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The Surplus in Monopoly Capitalism and the Imperialist Rent

Paul Baran and Paul Sweezy dared, and were able, to continue the work begun by Marx. Starting from the observation that capitalism’s inherent tendency was to allow increases in the value of labor power (wages) only at a rate lower than the rate of increase in the productivity of social labor, they deduced that the disequilibrium resulting from this distortion would lead to stagnation absent systematic organization of ways to absorb the excess profits stemming from that tendency.… This observation was the starting point for the definition that they gave to the new concept of ’surplus.”… I have always considered this bold stroke as a crucial contribution to the creative utilization of Marx’s thought.… but [Baran and Sweezy] refused to stop, like so many other Marxists, at the exegesis of his writings.… Having, for my part, completely accepted this crucial contribution from Baran and Sweezy, I would like, in this modest offering for the special issue that Monthly Review is devoting to honoring their work, to put forward a ’quantitative metric” of that surplus. | more…

The Center Will Not Hold

The Rise and Decline of Liberalism

Immanuel Wallerstein, The Modern World System IV: Centrist Liberalism Triumphant, 1789–1914 (Berkeley: University of California Press, 2011), 396 pages, $26.95, paperback.

An Arab Springtime?

The year 2011 began with a series of shattering, wrathful explosions from the Arab peoples. Is this springtime the inception of a second “awakening of the Arab world?” Or will these revolts bog down and finally prove abortive—as was the case with the first episode of that awakening, which was evoked in my book L’éveil du Sud (The Awakening of the South)? If the first hypothesis is confirmed, the forward movement of the Arab world will necessarily become part of the movement to go beyond imperialist capitalism on the world scale. Failure would keep the Arab world in its current status as a submissive periphery, prohibiting its elevation to the rank of an active participant in shaping the world. | more…

The Democratic Fraud and the Universalist Alternative

The propositions put forward here—and many other possible ones—have no place in the dominant discourse about “civil society.” Rather, they run counter to that discourse which—rather like “postmodernist” ravings à la Negri—is the direct heir of the U.S. “consensus” ideological tradition. A discourse promoted, uncritically repeated, by tens of thousands of NGOs and by their requisite representatives at all the Social Forums. We’re dealing with an ideology that accepts the existing regime (i.e. monopoly capitalism) in all its essentials. It thus has a useful role to play on behalf of capitalist power. It keeps its gears provided with oil. It pretends to “change the world” while promoting a sort of “opposition” with no power to change anything. | more…

The Trajectory of Historical Capitalism and Marxism’s Tricontinental Vocation

The long history of capitalism is composed of three distinct, successive phases: (1) a lengthy preparation—the transition from the tributary mode, the usual form of organization of pre-modern societies—which lasted eight centuries, from 1000 to 1800; (2) a short period of maturity (the nineteenth century), during which the “West” affirmed its domination; (3) the long “decline” caused by the “Awakening of the South” (to use the title of my book, published in 2007) in which the peoples and their states regained the major initiative in transforming the world—the first wave having taken place in the twentieth century. This struggle against an imperialist order that is inseparable from the global expansion of capitalism is itself the potential agent in the long road of transition, beyond capitalism, toward socialism. In the twenty-first century, there are now the beginnings of a second wave of independent initiatives by the peoples and states of the South. | more…

Seize the Crisis!

The principle of endless accumulation that defines capitalism is synonymous with exponential growth, and the latter, like cancer, leads to death. John Stuart Mill, who recognized this, imagined that a “stationary state of affairs” would put an end to this irrational process. John Maynard Keynes shared this optimism of Reason. But neither was equipped to understand how the necessary overcoming of capitalism could prevail. By contrast, Marx, by giving proper importance to the emerging class struggle, could imagine the reversal of power of the capitalist class, concentrated today in the hands of the ruling oligarchy. | more…

Capitalism and the Ecological Footprint

Our Ecological Footprint by Mathis Wackernagel and William Rees (1996) instigated a major strand in radical social thinking about construction of the future. The authors not only defined a new concept — that of an ecological footprint — they also developed a metric for it, whose units are defined in terms of “global hectares,” comparing the biological capacity of societies/countries (their ability to produce and reproduce the conditions for life on the planet) with their consumption of resources made available to them by this bio-capacity. The authors’ conclusions are worrying. | more…

Three Essays on Marx's Value Theory

Three Essays on Marx’s Value Theory

In this slim, insightful volume, noted economist Samir Amin returns to the core of Marxian economic thought: Marx’s theory of value. Amin defends Marx’s theory of value against its critics and also tackles some of its trickier aspects. He examines the relationship between Marx’s abstract concepts—such as “socially necessary labor time”—and how they are manifested in the capitalist marketplace as prices, wages, rents, and so on. He also explains how variations in price are affected by the development of “monopoly-capitalism,” the abandonment of the gold standard, and the deepening of capitalism as a global system. | more…

The Implosion of Contemporary Capitalism

The Implosion of Contemporary Capitalism

Renowned political economist Samir Amin, engaged in a unique lifelong effort both to narrate and affect the human condition on a global scale, brings his analysis up to the present—the world of 2013. The key events of our times—financial crisis, the emerging nations, globalization, financialization, political Islam, Euro–zone implosion—are related in a coherent, historically based, account. | more…

Nepal, a Promising Revolutionary Advance

Imagine. A liberation army that supports a generalized revolt of the peasantry reaches the gates of the capital, where the people, in their turn, rise up, drive the royal government from power and welcome as their liberator the Communist Party of Nepal-Maoist (CPN-M), whose effective revolutionary strategy needs no further demonstration. What is involved here is the most radical victorious revolutionary advance of our epoch, and, for this reason, the most promising. | more…

“Market Economy” or Oligopoly-Finance Capitalism?

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…