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Notes from the Editors

Notes from the Editors

Monthly Review Volume 64, Number 1 (May 2012)

Monthly Review Volume 64, Number 1 (May 2012)

» Notes from the Editors

University of Nevada, Las Vegas physicist John W. Farley’s very important review essay on James Lawrence Powell’s new book, The Inquisition of Climate Science, in this month’s issue of MR raises critical questions with respect to science, corporate propaganda, and the future of humanity.… To understand the serious propaganda challenge that has confronted capitalist interests intent on denying climate change and the devious means used to get around this, one needs to recognize that the scientific consensus on climate change is an extremely strong one. Science, which generally encourages controversy, is in this case speaking with one voice. Naomi Oreskes, a professor of history and science studies at the University of California, San Diego…published an article in Science in 2005 studying global climate change articles in peer-reviewed scientific journals between 1993 and 2003. She found a total of 928 peer-reviewed scientific articles on global climate change. Of these 928 pointed to human-caused climate change, while on the “other side” there were exactly zero denying this.… | more |

Monthly Review Volume 63, Number 11 (April 2012)

Monthly Review Volume 63, Number 11 (April 2012)

» Notes from the Editors

For decades we have been arguing in Monthly Review that stagnation is the normal state of the mature monopoly-capitalist economies. Today the reality of stagnation is increasingly gaining the attention of the corporate media itself.… For those accustomed to thinking of the capitalist economy as either growing rapidly or occasionally falling into a severe crisis (from which it quickly bounces back), long-run stagnation is a difficult to understand phenomenon. [A stagnating economy] neither collapses into a full (or “classic”) crisis, which would allow it to clear out (or devalue) its overaccumulated capital, nor is it able to achieve a full recovery. Instead, it remains caught in a stagnation trap, limping along at a low rate of growth, with high unemployment and excess capacity. Under the circumstances—and without the help of some external stimulus like a major war, a financial bubble, or an epoch-making innovation—the capital accumulation process is unable to move off dead center.… | more |

March 2012, Volume 63, Number 10

March 2012, Volume 63, Number 10

» Notes from the Editors

As we write this, in late January 2012, international representatives of the ruling class and its power elite—wealthy investors, corporate executives, politicians, state bureaucrats, economists, pundits, and sundry celebrities—are gathered at the World Economic Forum in Davos, Switzerland to discuss the state of the world. Today there is no disguising the fact that some five years since the Great Financial Crisis began, the United States, Europe, and Japan all remain caught in an economic slump that will not go away.… From MR’s standpoint, the current stagnation is not at all unexpected but represents the normal tendency of global monopoly-finance capital, especially in the mature economies. This tendency was disguised in part during the last three decades or more by a series of financial bubbles (and before that by Cold War military spending). Now with financialization on the rocks capitalism is once again face-to-face with the specter of stagnation, with no visible way out.… | more |

February 2012, Volume 63, Number 9

February 2012, Volume 63, Number 9

» Notes from the Editors

This issue of Monthly Review focuses particularly on China. Aside from the Review of the Month by John Bellamy Foster and Robert W. McChesney, which addresses the Chinese economy and its relation to the current phase of the capitalist world economy, we are publishing two separate contributions by Chinese scholars, one by Wen Tiejun, et. al., on the new rural reconstruction movement in China, and one by Zhihe Wang on the development of ecological Marxism in China. Our own thesis is that the era of rapid growth in China is leading to a period of deepening contradiction. The present accelerated growth is based on the intensive exploitation of migrant labor and the capitalization of newly urban land. For various reasons this model is reaching its outer limits, economically, socially, and ecologically. This suggests that China is on the wrong road, and must change directions.… | more |

January 2012, Volume 63, Number 8

January 2012, Volume 63, Number 8

» Notes from the Editors

In a little more than two months at this writing (December 3, 2011) the Occupy Wall Street movement has ushered in a new dialectic of world revolt. Occupy movements now exist in more than 2,600 cities across the globe. The response of the system has been increased repression. Yet, everywhere the movement has come up with new means of revolt. Had we tried in early October to predict how things would be at the start of November we would never have succeeded. Likewise we cannot predict now at the start of December how things will look even at the start of January. And it is precisely this quality of emergence, i.e. of not being predictable from the current state of affairs, which suggests that we are at a turning point. This global rip in the cloth of imperial capital’s supposed inevitability is irreversible; that we are fully ready to predict. Looking back it will be clear that as of late 2011, we are much closer to the start of a great global revolt against the plutocracy, the “one percent,” than to its end.… | more |

December 2011, Volume 63, Number 7

December 2011, Volume 63, Number 7

» Notes from the Editors

The last month (late September to late October 2011) was to all appearances a historical turning point. The Arab Spring gave way to the New York/World Fall as protesters occupied Wall Street (basing themselves in Zuccotti Park), and the movement of the 99% spread across the entire globe.… MR authors and friends have participated in the Occupy movement from the start, sometimes playing prominent roles. We have heard from friends directly involved in Occupy Wall Street, Occupy Boston, Occupy Chicago, Occupy Eugene, Occupy Oakland, and from people associated with Occupy movements throughout the world.… | more |

November 2011, Volume 63, Number 6

November 2011, Volume 63, Number 6

» Notes from the Editors

It is a sign of the seriousness of the current economic malaise that more and more establishment commentators today are turning to Marx for answers. Thus a September 14, 2011, article in Bloomberg Businessweek, entitled “Marx to Market,” acknowledged: “The Bearded One has rarely looked better. The current global financial crisis has given rise to a new contingent of unlikely admirers. In 2009 the Vatican’s official newspaper, L’Osservatore Romano, published an article praising Marx’s diagnosis of income inequality. In Shanghai, the turbo-capitalist hub of Communist-in-name-alone China, audiences flocked to a 2010 musical based on Capital, Marx’s most famous work. In Japan, Capital is now out in a manga version. Consider the particulars.… Marx predicted that companies would need fewer workers as they improved productivity, creating an “industrial reserve army” of the unemployed whose existence would keep downward pressure on wages for the employed. It’s hard to argue with that these days. The condition of blue collar workers in the U.S. is still a far cry from the subsistence wage and ‘accumulation of misery’ that Marx conjured. But it’s not morning in America, either.” Bloomberg Businessweek seems unaware that Marx viewed the reserve army of labor as applicable not just to developed countries like the United States, but also to labor throughout the globe.… | more |

October 2011, Volume 63, Number 5

October 2011, Volume 63, Number 5

» Notes from the Editors

Two years after the recovery phase of the business cycle began, officially ending the Great Recession in the United States in June 2009, the capitalist economy continues to stagnate with the U.S. growth rate at 1 percent in the second quarter, following 0.4 percent in the first quarter, and with both the European Union and Japan in a similar or worse condition. Indeed, the United States, the European Union, and Japan, as the New York Times declared on August 10, 2011 (“Where Will Growth Come From?”), are all currently headed down a path “that will prolong their economic stagnation and perhaps tip them into another recession.”… Under these circumstances [some] mainstream economic commentators are finally…. beginning to zero-in on the fundamental cause of the Great Stagnation: the overaccumulation of capital.… | more |

September 2011, Volume 63, Number 4

September 2011, Volume 63, Number 4

» Notes from the Editors

In this issue of MR we are reprinting Stephen Hymer’s classic essay, “Robinson Crusoe and the Secret of Primitive Accumulation,” which first appeared forty years ago in the September 1971 issue of MR. It represents, in our view, one of the most important articles produced by a whole generation of radical political economists associated with the revolt against mainstream economics in the 1960s, and the creation of the Union for Radical Political Economics in 1968.… [Hymer's] final article, “International Politics and International Economics: A Radical Approach,” published posthumously in MR in March 1978, started off with the words: “To be a radical, or to be a scientist, is the same thing; it is a question of trying to go to the root of the matter.”… | more |

July-August 2011, Volume 63, Number 3

July-August 2011, Volume 63, Number 3

» Notes from the Editors

For MR this [special issue] represents only a starting point and we hope to continue to address the education question in future issues—not only in relation to the United States but also globally. Except for the crucial, concluding essay on Cuban education, provided by Ricardo Alarcón (President of Cuba’s National Assembly of Peoples’ Power), which points to what can be achieved in the realm of education once the barriers represented by capitalist society are removed, all of the articles in this special issue are concerned with the changing context of schooling in the United States. This is not meant, however, to ignore the rest of the world, but to constitute a warning of what may be in the offing for much of the global population—since the United States is the fountainhead of neoliberal policy.… It is clear…that education is under fire within much of global capitalist society.… Yet, the global struggle in this area is only just beginning and remains undetermined. The final outcome will depend to a considerable degree on the actions we take now.… | more |

June 2011, Volume 63, Number 2

June 2011, Volume 63, Number 2

» Notes from the Editors

Manning Marable, who died last April 1, aged sixty, was the quintessential radical academic/activist. A friend of Monthly Review for many years, he wrote numerous articles for the magazine and chapters for Monthly Review Press books. Manning was a committed Marxist and socialist. He unflinchingly engaged with issues of race and class, most recently working with younger artists of color organizing for social change as a founder of the Hip Hop Summit Action Network.… In MR‘s July-August 1995 issue Marable posed this challenge: “Americans continue to perceive social reality in a manner which grossly underestimates the role of social class, and legitimates the categories of race as central to the ways in which privilege and authority are organized. We must provide the basis for a progressive alternative to an interpretation of race relations, moving the political culture of black United States from a racialized discourse and analysis to a critique of inequality which has the capacity and potential to speak to the majority of American people. This leap for theory and social analysis must be made if black United States is to have any hope for transcending its current impasse of powerlessness and systemic inequality.”… | more |

May 2011, Volume 63, Number 1

May 2011, Volume 63, Number 1

» Notes from the Editors

On March 15, 2011, we received the following letter from Robert W. McChesney, former coeditor of MR and Gutgsell Endowed Professor of Communication at the University of Illinois at Urbana. Bob lives in Madison, Wisconsin, which in February and March, was the site of an intense class conflict over public-sector workers’ rights to organize. We are reprinting his letter in full here, as we think it will be of interest to all MR readers.… | more |

April 2011, Volume 62, Number 11

April 2011, Volume 62, Number 11

» Notes from the Editors

This year marks the forty-fifth anniversary of the publication of Paul Baran and Paul Sweezy’s classic work, Monopoly Capital: An Essay on the American Economic Order (Monthly Review Press, 1966). Three years before the publication of their book, in the July 1963 issue of Monthly Review, Baran and Sweezy published two chapters of Monopoly Capital in MR, together with an introduction. (The publication of the actual book was delayed by Baran’s death in 1964.) Today MR editor John Bellamy Foster and Robert W. McChesney are currently completing a book, entitled Monopoly-Finance Capital: Politics in an Era of Economic Stagnation and Social Decline, to be published by Monthly Review Press early next year. The purpose of this new work is to bring the analysis of Monopoly Capital up to date, addressing the changes that have occurred in the capitalist system in the last half-century. We have therefore decided to follow the example of Baran and Sweezy and publish a number of the core chapters of this book, in early form in the magazine, in advance of the book itself. The March 2011 Review of the Month, “The Internet’s Unholy Marriage to Capitalism,” was one such chapter. This issue’s Review of the Month, “Monopoly and Competition in Twenty-First Century Capitalism”…is another.… | more |

March 2011, Volume 62, Number 10

March 2011, Volume 62, Number 10

» Notes from the Editors

In the United States, it is now three years since the “Great Recession” began, and twenty-one months since it officially ended. Whether or not the end of the Great Recession means that the economy is now on the way to sustained recovery is another matter. Wall Street has rebounded dramatically, as have corporate—and especially financial sector—profits, but for ordinary men and women, circumstances are nearly as troubling today as they were at the bottom of the downturn in June 2009.… | more |

February 2011, Volume 62, Number 9

February 2011, Volume 62, Number 9

» Notes from the Editors

The two lead articles in this issue of Monthly Review are both outgrowths of important new books published by Monthly Review Press. Samir Amin’s article, “The Trajectory of Historical Capitalism and Marxism’s Tricontinental Vocation,” is based on recent developments in his theoretical outlook presented in The Law of Worldwide Value…. A substantially revised and extended version of his earlier work, The Law of Value and Historical Materialism (Monthly Review Press, 1978), The Law of Worldwide Value also incorporates new conceptual breakthroughs, making it a major advance in itself.… The article by Richard York and Brett Clark entitled “Stephen Jay Gould’s Critique of Progress” is taken from their book The Science and Humanism of Stephen Jay Gould…. Gould’s far-ranging work in natural history, biology, and paleontology—even extending to the humanities and the social sciences—has fascinated countless readers, but the complexity of his thought and the extent of his intellectual commitments have defied previous attempts to bring out the unity of his work.… | more |

January 2011, Volume 62, Number 8

January 2011, Volume 62, Number 8

» Notes from the Editors

In November, Fred Magdoff traveled to Shanghai with his wife, Amy Demarest, to attend the Marxism and Ecological Civilization conference at Fudan University (see the Review of the Month in this issue). Here are some reflections from Fred about the conference, Shanghai, and China, past and present… | more |

December 2010, Volume 62, Number 7

December 2010, Volume 62, Number 7

» Notes from the Editors

On October 16, MR editor John Bellamy Foster attended a lecture in Eugene, Oregon given by James Hansen, director of NASA’s Goddard Institute for Space Studies. Hansen is the leading U.S. climatologist and the world’s foremost voice for carbon emissions reductions. According to Hansen, we are facing two major tipping points associated with climate change: (1) ice sheet disintegration in Antarctica and Greenland, leading to a massive global sea level rise; and (2) a sudden acceleration in species extinction rates (already 100 to 1,000 times the preindustrial “background rate”), as climate zones begin to move much faster than species can move in response.… Hansen’s message was clear: the future of the planet will be in many ways determined by what we do “in the next several years.” This, he insists, is not a problem to be left to the next generation, since we “could create a situation out of the control of young people by the time they become adults.”… | more |

November 2010, Volume 62, Number 6

November 2010, Volume 62, Number 6

» Notes from the Editors

Although the Great Recession officially ended in the U.S. economy more than a year ago (June 2009), for most people—especially the long-term unemployed, minorities, and youth—the effects are far from over. Indeed, it is a measure of the economic malaise in which the industrialized countries remain mired that the specter of stagnation is once again haunting mainstream discourse. As Paul Krugman recently observed, the U.S. economy is experiencing “what looks increasingly like a permanent state of stagnation and high unemployment” akin to the 1930s (“This is Not a Recovery,” New York Times, August 26, 2010)… | more |

October 2010, Volume 62, Number 5

October 2010, Volume 62, Number 5

» Notes from the Editors

To understand the disaster that is present-day economics, it is crucial to recognize that we are living today, not only in the deepest economic crisis/stagnation since the Great Depression, but also—as Paul Krugman declared in his New York Times blog on January 27, 2009—in “A Dark Age of Macroeconomics,” in which the central discoveries of the 1930s have been forgotten or discarded. “What made the Dark Ages dark,” Krugman wrote, “was the fact that so much knowledge had been lost, that so much known to the Greeks and Romans had been forgotten by the barbarian kingdoms that followed.” The critical knowledge lost that gave rise to the new Dark Age in Macroeconomics, he claimed, was none other than the Keynesian Revolution centered on the critique of Say’s Law, or the notion that supply creates its own demand. In the context of arguing against government deficit spending, leading economists at the University of Chicago, the bastion of reaction in economics, have reverted to a “pure Say’s Law, pure ‘Treasury view’” by insisting that increased savings automatically lead to increased investment, while government borrowing invariably “crowds out” investment… | more |

September 2010, Volume 62, Number 4

September 2010, Volume 62, Number 4

» Notes from the Editors

During the period stretching from the 1970s through the 1990s, Monthly Review, under the editorship of Harry Magdoff and Paul Sweezy, stood apart in its analysis of the tendency to economic stagnation in advanced capitalism and its view that the economic slowdown beginning in the 1970s was a manifestation of this secular tendency. The financial explosion that also emerged in these years was seen as an attempt by the system to stave off stagnation by means of credit-debt expansion, but at the cost of increasing financial fragility… | more |