Most economists continue to celebrate China as one of the most successful developing countries in modern times. We, however, are highly critical of the Chinese growth experience. China’s growth has been driven by the intensified exploitation of the country’s farmers and workers, who have been systematically dispossessed through the break-up of the communes, the resultant collapse of health and education services, and massive state-enterprise layoffs, to name just the most important “reforms.” With resources increasingly being restructured in and by transnational corporations largely for the purpose of satisfying external market demands, China’s foreign-driven, export-led growth strategy has undermined the state’s capacity to plan and direct economic activity. Moreover, in a world of competitive struggle among countries for both foreign direct investment and export markets, China’s gains have been organically linked to development setbacks in other countries. Finally, China’s growth has become increasingly dependent not only on foreign capital but also on the unsustainable trade deficits of the United States. In short, the accumulation dynamics underlying China’s growth are generating serious national and international imbalances that are bound to require correction at considerable social cost for working people in China and the rest of the world. | more…
As John Bellamy Foster explained in “The Ecology of Destruction” (Monthly Review, February 2007), Marx explored the ecological contradictions of capitalist society as they were revealed in the nineteenth century with the help of the two concepts of metabolic rift and metabolic restoration. The metabolic rift describes how the logic of accumulation severs basic processes of natural reproduction leading to the deterioration of ecological sustainability. Moreover, “by destroying the circumstances surrounding that metabolism,” Marx went on to argue, “it [capitalist production] compels its systematic restoration as a regulating law of social reproduction”—a restoration, however, that can only be fully achieved outside of capitalist relations of production | more…
The Christian-Democratic Union (CDU) is experiencing right now what the Social-Democratic Party (SPD) had to learn after the accession to power of a Red-Green Coalition in 1998: People’s parties are elected because they promise to reconcile the interests of businesses, working people, and the receivers of any sort of social assistance. They lose approval if they pursue policies that one-sidedly benefit the corporate sector. Although cabinet ministers occasionally bemoan the exorbitant salaries received by top managers and the unpatriotic behavior of a company that decides to relocate, most voters do not fail to notice that such company policies are encouraged by a politically driven redistribution of income in favor of profits. People who expected more socially oriented policies from the CDU are turning away from that party, but only some are turning toward the SPD. The latter gained somewhat in recent polls and was able to win state elections in Berlin and Mecklenburg-Western Pomerania, but it still is nowhere near its former approval rates. Moreover, the relative distribution of votes hides the absolute decline in voter turnout | more…
Michael A. Lebowitz, Build It Now: Socialism for the Twenty-First Century (New York: Monthly Review Press, 2006), 127 pages, paperback, $14.95.
This short work consists of two parts: analytical and programmatic. The analytical emphasis is upon the most important crime of capitalism: namely–its dependence upon alienation/dehumanization | more…
The U.S. economy in early March 2007 appears to be rapidly decelerating. Orders for durable goods in manufacturing dropped 8 percent in January and the manufacturing sector as a whole shrank during two of the last three months for which data is currently available (November–January), representing what is being called a “recession” in manufacturing, and raising the possibility of a more general economic downturn (New York Times, February 28, 2007) | more…
Changes in capitalism over the last three decades have been commonly characterized using a trio of terms: neoliberalism, globalization, and financialization. Although a lot has been written on the first two of these, much less attention has been given to the third. Yet, financialization is now increasingly seen as the dominant force in this triad. The financialization of capitalism-the shift in gravity of economic activity from production (and even from much of the growing service sector) to finance—is thus one of the key issues of our time. More than any other phenomenon it raises the question: has capitalism entered a new stage? | more…
Once upon a time the capitalist mode of production represented a great advance over all of the preceding ones, however problematical and indeed destructive this historical advance in the end turned out-and had to turn out-to be. By breaking the long prevailing but constraining direct link between human use and production, and replacing it with the commodity relation, capital opened up the dynamically unfolding possibilities of apparently irresistible expansion to which — from the standpoint of the capital system and of its willing personifications — there could be no conceivable limits. For the paradoxical and ultimately quite untenable inner determination of capital’s productive system is that its commodified products “are non-use-values for their owners and use-values for their non-owners. Consequently they must all change hands. . . . Hence commodities must be realised as values before they can be realised as use-values.” | more…
Seventeen years ago, in 1990, I began an essay with a poem of Bertolt Brecht. It was a poem about a man in Europe in the Middle Ages who put on “things that looked like wings,” climbed to the roof of a church, and tried to fly. He crashed, and the bishop who passed by said, “No one will ever fly.” | more…
Twenty-first century capitalism is not an improved and benign version of its nineteenth- and twentieth-century manifestations, nor will it ever be, despite daily bluster by the system’s practitioners and apologists that a rising tide of prosperity will soon lift all boats. The animating principles of capitalism governing the pursuit of profits are as hollow and iniquitous now as they were in 1848, especially where human exploitation and the distribution of wealth are concerned. As super-capitalist Warren Buffett remarked recently in a trenchant understatement: “A market system has not worked well in terms of poor people” (The New York Times, June 27, 2006) | more…
Although some idealize and others demean the work of teachers, few people outside the field fully understand what it really means to teach. Misconceptions about teaching influence the ways that Americans think about the profession. One of the manifestations of this enduring disconnect between the American public and the professionals who teach is the low salaries teachers receive. This is the main issue that Moulthrop, Calegari, and Eggers tackle in this thorough and valuable ethnographic study of the lives of teachers, their daily struggle to make ends meet, and what it means to teach | more…
Our friends Leo Panitch and Colin Leys, editors of the Socialist Register, have recently published Coming to Terms with Nature: Socialist Register, 2007 (Monthly Review Press, 2006), which includes contributions by a distinguished group of analysts addressing crucial environmental issues—dealing with everything from “fossil capitalism” to eco-localism | more…
Any reader of Israel Studies’s recent issue on the “Americanization of Israel” would be likely to conclude that the most important aspect of U.S.-Israel relations was cultural and religious exchange.* U.S. commodification of Israeli consumption is a key focus here, as is the impact of U.S. religious trends on Israeli religious practices. Though politics does feature in the issue, its place is largely restricted to the influence of the United States on the Israeli party political system and to the ideological convergence between Christian fundamentalism and the Likud Party. The informing conception of the issue, then, seems to be the endeavor to pinpoint those aspects of Israel that have been “Americanized” in recent years. Contributors are thus preoccupied with determining how specific U.S. forms and norms have migrated to and been translated into Israeli culture and society | more…
Imperialism is the system by which a dominant power is able to control the trade, investment, labor, and natural resources of other peoples. It takes different forms in different stages of capitalist development and has elements in common with the imperium of ancient empires. I want to lay out these structural elements, contrast them with the mainstream economists’ view of exchange regulated by free market principles, and then discuss the specific form imperialism takes in our own time. Any essay on this subject written from the left must acknowledge the influence of the writing of Harry Magdoff and on this occasion his influence is highlighted | more…