Volume 66, Issue 05 (October)
Secular stagnation (or the trend towards long-term slow growth and continuing high unemployment/underemployment) has become a big issue in the mature economies since 2013, when former U.S. Treasury Secretary Larry Summers raised the question at an IMF economic forum. Compilations of work on the subject can now be found on the Internet, such as the one by economists Coen Teulings and Richard Baldwin; which however leaves out all contributions by heterodox economists. Teulings and Baldwin credit Summers with having “resurrected” the secular stagnation issue. But is this true? Only in the sense that he reintroduced it to mainstream neoclassical economics. It has long been a topic on the left, and particularly in Monthly Review, where editor Paul Sweezy explicitly drew attention to the “secular stagnation” question more than forty years ago—with MR tracking the stagnation trend month by month in the four decades that followed.… Isn’t it about time…that orthodox economists, Summers included, began to acknowledge the enormous work done on this topic on the left over decades, and indeed the greater complexity and historicity of the analysis to be found there—not only in MR but within heterodox economics more generally? Such an admission might even do orthodox economists some good. | more…
Braverman and the Structure of the U.S. Working Class
Harry Braverman’s Labor and Monopoly Capital, first published forty years ago in 1974, was unquestionably the work that, in the words of historian Bryan Palmer, “literally christened the emerging field of labor process studies.” In the four decades since its appearance Braverman’s book has continued to play a central role in debates on workers’ struggles within industry, remaining indispensable to all attempts at in-depth critique in this area.… This continuing relevance of Braverman’s analysis has to do with the fact that his overall vision of the transformations taking place in modern work relations was much wider than has usually been recognized. Viewed from a wide camera angle, his work sought to capture the complex relation between the labor process on the one hand, and the changing structure and composition of the working class and its reserve armies on the other. This broad view allowed him to perceive how the changes in the labor process were integrally connected to the emergence of whole new spheres of production, the decomposition and recomposition of the working class in various sectors, and the development of new structural contradictions. | more…
Ecological Insights from His Excerpt Notebooks
While he was preparing for his critique of political economy, Marx produced an enormous quantity of excerpt notebooks. Sometimes accompanied by his own comments, they largely consist of direct quotes from various books, journals, and newspaper articles that attracted his attention. Although they were neglected among Marxist scholars for quite a long time without publication in any languages, these notebooks, in addition to the manuscripts and letters, constitute an invaluable original source for understanding Marx’s thinking process.… Marx’s notebooks record his ceaseless efforts to grasp the totality of capitalism, and, since Capital remains unfinished, they provide useful hints for speculating how Marx would have completed his project of critique of political economy.… As an attempt to comprehend the development of Marx’s theory through his notebooks, this paper analyzes his excerpts from books by two agricultural chemists, Justus von Liebig and James F.W. Johnston, in order to reveal a significant modification in regard to Marx’s attitude towards modern agricultural practice, which led his to study the natural sciences even more intensively in his late years. | more…
Recovering Histories of Internationalism
Judy Tzu-Chun Wu, Radicals on the Road: Internationalism, Orientalism, and Feminism during the Vietnam Era (Ithaca: Cornell University Press, 2013), 346 pages, $26.95, paperback.
The cover of Judy Tzu-Chun Wu’s Radicals on the Road features a sepia-toned photograph of Eldridge Cleaver raising his fist in a Black Power salute behind three Vietnamese women in combat helmets, one of whom is kneeling behind an anti-aircraft gun. While you have probably seen a similar photograph of Jane Fonda from her North Vietnam trip in 1972, images like that of Cleaver are less common, if circulated at all. In this second book by Wu, she documents three sets of journeys, like Cleaver’s, that have remained at the margins of both the scholarship and the popular memory of the antiwar movement. | more…
Cal Winslow, ed., E.P. Thompson and the Making of the New Left: Essays & Polemics (New York: Monthly Review Press, 2014), 333 pages, $23.00, paperback.
It is surely difficult for young people today to grasp that thirty years or so ago, radical historian-activist Edward Thompson was by opinion polls intermittently the second or third most popular person in England, just after the Queen Mother. This was despite the British establishment, to say nothing of U.S. Cold Warriors (liberal or conservative), slandering him for decades—and why not? He had led massive protest movements of ordinary people against their government. Worse, in cloistered academic quarters he was viewed as having reorganized the whole idea of social history and turned it over to ordinary people! More than anyone else in the English-speaking world, he made the history of such people important. | more…
Ervand Abrahamian, The Coup: 1953, the CIA, and the Roots of Modern U.S.-Iranian Relations (New York: New Press, 2012), 304 pages, $26.95, hardback.
The Cold War between the Soviet Union and the United States began in earnest as soon as the Second World War ended, shaping most of the remainder of the twentieth century. The U.S. doctrine of “containment” required confronting the Soviets at every point of contact, accompanied by the claim that lasting peace could be reached only through the establishment of an international order based on national states which enjoyed a U.S.-defined political liberty and a capitalist economic order. The Soviets bolstered their security through providing support to countries seen as friendly and close to their borders. Therefore, maintaining influence in Iran was a goal of Soviet foreign policy in the Middle East. U.S. foreign policy was shaped by its own state interests and ideology and driven by the American postwar, worldwide systems of military bases.… It is this turbulent period of geopolitical maneuvering that Ervand Abrahamian’s The Coup revisits. Yet, unlike other books on the 1953 events in Iran, Abrahamian locates the U.S.-backed coup less in the Cold War ideological confrontation between East and West than in the conflicts which opposed imperialism and nationalism; between the center of world capitalism and the underdeveloped economies heavily dependent on exporting raw natural resources. | more…