April 1, 2003
Only a few years ago it was widely suggested that the capitalist economy had entered a new economic era. The rapid economic growth experienced during the brief period of the late 1990s, we were told, would become virtually endless, spurred on by rising productivity led by high technology and the New Economy. The circumstances that now confront us following the bursting of the speculative bubble could not be more different. The country is once again mired in economic stagnation. In the present "recovery"—if indeed we can call it that—new jobs remain few and far between. Of the four sources of demand that create economic activity—personal consumption, business investment, government spending, and net exports—it is mainly consumption, backed by increasing debt, that is currently keeping the economy from slipping deeper into stagnation. Indeed, many business leaders and economists fear the return of recession—referred to as the likelihood of a "double dip." Behind this fear lies excess capacity in almost every industry, the absence of new growth stimuli, slow growth or recession in most of the rest of the world, and the aftereffects of the bursting of the speculative stock market bubble. All of this suggests that there is more at stake than the traditional business cycle. At the very least, there is reason to expect the continuation of the tendency of stagnation.
March 1, 2003
For a long time now it has been widely understood within economics that under the capitalism of giant firms, corporations no longer compete primarily through price competition. They engage instead in what economists call "monopolistic competition." This consists chiefly of attempts to create monopoly positions for a particular brand, making it possible for corporations to charge more for the branded product while also expanding their market share. Competition is most intense in what Thorstein Veblen called the "production of salable appearances," involving advertising, frequent model changes, branding of products, and the like. Once this logic takes over in twentieth and now twenty-first century capitalism it is seemingly unstoppable. All human needs, relationships and fears, the deepest recesses of the human psyche, become mere means for the expansion of the commodity universe under the force of modem marketing. With the rise to prominence of modem marketing, commercialism—the translation of human relations into commodity relations—although a phenomenon intrinsic to capitalism, has expanded exponentially.
May 1, 2002
Beginning in the 1980s, there was a significant increase in awareness of the deep flaws of mainstream journalism among those on the U.S. left. Writers such as Todd Gitlin, Herbert Schiller, Gaye Tuchman, Ben Bagdikian, and Michael Parenti, each in his or her own way, drew attention to the incompatibility between a corporate run news media and an ostensibly democratic society. The work of Edward S. Herman and Noam Chomsky, in particular, introduced an entire generation of progressives to a critical position regarding mainstream journalism. As the title of their masterful Manufacturing Consent indicated, the capitalist news media are far more about generating support for elite policies than they are about empowering people to make informed political decisions
April 1, 2002
For a long time now, the U.S. economy and the economies of the advanced capitalist world as a whole have been experiencing a slowdown in economic growth relative to the quarter-century following the Second World War. It is true that there have been cyclical upswings and long expansions that have been touted as full-fledged “economic booms” in this period, but the slowdown in the rate of growth of the economy has continued over the decades. Grasping this fact is crucial if one is to understand the continual economic restructuring over the last three decades, the rapidly worsening conditions in much of the underdeveloped world to which the crisis has been exported, and the larger significance of the present cyclical downturn of world capitalism
March 1, 2001
In conventional parlance, the current era in history is generally characterized as one of globalization, technological revolution, and democratization. In all three of these areas media and communication play a central, perhaps even a defining, role. Economic and cultural globalization arguably would be impossible without a global commercial media system to promote global markets and to encourage consumer values. The very essence of the technological revolution is the radical development in digital communication and computing. The argument that the bad old days of police states and authoritarian regimes are unlikely to return is premised on the claims that new communication technologies along with global markets undermine, even eliminate, the capacity for “maximum leaders” to rule with impunity
November 1, 2000
Socialists since the time of Marx have been proponents of democracy, but they have argued that democracy in capitalist societies is fundamentally flawed. In capitalist societies, the wealthy have tremendous social and economic advantages over the working class that undermine political equality, a presupposition for viable democracy. In addition, under capitalism the most important economic issues—investment and control over production—are not the province of democratic politics but, rather, the domain of a small number of wealthy firms and individuals seeking to maximize their profit in competition with each other. This means that political affairs can only indirectly influence economics, and that any party or individual in power has to be careful not to antagonize wealthy investors so as to instigate an investment strike and an economic collapse that would generally mean political disaster
February 1, 1999
American democracy is in deep trouble. Cynicism and distrust of the political system, fueled at least in part by imposed ignorance, have grown steadily in recent years. There are several reasons for this, but few as important as the condition of our media. Many Americans, especially those on the left, know that after a generation of rampant consolidation and conglomeration, the American media are dominated by less than twenty firms—and that a half-dozen or so corporate giants hold the commanding positions. These firms use their market power to advance their own and other companies’ corporate agendas. And they increasingly commercialize every aspect of our culture. By any known theory of political democracy, this tightly-held media system, accountable only to Wall Street and Madison Avenue, is a poisonous proposition
March 1, 1998
The First Amendment stands as the crown jewel of the U.S. Constitution. Although it often has been ignored and violated throughout U.S. history, the First Amendment is the republic's shining commitment to individual freedom of expression and to the protection of this institutional requirements for an informed electorate and a participatory democracy. Yet what exactly the First Amendment signifies and does has been the subject of considerable debate over the years. Currently or in the near future, any number of cases are and will be working their way through the court system that would seek to prohibit any government regulation of political campaign spending, broadcasting, and commercial speech (e.g. advertising or food labeling) on the grounds that such regulation would violate citizens' and corporations' First Amendment rights to free speech or free press
