November 1, 2014
Not since the Great Depression of the 1930s has it been so apparent that the core capitalist economies are experiencing secular stagnation, characterized by slow growth, rising unemployment and underemployment, and idle productive capacity. Consequently, mainstream economics is finally beginning to recognize the economic stagnation tendency that has long been a focus in these pages, although it has yet to develop a coherent analysis of the phenomenon. Accompanying the long-term decline in the growth trend has been an extraordinary increase in economic inequality, which one of us labeled "The Great Inequality," and which has recently been dramatized by the publication of French economist Thomas Piketty's Capital in the Twenty-First Century. Taken together, these two realities of deepening stagnation and growing inequality have created a severe crisis for orthodox (or neoclassical) economics.
November 1, 2014
The term multitude was first used in Europe, it seems, by the Dutch philosopher Spinoza, to whom Michael Hardt and Antonio Negri explicitly refer. It then designated the "common people" who were a majority in the cities of the Ancien Régime and deprived of participation in political power (reserved for the monarch and the aristocracy), economic power (reserved for property owners of feudal ancestry or for the nascent financial bourgeoisie, both urban and rural—including the rich peasants), and social power (reserved for the Church and its clerics). The status of the common people varied. In the city, they were artisans, small merchants, pieceworkers, paupers, and beggars; in the country, they were landless. The common people in the cities were restless and frequently exploded into violent insurrections. They were often mobilized by others—particularly the nascent bourgeoisie, the active component of the Third Estate in France—in their conflicts with the aristocracy.
November 1, 2014
Marge Piercy is the author of eighteen poetry books, most recently The Hunger Moon: New & Selected Poems, 1980–2010 (Knopf, 2011). Her most recent novel is Sex Wars (Harper Perennial, 2005) and she has just published her first collection of short stories, The Cost of Lunch, Etc. (PM Press, 2014).
