Review of the Month
Economic analysts, as everyone knows, have widely differing views on the way the economy works. The single most important division lies between right and left—a division that has its roots in class. But even among those on the left there are areas of sharp disagreement. One of these is over the centrality of the Keynesian revolution to the development of economics. Did the revolution in economic thought, associated with thinkers such as Keynes and Kalecki, teach things that Marxist political economists should view as essential? Another disagreement is over the role of monopoly and competition. How central is the concentration and centralization of capital to our understanding of the workings of capitalism today—a full century after Marxists and other radicals first raised the question of monopoly capitalism? Whatever one’s abstract theory is—and all theories by definition rely on a degree of abstraction—its usefulness lies in its capacity to make sense of everyday reality, while providing the strategic analysis necessary for practical revolutionary solutions. | more…
Understanding the Politics of Globalization
The “Seattle Shock”-as Business Week called it in an editorial that warned of a popular backlash against “our very economic system”-reflects heartfelt indignation by the financial press at the intrusion of mass democracy into an elite discourse. In the New York Times, columnist Thomas Friedman raged at anti-World Trade Organization (WTO) protesters, whom he presents as “flat-earth advocates” duped by knaves like Pat Buchanan. Friedman, perhaps the most obtuse of the big-time columnists, complains that “What’s crazy is that the protesters want the W.T.O. to become precisely what they accuse it of already being-a global government | more…
Primitive Accumulation in Russia and China
The Russian bank laundering scandal in the newspapers last fall is only the latest installment in the ongoing saga of corruption coming out of the former Soviet Union. The more important question is: where did they get the money in the first place? How, for example, did the former Premier of the Ukraine manage to buy a seven million dollar mansion in Marin County, California, on his official salary of a few thou- sand dollars a year? The answer is only too apparent: Moscow’s gangster rule has become so well known that the term “Mafia” has lost its exclusively Italian connotation. China is not much better | more…
On November 30,1999, when the World Trade Organization (WTO) opened its third round of ministerial meetings, the three thousand official delegates, two thousand journalists, and other registered observers were greatly outnumbered by the tens of thousands of protesters who came from all over the world to denounce the organization. Estimates of protester numbers ranged to forty thousand, according to the Seattle Times, which told its readers that the demonstrations were larger than those of 1970, when twenty to thirty thousand people (ten thousand according to the Seattle Times) shut down Interstate 5 to protest the Vietnam War. The parallel is appropriate. The still-growing movement in opposition to efforts of institutions such as the WTO to take over the management of the international economy may well be larger than any popular protest movement of the last twenty years or more. | more…
The economic crisis that has been affecting the global economy for the last two and a half years started in East Asia. We’ve heard story after story about the problems in Thailand, South Korea, Indonesia, Malaysia, China, and even Japan—but we’ve heard almost nothing about the situation in the Philippines. Is there something that the U.S. government, the International Monetary Fund (IMF), and the World Bank don’t want us to know about the situation there? | more…
Aimé Césaire’s Discourse on Colonialism might be best described as a declaration of war. I would almost call it a “third world manifesto,” but hesitate because it is primarily a polemic against the old order bereft of the kind of propositions and proposals that generally accompany manifestos. Yet, Discourse speaks in revolutionary cadences, capturing the spirit of its age just as Marx and Engels did 102 years earlier in their little manifesto. First published in 1950 as Discours sur le colonialisme, it appeared just as the old empires were on the verge of collapse, thanks in part to a world war against fascism that left Europe in material, spiritual, and philosophical shambles. It was the age of decolonization and revolt in Africa, Asia, and Latin America | more…
Global Capitalism in a World of Nation-States
The word “capitalism” is typically applied to a very wide and diverse range of cases—from the United States to Japan, Russia, Brazil, or South Africa. We use the word in this way on the premise that, for all their diversities, all these cases have in common certain basic social forms and economic laws of motion, including a common tendency to crisis. And we talk about “global” capitalism on the premise that national capitalist economies are interconnected, that they are integrated in a global system driven by the same capitalist laws of motion, and that economic crises and prolonged downturns like the current one are not national in origin but are rooted in the general dynamics that drive the whole global economy and in the relations that bind all capitalist economies together | more…
Note: We have no way of knowing what the status of the war in Yugoslavia will be when the following reaches you. Since its completion, there have been more NATO “mistakes”: the bombing of the Chinese embassy in Belgrade, and of many Kosovar Albanian civilians in Korisa.We can only hope that such events will bring the U.S. government and its NATO allies to their senses. But whatever happens in Yugoslavia, the global dangers posed by the United States and its long-term objectives will persist so long as this country’s imperial project remains intact | more…
A Socialist Magazine in the American Century
In a human life, attainment of the fiftieth year, while cause for reflection, is nothing exceptional, statistically speaking. For a magazine of the American left, fifty years is a veritable eternity. Simply to reach the age is a stunning achievement | more…
Challenging the Audacity of Capital
I will address some aspects of globalization in our time and what they mean for working people. I will start with some general definitions and suggest that the most significant features of what is called globalization have always been part of capitalist development, even if the forms are different in different periods (including our own). I will then discuss the arrogance of capital as it tries to remake our world in its preferred image. In this regard, I will contrast U.S. initiatives in the area of labor standards with worker demands for labor rights. I will then consider the institutions of an internationalized capitalist regime, which seeks to impose itself using vehicles such as the International Monetary Fund and the proposed Multilateral Agreement on Investment. Finally, I will talk about resistance | more…
Since Paul Sweezy gently rejected my first submission to Monthly Review in 1972, he and Harry Magdoff and all of the MR writers and staffpersons, living and deceased, have been my mentors, helping me to see things more clearly and to act more effectively. And Harry Braverman’s book ranks near the top of MR’s books which have deeply influenced my thinking. I remember mentioning it in my PhD defense in 1976. I told the committee that one of the weaknesses of my thesis, which was about public school teachers’ unions, was that it had not incorporated the pioneering work of Harry Braverman in Labor and Monopoly Capital. I had a suspicion that the work of teachers was not immune to the forces described so well by Braverman: detailed division of labor, mechanization, Taylorization. Today, as the fine scholar David Noble will tell us, these forces are bearing down upon the professoriate, with potentially devastating results | more…
Since it was first published 200 years ago in 1798, no other single work has constituted such a bastion of bourgeois thought as Thomas Malthus’ Essay on the Principle of Population. No other work was more hated by the English working class, nor so strongly criticized by Marx and Engels. Although the Malthusian principle of population in its classical form was largely vanquished intellectually by the mid-nineteenth century, it continued to reemerge in new forms. In the late nineteenth century it took on new life as a result of the Darwinian revolution and the rise of social Darwinism. And in the late twentieth century Malthusianism reemerged once again in the form of neo-Malthusian ecology. | more…
The relationship between gender and class, central to understanding the history of the labor movement, raises important issues for Marxist analysis in general. Grappling with the complexities of this relationship forces us to confront a wide range of theoretical and practical questions. What is the connection between “material conditions” and “identity”? What role do culture, discourses, sexuality, and emotions play in shaping people’s responses to their material conditions? How are the varieties of consciousness of class related to other identities and affiliations? These questions challenge us theoretically and politically, as we seek to develop a working-class politics that incorporates struggles against all forms of oppression | more…