. Instead, he follows the movement of cotton across time, space, and class, bringing forward the threads that bind the objects of an otherwise distorted past.… | more |

Monthly Review Volume 67, Number 5 (October 2015)

October 2015 (Volume 67, Number 5)

Fifty years ago this month, beginning in early October 1965 and extending for months afterwards, the United States helped engineer a violent end to the Communist Party of Indonesia (PKI). Between 500,000 and a million Indonesians were killed by conservative factions of the military led by General Suharto and by right-wing Muslim youth—all with the direct involvement of the CIA, the close cooperation of the U.S. Embassy and State Department, and the guidance of the Johnson administration’s National Security Council.… In forthcoming issues of Monthly Review we are planning to publish work on the Indonesian genocide, which, alongside the Vietnam War, constitutes a major turning point in the history of Southeast Asia in the period, and one of the most brutal acts of mass carnage inflicted by imperialism in the twentieth century. The dire implications of this carry down to the present day.… | more |

“Dangerous Circumstances”

The Council on Foreign Relations Proposes a New Grand Strategy Towards China

The Council on Foreign Relations (CFR) is the think tank of monopoly-finance capital, Wall Street’s think tank. It is also a membership organization: the ultimate networking, socializing, strategic-planning, and consensus-forming institution of the dominant sector of the U.S. capitalist class.… It is the world’s most powerful private organization, the “high command” body of the U.S. plutocracy. The Council has an almost century-long history of forming study groups to plan the United States’ overall “grand” strategic policies. It sets the agenda for debate, builds consensus among both the powerful and attentive publics, and then inserts its own network of people into public office to implement its favored doctrines in the real world. One of its latest efforts, a study group on U.S. grand strategy toward China, completed its work and issued a report in March 2015—approved by the CFR board of directors—entitled Revising U.S. Grand Strategy Toward China.… | more |

July-August 2015 (Volume 67, Number 3)

July-August 2015 (Volume 67, Number 3)

Notes from the Editors

May’s Review of the Month, “Honor the Vietnamese, Not Those Who Killed Them” by MR Associate Editor Michael D. Yates, has elicited many responses. One writer said that Yates had written the best, but perhaps the first, Marxist analysis of the war. Another praised Monthly Review for having the courage to publish this article. Still a third predicted that in the more distant future, humanity would embrace the essay’s judgment and honor the Vietnamese people for their heroic struggle against the overwhelming might of the U.S. military.… In light of these comments, as well as the subject matter of this double issue of Monthly Review on imperialism, we thought it might be worthwhile to say something more about what the Vietnamese themselves naturally enough call the American War, with an eye toward drawing important lessons useful for contemporary radicals.… | more |

The New Imperialism of Globalized Monopoly-Finance Capital

An Introduction

It is now a universal belief on the left that the world has entered a new imperialist phase.… The challenge for Marxian theories of the imperialist world system in our times is to capture the full depth and breadth of the classical accounts, while also addressing the historical specificity of the current global economy. It will be argued in this introduction (in line with the present issue as a whole) that what is widely referred to as neoliberal globalization in the twenty-first century is in fact a historical product of the shift to global monopoly-finance capital or what Samir Amin calls the imperialism of “generalized-monopoly capitalism.”… | more |

Contemporary Imperialism

Lenin, Bukharin, Stalin, and Trotsky in Russia, as well as Mao, Zhou Enlai, and Den Xiaoping in China, shaped the history of the two great revolutions of the twentieth century. As leaders of revolutionary communist parties and then later as leaders of revolutionary states, they were confronted with the problems faced by a triumphant revolution in countries of peripheral capitalism and forced to “revise”…the theses inherited from the historical Marxism of the Second International.… With the benefit of hindsight, I will indicate here the limitations of their analyses. Lenin and Bukharin considered imperialism to be a new stage (“the highest”) of capitalism associated with the development of monopolies. I question this thesis and contend that historical capitalism has always been imperialist, in the sense that it has led to a polarization between centers and peripheries since its origin (the sixteenth century), which has only increased over the course of its later globalized development.… | more |

Behind the Veil of Globalization

Globalization is not a novel development in the history of capitalism. In his final Monthly Review article, Paul Sweezy argued that globalization is a process, and that it has been occurring for a long time.… The accumulation of capital…has always meant expansion. Furthermore, this very process of growing and spreading is global in scope and, most importantly, imperialistic in its characteristics. Marxist scholars have long argued that imperialism has always accompanied capitalism…. Nevertheless, even if we start with the idea that globalization—or global capitalist expansion—is not novel, this does not trample the argument that the development of such expansion is marked by new characteristics in certain periods. Examining these historically specific characteristics can highlight the imperialistic “nature” of capitalism throughout history, including the development of our current global economy, which will be the focus of this essay.… | more |

Imperialism and the Transformation of Values into Prices

In this article, we aim to demonstrate that the low prices of goods produced in the global South and the attendant modest contribution of its exports to the Gross Domestic Product of the North conceals the real dependence of the latter’s economies on low-waged Southern labor. We argue that the relocation of industry to the global South in the past three decades has resulted in a massive increase of transferred value to the North. The principal mechanisms for this transfer are the repatriation of surplus value by means of foreign direct investment, the unequal exchange of products embodying different quantities of value, and extortion through debt servicing.… | more |

Imperialism in the Era of Globalization

Capitalism is preeminently a money-using system where a large part of wealth is held either in the form of money or as money-denominated assets, namely financial assets. For the system to work, it is essential that the value of money should not keep declining against commodities; otherwise people would move away from holding money, and it would cease to be not just a form of wealth, but even a medium of circulation.… Hence, capitalism seeks to ensure the stability of the value of money in a number of ways. One is the maintenance of a vast reserve army of labor, not just within the metropolis but also in the third world.… | more |

Imperialism in the Twenty-First Century

The globalization of production and its shift to low-wage countries is the most significant and dynamic transformation of the neoliberal era. Its fundamental driving force is what some economists call “global labor arbitrage”: the efforts by firms in Europe, North America, and Japan to cut costs and boost profits by replacing higher-waged domestic labor with cheaper foreign labor, achieved either through emigration of production (“outsourcing,” as used here) or through immigration of workers. Reduction in tariffs and removal of barriers to capital flows have spurred the migration of production to low-wage countries, but militarization of borders and rising xenophobia have had the opposite effect on the migration of workers from these countries—not stopping it altogether, but inhibiting its flow and reinforcing migrants’ vulnerable, second-class status.… | more |

The Creation of the Next Imperialism

The Institutional Architecture

Insofar as imperialism is about the struggle over and capture of economic territory (which must be broadly defined to include not just geographical territory such as land and natural resources, but also the creation of new markets, sources of labor, and forms of surplus transfer such as are reflected in intellectual property), these changes [in imperialism since the early 20th century] have created distant demands upon imperialist structures and processes…. [So] how can capital (which is increasingly global in orientation) generate the superstructures through which the transfers of value are ensured and the investment risks are moderated and contained? It will be argued that there has been an endeavor to resolve this by refashioning the global institutional architecture in ways that operate to increase the conditions of “stability” for large capital while increasing its bargaining power vis-à-vis working people and citizens, as well as nation-states and even smaller capitalist enterprises.… | more |