Historically, monetary crises have been related to hyperinflation, from which Argentina has often suffered. Hyperinflation is generally viewed as a calamity leading to the destruction of the capitalist monetary system of circulation. In the present Argentine crisis, however, there has been a complete implosion of economic and monetary relations due to hyperdeflation. This is the strangulation of the economy by the requirement to pay an unsustainable debt | more…
Against the background of Argentina’s dramatic economic downfall, a meeting was held in January 2002 at the Faculty of Economic Sciences of the University of Buenos Aires. The focus of the meeting was the need to work on alternative proposals to deal with the crisis | more…
In large part, the increased mass media coverage and the more favorable reporting (except in the United States) were due to the presence of political notables embracing centrist positions (leading members of the French Socialist Party, representatives from the United Nations and World Bank, and leaders from the moderate/social democratic sector of the Brazilian Workers Party, etc.). The political advances and achievements of SF2002 noted in the Western European media were accompanied by a particular bias in the reporting. Most of the journalists and editors favorably quoted and featured the “serious ideas” of the more moderate notables and political leaders meeting at the Catholic University. Rarely were mass leaders and activists from popular movements quoted or shown in photographs. For example, the Financial Times (February 5, 2002, p. 8) caricatured the differences between radicals and reformists: “Behind the theatrical expressions of protest, the forum was marked by a serious exchange of ideas and proposals, such as reforms of the WTO’s intellectual property rights agreements. Most participants said they were not against globalization but for an equitable form of it with a broader international participation in decision-making” | more…
In January, with no public discussion and little fanfare, Washington began the first major extension of its “war on terrorism” beyond Afghanistan by sending U.S. troops into the Philippines. The contingent of nearly 700 troops, including 160 Special Forces soldiers, was sent to the Autonomous Region of Muslim Mindanao (ARMM), which consists of a number of islands and one major city, and is populated chiefly by a few million Moros (Muslim Filipinos). The mission of the U.S. forces has been to “assess” the military situation, provide military advice, and “train” the 7000 Philippine soldiers currently pursuing the guerrillas of the Abu Sayyaf Group (ASG) operating in the southern islands of Basilan and Jolo | more…
Empires throughout human history have relied on foreign military bases to enforce their rule, and in this respect at least, Pax Americana is no different than Pax Romana or Pax Britannica. “The principal method by which Rome established her political supremacy in her world,” wrote historian Arnold Toynbee in his America and the World Revolution (1962) | more…
One evening, shortly after September 11, I was conducting a college English class when one of my students asked a question about the accumulating body of information on women and Islam. It was one of many questions about the Middle East asked of me in the days after the tragedies; this one was about the veil, and why women in the Middle East “had to wear it.” I explained that not all women in the Middle East were Muslim (I myself am a Palestinian Christian), but that even many Muslim women did not veil. However, many did, and for myriad reasons: mostly for personal and religious reasons and, for some, upon compulsion | more…
All discussion of distance education these days invariably turns into a discussion of technology, an endless meditation on the wonders of computer-mediated instruction. Identified with a revolution in technology, distance education has thereby assumed the aura of innovation and the appearance of a revolution itself, a bold departure from tradition, a signal step toward a preordained and radically transformed higher educational future. In the face of such a seemingly inexorable technology-driven destiny and the seductive enchantment of technological transcendence, skeptics are silenced and all questions are begged. But we pay a price for this technological fetishism, which so dominates and delimits discussion. For it prevents us from perceiving the more fundamental significance of today’s drive for distance education, which, at bottom, is not really about technology, nor is it anything new. We have been here before | more…
The reemergence of sweatshops in the United States has taken many people by surprise. It was commonly assumed that sweatshops disappeared years ago and that their presence would no longer be accepted. This proved to be fatally wrong | more…
There is a rather unusual document among Marx’s writings. It is titled, “Peuchet: vom Selbstmord” (Gesellschaftspiegel, zweiter Band, Heft VII, Elberfeld, Januar 1846), and it is composed of translated excerpts from Jacques Peuchet’s Du Suicide et de ses Causes (a chapter from his memoirs). The book under review is an English translation of this document, combined with introductions by editors Kevin Anderson and Eric Plaut. As we shall see, this small and almost forgotten article by Marx is a precious contribution to a richer understanding of the evils of modern bourgeois society, of the suffering that its patriarchal family structure inflicts on women, and of the broad and universal scope of socialism | more…
The meltdown of Enron, the giant energy trading firm, which recently ranked as the seventh largest U.S. corporation—now its largest ever bankruptcy—is one of the most startling events in U.S. financial history. Only a few months ago Enron was the toast of Wall Street. It was the symbol of the New Economy and of the deregulation of both finance and energy markets. Its former CEO, Jeffrey K. Skilling, promoted the idea that assets were not what made a company valuable. Instead what counted was a corporation’s intellectual capital. He sold the idea of Enron as a nimble, highly-leveraged, “asset-light” company engaged in aggressive internet-based trading. The point is that this huge and highly regarded corporation did not make anything. Nor did it perform a service like distributing energy. It was in essence a purely speculative enterprise, making money through trading made possible by the deregulation of a basic consumer need (electricity). And U.S. business bought it! For six years in a row, the editors of Fortune magazine selected Enron as the “most innovative” among the magazine’s “most admired” corporations. Enron was a principal fundraising source for President George W. Bush’s electoral campaign. It was a big winner in California’s electrical deregulation crisis, which generated skyrocketing electricity prices and huge profits for big energy traders. Enron’s corporate empire was underwritten by some of the biggest U.S. banks, including J. P. Morgan Chase and Citigroup | more…
Until recently, a pervasive sense of there-is-no-alternative left us with a
debilitating pessimism. Seattle was, arguably, the long-awaited antidote. Where social democracy had seen the power of capital and was cowed by it, the Seattle protesters recognized that building a decent world meant actively resisting it. In this defiant understanding that resistance creates the space for hope, the chain of protests initiated by Seattle fell in with a tradition that saw realism in historic terms, rather than in a fetishism of the present | more…
The world changed on September 11. That’s not just media hype. The way some historians refer to 1914–1991 as the “short twentieth century,” many are now calling September 11, 2001, the real beginning of the twenty-first century. It’s too early to know whether that assessment will be borne out, but it cannot simply be dismissed | more…
In this article we will argue that the Japanese economic crisis is connected to a process of oligopolistic accumulation and to Japan’s role as the regional economic hegemon in East Asia. The combination of these two factors generates a classic Baran-Sweezy-Magdoff perspective on the crisis in Japan | more…