Monday September 1st, 2014, 7:37 pm (EDT)

Political Economy

New this week!

The Return of Fascism in Contemporary Capitalism

It is not by chance that the very title of this contribution links the return of fascism on the political scene with the crisis of contemporary capitalism. Fascism is not synonymous with an authoritarian police regime that rejects the uncertainties of parliamentary electoral democracy. Fascism is a particular political response to the challenges with which the management of capitalist society may be confronted in specific circumstances.… | more |

The Criminality of Wall Street

The current stage of capitalism is characterized by the increased power of finance capital. How to understand the economics of this shift and its political implications is now central for both the left and the larger society. There can be little doubt that a signature development of our time is the growth of finance and monopoly power.… | more |

The Term ‘Capitalism’ Has Lost Its Radical Edge

Fred Block responds to the Notes from the Editors, June 2014, which drew attention to Block’s recently published article, “Varieties of What?: Should We Still Be Using the Concept of Capitalism?” The editors reply.… | more |

It is time to know a little more about realities

I have asked the editors of Granma to relieve me of the honor of publishing what I write on the front page of the official organ of our Party, since I am thinking of expressing personal points of view on issues which, for obvious reasons of health and time, I have not been able to present in the collective leadership bodies of the Party or state, such as Party Congresses or pertinent meetings of the National Assembly of People’s Power.… | more |

Surveillance Capitalism

Monopoly-Finance Capital, the Military-Industrial Complex, and the Digital Age

The United States came out of the Second World War as the hegemonic power in the world economy. The war had lifted the U.S. economy out of the Great Depression by providing the needed effective demand in the form of endless orders for armaments and troops. Real output rose by 65 percent between 1940 and 1944, and industrial production jumped by 90 percent. At the immediate end of the war, due to the destruction of the European and Japanese economies, the United States accounted for over 60 percent of world manufacturing output. The very palpable fear at the top of society as the war came to a close was that of a reversion to the pre-war situation in which domestic demand would be insufficient to absorb the enormous and growing potential economic surplus generated by the production system, thereby leading to a renewed condition of economic stagnation and depression.… Postwar planners in industry and government moved quickly to stabilize the system through the massive promotion of a sales effort in the form of a corporate marketing revolution based in Madison Avenue, and through the creation of a permanent warfare state, dedicated to the imperial control of world markets and to fighting the Cold War, with its headquarters in the Pentagon. The sales effort and the military-industrial complex constituted the two main surplus-absorption mechanisms (beyond capitalist consumption and investment) in the U.S. economy in the first quarter-century after the Second World War.… | more |

The Zombie Bill

The Corporate Security Campaign That Would Not Die

The government-corporate surveillance complex is consolidating. What has been a confidential but informal collaboration now seeks to legalize its special status.… July 9, 2012, was a scorcher in Washington, DC, with afternoon temperatures over 100 degrees, when an audience of about fifty think-tankers convened in a third-floor briefing room of the Senate’s Russell Office Building on Capitol Hill. Then-Senator John Kyl sponsored the show, although he did not appear in person. He had invited the American Center for Democracy (ACD) and the Economic Warfare Institute (EWI) to explore the topic of “Economic Warfare Subversions: Anticipating the Threat.”… | more |

“We’re Profiteers”

How Military Contractors Reap Billions from U.S. Military Bases Overseas

“You whore it out to a contractor,” Major Tim Elliott said bluntly. It was April 2012, and I was at a swank hotel in downtown London attending “Forward Operating Bases 2012,” a conference for contractors building, supplying, and maintaining military bases around the world. IPQC, the private company running the conference, promised the conference would “bring together buyers and suppliers in one location” and “be an excellent platform to initiate new business relationships” through “face-to-face contact that overcrowded trade shows cannot deliver.” Companies sending representatives included major contractors like General Dynamics and the food services company Supreme Group, which has won billions in Afghan war contracts, as well as smaller companies like QinetiQ, which produces acoustic sensors and other monitoring devices used on bases. “We’re profiteers,” one contractor representative said to the audience in passing, with only a touch of irony.… | more |

Labor in the Global Digital Economy

Labor in the Global Digital Economy

The Cybertariat Comes of Age

Ursula Huws ties together disparate economic, cultural, and political phenomena of the last few decades to form a provocative narrative about the shape of the global capitalist economy at present. She examines the way that advanced information and communications technology has opened up new fields of capital accumulation: in culture and the arts, in the privatization of public services, and in the commodification of human sociality by way of mobile devices and social networking. These trends are in turn accompanied by the dramatic restructuring of work arrangements, opening the way for new contradictions and new forms of labor solidarity and struggle around the planet.… | more |

In Walt We Trust

In Walt We Trust

How a Queer Socialist Poet Can Save America from Itself

Marsh identifies four sources for our contemporary malaise (death, money, sex, democracy) and then looks to a particular Whitman poem for relief from it. He makes plain what, exactly, Whitman wrote and what he believed by showing how they emerged from Whitman’s life and times, and by recreating the places and incidents (crossing Brooklyn ferry, visiting wounded soldiers in hospitals) that inspired Whitman to write the poems. Whitman, Marsh argues, can show us how to die, how to accept and even celebrate our (relatively speaking) imminent death. Just as important, though, he can show us how to live: how to have better sex, what to do about money, and, best of all, how to survive our fetid democracy without coming away stinking ourselves. The result is a mix of biography, literary criticism, manifesto, and a kind of self-help you’re unlikely to encounter anywhere else.… | more |

Blowing the Roof Off the Twenty-First Century

Blowing the Roof Off the Twenty-First Century

Media, Politics, and the Struggle for Post-Capitalist Democracy

In the United States and much of the world there is a palpable depression about the prospect of overcoming the downward spiral created by the tyranny of wealth and privilege and establishing a truly democratic and sustainable society. It threatens to become self-fulfilling. In this trailblazing new book, award-winning author Robert W. McChesney argues that the weight of the present is blinding people to the changing nature and the tremendous possibilities of the historical moment we inhabit. In Blowing the Roof Off the Twenty-First Century, he uses a sophisticated political economic analysis to delineate the recent trajectory of capitalism and its ongoing degeneration.… | more |

Transforming Classes

Transforming Classes

Socialist Register 2015

For more than half a century, the Socialist Register has brought together some of the sharpest thinkers from around the globe to address the pressing issues of our time. Founded by Ralph Miliband and John Saville in London in 1964, SR continues their commitment to independent and thought-provoking analysis, free of dogma or sectarian positions. Transforming Classes is a compendium of socialist thought today and a clarifying account of class struggle in the early twenty-first-century, from China to the United States. … | more |

"Well researched, well-argued ... a tremendous accomplishment."
—Edward Nell

Global Imperialism and the Great Crisis

The Uncertain Future of Capitalism

In this provocative study, economist Ernesto Screpanti argues that imperialism—far from disappearing or mutating into a benign “globalization”—has in fact entered a new phase, which he terms “global imperialism.” This is a phase defined by multinational firms cut loose from the nation-state framework and free to chase profits over the entire surface of the globe. No longer dependent on nation-states for building a political consensus that accommodates capital accumulation, these firms seek to bend governments to their will and destroy barriers to the free movement of capital. And while military force continues to play an important role in imperial strategy, it is the discipline of the global market that keeps workers in check by pitting them against each other no matter what their national origin. … | more |

June 2014 (Volume 66, Number 2)

June 2014 (Volume 66, Number 2)

» Notes from the Editors

Samir Amin’s Review of the Month in this issue, “Popular Movements Toward Socialism,” offers a masterful analysis of struggles all over the world in the era of what he calls “generalized-monopoly capitalism.” The most important theoretical innovation in his article, in our opinion, is his attempt to bring together a variety of global struggles under the rubric of the “movement toward socialism,” borrowing the terminology from the current practice of a number of South American parties: in Bolivia, Chile, and elsewhere. Movements that fall under this mantle, Amin suggests, may include those that seek to transcend capitalism, as well as others for which the object is more ambiguously a radical upending of labor-capital relations.… | more |

The Theory of Monopoly Capitalism (New Edition)

The Theory of Monopoly Capitalism (New Edition)

An Elaboration of Marxian Political Economy

John Bellamy Foster is a leading exponent of the theoretical perspective that continues in the tradition of Baran and Sweezy’s Monopoly Capital. This new edition of his essential work, The Theory of Monopoly Capitalism, is a clear and accessible explication of this outlook, brought up to the present, and incorporating an analysis of recently discovered “lost” chapters from Monopoly Capital and correspondence between Baran and Sweezy. It also discusses Magdoff and Sweezy’s analysis of the financialization of the economy in the 1970s, ‘80s, and ‘90s, leading up to the Great Financial Crisis of the opening decade of this century.… | more |

Stagnation and Financialization: The Nature of the Contradiction

The Nature of the Contradiction

More than six years after the beginning of the Great Recession in the United States, and nearly five years since it was officially declared over in this country, the core economies of the capitalist world system remain crisis-ridden. The jobs lost in the downturn in the United States have not yet been fully recovered and the economy remains sluggish. In Europe the crisis has hardly abated at all and a number of the peripheral European Union countries are in what can only be called a depression—especially Greece, Spain, and Portugal. The last member of the triad of advanced capitalist centers, Japan, has gone through what have been called two “lost decades” of slow growth and deflation and is attempting once again to jump-start the economy through a combination of devaluation of the yen and deficit spending.… | more |

Australian Coal: Should It Be Left in the Ground?

Many Australians view themselves as living in a “lucky country” because it has an abundance of mineral resources. James Goodman and David Worth, however, maintain that the mining boom has been a “curse” in disguise. It has sharpened socioeconomic and community divisions, contributed to political conflict, and resulted in “ecological mal-development” with serious environmental consequences. This applies to coal in that it not only contributes to air and water pollution, but is also a major source of carbon dioxide emissions and thus a major contributor to climate change.… | more |

Crisis, Recovery, and the Transitional Economy: The Struggle for Cooperative Ownership in Greensboro, North Carolina

The Struggle for Cooperative Ownership in Greensboro, North Carolina

There is much to ponder as the patchwork of American society continues to unravel from the effects of a new type of capitalist depression.… [T]he wealthiest 1% of Americans earned more than 19 percent of the country’s household income in 2012, their biggest share since 1928, a year before the Wall Street stock-market collapse.… [For an alternative to this] we might look to Occupy’s brief history beyond Wall Street—that is, in the cities and towns where its initial energy was so keenly felt, and where it is likely that many of us have since embarked on new projects that carry the potential of a transitional and transformational politics.… Such is the case in Greensboro, North Carolina, a mid-size Southern city known for its struggles for civil rights and socio-economic justice. It is here where the Occupy movement played a small but seminal role in what has become a fierce, grass-roots struggle for cooperative ownership in the African-American community.… | more |

The Longer View

The Longer View

Essays Toward a Critique of Political Economy

These essays by the author of The Political Economy of Growth and co-author of Monopoly Capital cover the working range of a strong and original mind. They are as diverse as his well-known discussion of Marxism and psychoanalysis, and his expert handling of the politics and economics of development.… | more |

Notes from the Editors, April 2014

Notes from the Editors, April 2014

» Notes from the Editors

The insidious nature of the economy, state, and cultural apparatus of global monopoly-finance capital is difficult to perceive—if only because it is to be found everywhere we look. Focusing on a specific case can therefore help us see what might otherwise elude us. A striking instance of this principle is to be found in the recent takeover of Chrysler by Fiat—linking a century-old Italian auto dynasty, the Great Financial Crisis of 2007–2009, the U.S. corporate bailout, the 2014 Superbowl, and the American folk music tradition.… | more |

Notes from the Editors, March 2014

Notes from the Editors, March 2014

» Notes from the Editors

This issue of Monthly Review is mainly devoted to two commemorations: for Paul Alexander Baran, who died fifty years ago this month; and for Hugo Rafael Chávez Friás, who died one year ago this month.… Paul A. Baran was the author of The Political Economy of Growth (1957) and, with Paul M. Sweezy, Monopoly Capital (1966). Baran’s work on the roots of underdevelopment focused on the way in which the imperialist world system robbed countries of their actual and potential economic surplus, chaining them to conditions of dependency.… Hugo Chávez, president of Venezuela from 1999 until his death in March 2013, provided the crucial inspiration for the Bolivarian Revolution in Venezuela. Chávez created a new vernacular of revolution linked historically to Latin America’s Bolivarian tradition (marked by Bolívar’s famous statement that “equality is the law of laws”).… | more |