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July-August 2008, Volume 60, Number 3 c o n t e n t s This number of Monthly Review is a special issue on “Ecology: The Moment of Truth,” edited by Brett Clark, John Bellamy Foster, and Richard York. In the present issue we concentrate on the planetary environmental emergency. In a later special issue, to appear this fall, the magazine will address the social and economic regime change that is necessary to save the earth as we know it… | more |
Ecology: The Moment of Truth—An Introduction It is impossible to exaggerate the environmental problem facing humanity in the twenty-first century. Nearly fifteen years ago one of us observed: “We have only four decades left in which to gain control over our major environmental problems if we are to avoid irreversible ecological decline.”1 Today, with a quarter-century still remaining in this projected time line, it appears to have been too optimistic. Available evidence now strongly suggests that under a regime of business as usual we could be facing an irrevocable “tipping point” with respect to climate change within a mere decade.2 Other crises such as species extinction (percentages of bird, mammal, and fish species “vulnerable or in immediate danger of extinction” are “now measured in double digits”);3 the rapid depletion of the oceans’ bounty; desertification; deforestation; air pollution; water shortages/pollution; soil degradation; the imminent peaking of world oil production (creating new geopolitical tensions); and a chronic world food crisis—all point to the fact that the planet as we know it and its ecosystems are stretched to the breaking point. The moment of truth for the earth and human civilization has arrived.
Peak Oil and Energy Imperialism The rise in overt militarism and imperialism at the outset of the twenty-first century can plausibly be attributed largely to attempts by the dominant interests of the world economy to gain control over diminishing world oil supplies.1 Beginning in 1998 a series of strategic energy initiatives were launched in national security circles in the United States in response to: (1) the crossing of the 50 percent threshold in U.S. importation of foreign oil; (2) the disappearance of spare world oil production capacity; (3) concentration of an increasing percentage of all remaining conventional oil resources in the Persian Gulf; and (4) looming fears of peak oil.
NEW THIS WEEK! Background
Climate Change, Limits to Growth, and the Imperative for Socialism The 2007 assessment report by the United Nations Intergovernmental Panel on Climate Change (IPCC) confirms that it is virtually certain that human activities (mainly through the use of fossil fuels and land development) have been responsible for the global warming that has taken place since the industrial revolution. Under current economic and social trends, the world is on a path to unprecedented ecological catastrophes. 1 As the IPCC report was being released, new evidence emerged suggesting that climate change is taking place at a much faster pace and the potential consequences are likely to be far more dreadful than is suggested by the IPCC report.
The Scientific Case for Modern Anthropogenic Global Warming Most Americans today believe that the burning of fossil fuels is causing global warming, but not everybody agrees. Climate contrarians proclaim that global warming is not occurring at all, or that it is occurring but is entirely natural, i.e., that the anthropogenic (human) contribution to global warming is negligible. The contrarian ranks include the well-known radical journalist Alexander Cockburn, who forcefully proclaimed anthropogenic global warming to be a myth in three articles published in 2007 on the CounterPunch Web site and in The Nation.1
The Oceanic Crisis: Capitalism and the Degradation of Marine Ecosystems The world ocean covers approximately 70 percent of the earth. It has been an integral part of human history, providing food and ecological services. Yet conservation efforts and concerns with environmental degradation have mostly focused on terrestrial issues. Marine scientists and oceanographers have recently made remarkable discoveries in regard to the intricacies of marine food webs and the richness of oceanic biodiversity. However, the excitement over these discoveries is dampened due to an awareness of the rapidly accelerating threat to the biological integrity of marine ecosystems.1
Framing India’s Hydraulic Crisis: The Politics of the Modern Large Dam For several decades following 1947, the modern large dam in India presented itself as a political conundrum, often voiced in strange, contradictory tones. In an oft-quoted speech in July 1954 Jawaharlal Nehru, India’s first prime minister (1947–64), likened the large dam to a “modern temple.” Later, in a less remembered speech before a gathering of engineers and technocrats in 1958, Nehru, as if in contrition, bemoaned the quest for big dams as a “disease of gigantism.”1
Blue Covenant: The Alternative Water Future The three water crises—dwindling freshwater supplies, inequitable access to water, and the corporate control of water—pose the greatest threat of our time to the planet and to our survival. Together with impending climate change from fossil fuel emissions, the water crises impose some life-or-death decisions on us all. Unless we collectively change our behavior, we are heading toward a world of deepening conflict and potential wars over the dwindling supplies of freshwater— between nations, between rich and poor, between the public and the private interest, between rural and urban populations, and between the competing needs of the natural world and industrialized humans.
Memorial:
June 2008, Volume 60, Number 2 c o n t e n t s The first third of 2008 should have been a wake-up call to those who, in the short-lived days of capitalist triumphalism, were inclined to lose sight of the immediacy of the internal contradictions of capitalism and of the resistance that the system continuously regenerates. The enormous extent of today’s combined world food-and-economic crisis is now patently obvious. Anti-imperialist and anticapitalist initiatives are once again mushrooming around the globe… | more |
Review of the Month: I am certain that, like many people these days, the first thing on your mind is the question of the referendum on reform of the Bolivarian Constitution — what the defeat means and where do we go from here. What I want to talk about today is not on that topic specifically, but it is related.
The Danish Disease: The Political Culture of Islamophobia
In trying to comprehend the virus of Islamophobia now infecting Europe, the small country of Denmark offers powerful insights. Shakespeare’s phrase that “something is rotten in the state of Denmark” seems appropriate to describe the transformation taking place in this former bastion of tolerance and conviviality. No Human Being Is Illegal: Moving Beyond Deportation Law Crowded on the beaches were the inductees, some twenty million silent black men, women, and children, including babes in arms. As the sun rose, the Space Traders directed them, first, to strip off all but a single undergarment; then, to line up; and finally, to enter those holds which yawned in the morning light like Milton’s “darkness visible.” The inductees looked fearfully behind them. But, on the dunes above the beaches, guns at the ready, stood U.S. guards. There was no escape, no alternative. Heads bowed, arms now linked by slender chains, black people left the New World as their forbears had arrived.
City of Youth: Shenzhen, China Since ancient times, people have dreamed of a City of Youth, where the population never ages, and where any outsider who comes to live there will remain forever young. They probably did not have in mind, however, the “agelessness” of today’s Shenzhen, China. Lying just over the border from Hong Kong, this “instant city” has grown in just over twenty-five years from a small fishing village to a sprawling metropolitan region approaching ten million people. As the first Special Economic Zone in China, it was a model for the capitalistic “market reforms” and “opening to the world” initiated in the late 1970s by Deng Xiaoping. One of its most striking aspects is the low average age of its residents, which has hovered for years at around twenty-seven. This stands in ever sharper contrast to China as a whole, where the population is rapidly aging.
Remembering Andre Gunder Frank While Thinking About the Future Andre Gunder Frank’s very long itinerary as a critical social scientist was marked by one unbudgeable constant. He was always committed to a left political agenda, and he was always analyzing the evolving current world situation as a left scholar-activist. I believe that the best tribute I can offer him is to do the same. Gunder’s father, Leonhard Frank, a distinguished novelist and man of letters, wrote toward the end of his life a novel based on his own life. Its title was Links, wo das Herz ist (“My Heart Is on the Left”). This would have been the most appropriate title for Gunder’s own never-written autobiography.
Remembrance: The poet, dramatist, and politician, Aimé Césaire, who died on April 17, aged ninety-four, saw this work, indeed all his work, as a weapon, perhaps best exemplified in Une Tempète. In his introduction to it, Robin G. D. Kelley, wrote “the weapon of poetry may be Césaire’s greatest gift to a world still searching for freedom.”
May 2008, Volume 60, Number 1 c o n t e n t s The subprime mortgage crisis that emerged late last summer in the United States led to a massive seizure in the world financial system that has had capital staggering ever since. This has now carried over to the “real economy” of jobs and income. As reported in the Wall Street Journal on April 4, “The National Bureau of Economic Research probably won’t say this for months. But why wait? The U.S. economy fell into recession sometime in January” (“Job Market Hints Recession Has Started”). World economic growth as a whole is expected to decline sharply this year… | more |
Review of the Month: An acute food crisis has struck the world in 2008. This is on top of a longer-term crisis of agriculture and food that has already left billions hungry and malnourished. In order to understand the full, dire implications of what is happening today it is necessary to look at the interaction between these short-term and long-term crises. Both crises arise primarily from the for-profit production of food, fiber, and now biofuels, and the rift between food and people that this inevitably generates…
United States of Insecurity Noam Chomsky is an Institute Professor of Linguistics at the Massachusetts Institute of Technology. His most recent books are Interventions (City Lights, 2007), Failed States (Metropolitan Books, 2007), and Inside Lebanon: Journey to a Shattered Land with Noam and Carol Chomsky (Monthly Review Press, 2007). Gabriel Matthew Schivone is an editor of Days Beyond Recall: Alternative Media and Literary Journal and winner of the 2007 Frederica Hearst Prize for Lyrical Poetry.This article is based on an interview conducted by telephone and e-mail November 27, 2007–February 11, 2008. The interviewer thanks Mary Elizabeth Barnes for help with editing and transcribing this interview…
The Subprime Debacle As the United States braces itself for the onset of a recession, much of the blame for the current downturn is being attributed to the recent subprime mortgage crisis. While boom and bust cycles in real estate markets are nothing new, what distinguishes the current crisis is that the massive run-up in home prices was driven by the proliferation of new forms of securitized finance that permitted massive sums of loan capital to be pumped into the property markets. Only a few years prior these exotic financial products were being touted for their ability to hedge risk and achieve a more efficient allocation of credit. Buoyed by an exuberant sense that the wizards of Wall Street had so thoroughly transformed the nature of risk that the rules of the game had been fundamentally altered, investor demand for these securities exploded, and the underwriting and trading of these new forms of engineered debt underwent an extraordinary period of growth…
Sweezy in Perspective Paul M. Sweezy was, in the words of his contemporary John Kenneth Galbraith, “the most distinguished of present-day American Marxists.”1 A Harvard-trained economist, his writings spanned some seven decades from the early 1930s to the closing years of the twentieth century. For more than half a century he was coeditor of Monthly Review, subtitled An Independent Socialist Magazine, which he founded along with Leo Huberman in 1949. Although first and foremost an economist, Sweezy was also a social scientist in a much broader sense. His impact on political science, sociology, history, and other disciplines was profound. He took the entire globe as his field of analysis, helping to enlarge our understanding of imperialism and of the necessity of revolution, particularly in the third world…
Poetry: Adrienne Rich’s most recent book is Telephone Ringing in the Labyrinth: Poems 2004–2006. A selection of her essays, Arts of the Possible: Essays and Conversations, appeared in 2003. She edited Muriel Rukeyser’s Selected Poems for the Library of America. She is a recipient of the National Book Foundation’s 2006 Medal for Distinguished Contribution to American Letters, among other awards.
Review: Roxanne Dunbar-Ortiz, Blood on the Border: A Memoir of the Contra Years (Boston: South End Press, 2005), 304 pages, paperback, $18.00. Few U.S. revolutionaries of her generation have “lived to tell the tale” like Roxanne Dunbar-Ortiz, to borrow the title of Gabriel García Márquez’s memoirs. Blood on the Border: A Memoir of the Contra Years is the last volume of a trilogy including Red Dirt: Growing up Okie (University of Oklahoma Press, 1992) and Outlaw Woman: A Memoir of the War Years (City Lights, 2001). Although influenced by oral traditions in his “native” Colombian Caribbean, García Márquez has little to say about his own political commitments, or Colombian politics more generally.1 In contrast, influenced by traditions of storytelling native to rural Oklahoma and Native American communities throughout the U.S. West, Dunbar-Ortiz’s latest memoir puts flesh on the bones of the slogan “the personal is political.” The phrase, she notes, was coined within the Student Non-Violent Coordinating Committee and carried into the women’s liberation and antiwar movements.
Review: Naomi Klein, The Shock Doctrine: The Rise of Disaster Capitalism (New York: Metropolitan Books, 2007), 466 pages, hardcover, $28.00. At the crossroads of Buenos Aires’s shopping district sits a posh mall called the Galerías Pacífico, a showcase for global brand names and a playground for Argentina’s rich. One day, a film crew descended to the basement. There they found an abandoned torture chamber, its walls still etched with names, dates, and messages from political prisoners disappeared under the military junta. In The Shock Doctrine, Naomi Klein goes digging deep into the basements of global capitalism, from the torture labs of Latin America to the oil fields of Iraq, unearthing the bodies and catching the culprits red-handed. In the process, she demolishes one of the great myths of our time: that free markets go hand in hand with free societies, and that globalized free enterprise brings peace and democracy. Instead, as Klein documents in this definitive history, the new world order is the product of three decades of free-market terror, torture, and shock.
April 2008, Volume 59, Number 11 c o n t e n t s The United States and the world economy are now experiencing a major economic setback that began in the financial sector with the bursting of the housing bubble, but which can ultimately be traced back to the basic problems of capitalism arising from class-based accumulation (see the Review of the Month in this issue). Things are clearly much worse, with respect to the general public understanding of these problems, here in the United States, the citadel of capitalism, than elsewhere in the world. We were therefore bemused by an article entitled “Europe’s Philosophy of Failure” by Stefan Theil, Newsweek’s European economics editor, appearing in the January–February 2008 Foreign Policy. Theil writes of the “prejudice and disinformation” incorporated in French and German secondary school textbooks dealing with economics. Such textbooks he complains “ingrain a serious aversion to capitalism.” | more |
Review of the Month: With the benefit of hindsight, few now doubt that the housing bubble that induced most of the recent growth of the U.S. economy was bound to burst or that a general financial crisis and a global economic slowdown were to be the unavoidable results. Warning signs were evident for years to all of those not taken in by the new financial alchemy of high-risk debt management, and not blinded, as was much of the corporate world, by huge speculative profits. This can be seen in a series of articles that appeared in this space: “The Household Debt Bubble” (May 2006), “The Explosion of Debt and Speculation” (November 2006), “Monopoly-Finance Capital” (December 2006), and “The Financializ-ation of Capitalism” (April 2007). In the last of these we wrote...
An Age of Transition: The United States, China, Peak Oil, and the Demise of Neoliberalism Until recently, the global capitalist economy has enjoyed a period of comparative tranquility and grown at a relatively rapid pace since the global economic crisis of 2001–02. During this period of global economic expansion there have been several important economic and political developments. First, the United States—the declining hegemonic power but still the leading driving force of the global capitalist economy—has been characterized by growing internal and external financial imbalances. The U.S. economy has experienced a period of debt-financed, consumption-led “expansion” with stagnant wages and employment, and has been running large and rising current account deficits (the current account deficit is a broad measure of the trade deficit). Second, China has become a major player in the global capitalist economy and has been playing an increasingly important role in sustaining global economic growth. Third, global capitalist accumulation is imposing growing pressure on the world’s natural resources and environment. There is increasingly convincing evidence that the global oil production will reach its peak and start to decline in a few years. Fourth, the U.S. imperialist adventure in the Middle East has suffered devastating setbacks and there has been growing resistance to neoliberalism and U.S. imperialism throughout the world.
Finance, Imperialism, and the Hegemony of the Dollar The July–August 2007 crisis in subprime mortgage markets precipitated the collapse of the market for asset-backed securities, forcing huge write-downs of more than $45 billion on the balance sheets of major banks. In the aftershock, interbank lending dried up. Bond insurers and money market funds were beset by a loss of confidence as the credit squeeze spread. The plunge in stock markets in January 2008 suggests that the repercussions of the collapse of the subprime mortgage market are still working their way through financial markets. With over 170,000 jobs lost and the expected spate of foreclosures, many observers believe that the credit crunch has pushed the economy towards a recession.
“Market Economy” or Oligopoly-Finance Capitalism? Capitalism and market economy are not synonymous, as the dominant political discourse and conventional economists would have one believe. The specific characteristic of capitalism as a system is that it is based on private ownership of the means of production; an ownership which by definition is that of a privileged minority. This private ownership (aside from land ownership) has taken the form of exclusive rights over important equipment associated with modern production technologies, from the first industrial revolution at the close of the eighteenth century to the present day. The majority of non-owners are thus obliged to sell their labor power: capital employs labor; labor has no free use of the means of production. The bourgeois/proletarian divide defines capitalism; the market is only the management form of capital’s social economy.
Author Index to Volume Fifty-Nine.
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