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. | more…
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. | more…
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. | more…
This month marks the fifth year of the U.S. war and occupation in Iraq, which commenced on March 19, 2003. Despite setbacks for the U.S. empire, including unexpected losses in lives and money as a result of the continuing resistance of the Iraqi population, this war has succeeded in the U.S. imperial objective of eliminating Iraq, once a powerful force in the Middle East, as a nation to be reckoned with. Much of its population is dead, displaced, and divided. Its infrastructure is in tatters. The country is occupied on a seemingly permanent basis by U.S. military forces, allowing Washington to project its power more fully in the region, and making it easier to threaten Iraq’s neighbor Iran. Iraqi oil, designated as a vital strategic asset by Washington, is now largely in the grip of the U.S. empire. | more…
Bad times inhibit good writers, but they also inspire them. Just look at the new and recent arrivals in bookstores and libraries. The double-barreled assault on civil liberties and human rights, by the administration of President George Walker Bush, has, if nothing else, spurred an outpouring of books, both fiction and nonfiction, condemning the erosion of American democracy and the perceived drift toward totalitarianism. Jack London—the best-selling twentieth-century American author, who was born in 1876, the year of the American Centenary, and who died in 1916, the year before the United States entered the First World War—would surely not be surprised. In fact, one might well anoint London the founding father of the contemporary body of literature about political repression, including Henry Giroux’s The Emerging Authoritarianism in the United States, Matthew Rothschild’s You Have No Rights, Chris Hedges’s American Fascists, Robert Kennedy Jr.’s Crimes Against Nature, and Philip Roth’s disquieting 2003 novel The Plot Against America. Of course, there are many others that cover much the same terrain. | more…
In March 2003, Khalid Sheikh Mohammed, alleged mastermind of the 9/11 attacks, was captured in Pakistan. Much of the information on his movements and whereabouts is believed to have come from interrogations of his two children, aged six and eight. The children are known to have been held in an adult detention facility for at least four months while they were interrogated. During this time, according to one witness, “the boys were kept in a separate area upstairs, and were denied food and water by other guards. They were also mentally tortured by having ants or other creatures put on their legs to scare them and get them to say where their father was hiding.” After that, they disappeared into the system and nothing more was heard about them. Their current whereabouts and condition are unknown. The United States has sunk to kidnapping, imprisoning, torturing, and then “disappearing” children in order to get at their parents. What were once dark and unlikely rumors have gradually proven to be true: many men, women, and yes, children have been abducted around the world and fed into the maw of the American system. | more…
Rodrigo Granda is a member of and the leading international spokesperson for the Fuerzas Armadas Revolucionarias de Colombia-Ejército del Pueblo, the Revolutionary Armed Forces of Colombia-People’s Army (FARC–EP). His name gained global prominence in December 2004 when he was kidnapped in Venezuela and handed over to Colombian authorities by a number of Venezuelan National Guard soldiers seeking a reward placed on his head by the Colombian government. At the time of his capture Granda was attending a meeting of the Bolivarian Peoples Movements in Caracas. Granda’s kidnapping in Venezuela at the instigation of the Colombian government created an international dispute between Venezuela and Colombia. He was released in 2007 in response to pressures exerted on the Colombian government by French President Nicolas Sarkozy. | more…
The collapse by century’s end of most of the post-revolutionary social experiments of the twentieth century put socialists nearly everywhere on the defensive. Today’s call for a “socialism for the twenty-first century” is an attempt to transcend this defensive posture and to engage fully with the most urgent problem of our time: the creation of a sustainable socialist order. In this respect, “István Mészáros,” in the words of President Hugo Chávez of Venezuela, “is someone who lights up the road. He points to the core of the argument we must make in order to go beyond the defensive attitude in which the world’s peoples and revolutionary movements find themselves, and to take the offensive, throughout the world, in moving toward socialism” (quoted from back cover of Mészáros, O desafio e o fardo do tempo histórico [Sáo Paulo: Boitempo Editorial, 2007]; English edition, The Challenge and Burden of Historical Time [forthcoming from Monthly Review Press, 2008]). | more…
Marge Piercy is the author of Pesach for the Rest of Us: Making the Passover Seder Your Own (Schocken, 2007). Her most recent novel is Sex Wars: A Novel of the Turbulent Post-Civil War Period (New York: William Morrow, 2005), and her newest book of poetry is The Crooked Inheritance (Knopf, 2006). | more…
Soon after joining Cuba’s Foreign Relations Ministry, in the early 1960s, I learned about Victor Rabinowitz and Leonard Boudin. Before meeting them I already knew how much Fidel admired and respected these two distinguished American lawyers, who were representing Cuba in the midst of a very complex and difficult confrontation and a very uneven one.…At the time I didn’t imagine that I was going to be sent to New York to my first and only diplomatic assignment. It was not exceedingly easy to begin a diplomatic career, or any career for that matter, at the top and to transform yourself in a couple of years from a student of philosophy into the youngest ambassador ever at the UN. It did not help that I was representing a country that was almost completely isolated in the Western Hemisphere. | more…
Peter Cole, Wobblies on the Waterfront: Interracial Unionism in Progressive-Era Philadelphia (Chicago: University of Illinois Press, 2007), 256 pages, hardcover, $40.00.
Peter Cole has offered an excellent historical examination of a poorly explored moment in labor history. His book, Wobblies on the Waterfront, explores the period (1913–22) when Local 8 of the National Industrial Union of Marine Transport Workers (of the Industrial Workers of the World [IWW]) was the preeminent force on the Philadelphia waterfronts. | more…
Twenty years ago climatologist James Hansen of NASA’s Goddard Institute of Space Studies, widely considered to be the world’s leading authority on global warming, first brought the issue into the public spotlight in testimony before the U.S. Congress. Recently, Hansen published an article entitled “Climate Catastrophe” in the New Scientist (July 28, 2007), http://www.newscientist.com. There he presented evidence suggesting that under “business as usual,” in which greenhouse gas emissions continue to increase unchecked, a rise in sea level by several meters during the present century due to the melting of polar ice sheets is a “near certainty.” | more…
Rachel Carson was born just over 100 years ago in 1907. Her most famous book Silent Spring, published in 1962, is often seen as marking the birth of the modern environmental movement. Although an immense amount has been written about Carson and her work, the fact that she was objectively a “woman of the left” has often been downplayed. Today the rapidly accelerating planetary ecological crisis, which she more than anyone else alerted us to, calls for an exploration of the full critical nature of her thought and its relation to the larger revolt within science with which she was associated. | more…