May 1, 2008
Adrienne Rich's most recent book is Telephone Ringing in the Labyrinth: Poems 2004–2006. A selection of her essays, Arts of the Possible: Essays and Conversations, appeared in 2003. She edited Muriel Rukeyser's Selected Poems for the Library of America. She is a recipient of the National Book Foundation's 2006 Medal for Distinguished Contribution to American Letters, among other awards.
May 1, 2008
Few U.S. revolutionaries of her generation have "lived to tell the tale" like Roxanne Dunbar-Ortiz, to borrow the title of Gabriel García Márquez's memoirs. Blood on the Border: A Memoir of the Contra Years is the last volume of a trilogy including Red Dirt: Growing up Okie (University of Oklahoma Press, 1992) and Outlaw Woman: A Memoir of the War Years (City Lights, 2001). Although influenced by oral traditions in his "native" Colombian Caribbean, García Márquez has little to say about his own political commitments, or Colombian politics more generally. In contrast, influenced by traditions of storytelling native to rural Oklahoma and Native American communities throughout the U.S. West, Dunbar-Ortiz's latest memoir puts flesh on the bones of the slogan "the personal is political." The phrase, she notes, was coined within the Student Non-Violent Coordinating Committee and carried into the women's liberation and antiwar movements.
May 1, 2008
At the crossroads of Buenos Aires's shopping district sits a posh mall called the Galerías Pacífico, a showcase for global brand names and a playground for Argentina's rich. One day, a film crew descended to the basement. There they found an abandoned torture chamber, its walls still etched with names, dates, and messages from political prisoners disappeared under the military junta. In The Shock Doctrine, Naomi Klein goes digging deep into the basements of global capitalism, from the torture labs of Latin America to the oil fields of Iraq, unearthing the bodies and catching the culprits red-handed. In the process, she demolishes one of the great myths of our time: that free markets go hand in hand with free societies, and that globalized free enterprise brings peace and democracy. Instead, as Klein documents in this definitive history, the new world order is the product of three decades of free-market terror, torture, and shock.
April 1, 2008
The United States and the world economy are now experiencing a major economic setback that began in the financial sector with the bursting of the housing bubble, but which can ultimately be traced back to the basic problems of capitalism arising from class-based accumulation (see the Review of the Month in this issue).…Things are clearly much worse, with respect to the general public understanding of these problems, here in the United States, the citadel of capitalism, than elsewhere in the world. We were therefore bemused by an article entitled "Europe's Philosophy of Failure" by Stefan Theil, Newsweek's European economics editor, appearing in the January–February 2008 Foreign Policy. Theil writes of the "prejudice and disinformation" incorporated in French and German secondary school textbooks dealing with economics. Such textbooks he complains "ingrain a serious aversion to capitalism."
April 1, 2008
With the benefit of hindsight, few now doubt that the housing bubble that induced most of the recent growth of the U.S. economy was bound to burst or that a general financial crisis and a global economic slowdown were to be the unavoidable results. Warning signs were evident for years to all of those not taken in by the new financial alchemy of high-risk debt management, and not blinded, as was much of the corporate world, by huge speculative profits. This can be seen in a series of articles that appeared in this space: "The Household Debt Bubble" (May 2006), "The Explosion of Debt and Speculation" (November 2006), "Monopoly-Finance Capital" (December 2006), and "The Financialization of Capitalism" (April 2007).
April 1, 2008
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.
April 1, 2008
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.
April 1, 2008
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.
March 1, 2008
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.
March 1, 2008
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.
