Prabhat Patnaik’s Review of the Month in this issue addresses problems of economic stagnation and imperialism in the context of explaining the current global crisis. Patnaik is part of a broad tradition of Marxian thought and heterodox economic analysis more generally that has long focused on issues of economic stagnation under monopoly capitalism. Such questions are now finally being taken up even by orthodox economists, but in ways that systematically ignore decades of contributions in this regard made by heterodox theorists. Ever since Larry Summers raised the issue of secular stagnation (referring back to Alvin Hansen’s theory of the 1930s and ’40s) at an IMF meeting in 2013, the question of stagnation has become part of a worldwide economic debate, moving issues that were once on the margins to center stage. This has resulted in a proliferation of mainstream economic treatments of the history of the secular stagnation concept in the 1930–1950s period, after which mainstream economists had essentially declared the issue dead. | more…
The “thirty-year crisis” of capitalism, which encompassed two world wars and the Great Depression, was followed by a period that some economists call the Golden Age of capitalism. Today, however, capitalism is once again enmeshed in a crisis that portends far-reaching consequences. I am not referring here to the mere phenomenon of the generally slower average growth that has marked the system since the mid-1970s. Rather, I am talking specifically of the crisis that started with the collapse of the U.S. housing bubble in 2007-8 and which, far from abating, is only becoming more pronounced.… The Western media often give the impression that the capitalist world is slowly emerging from this crisis. Since the Eurozone continues to be mired in stagnation, this impression derives entirely from the experience of the United States, where there has been talk of raising the interest rate on the grounds that the crisis is over, and inflation is now the new threat.… To claim…that the United States is experiencing a full recovery is, in terms of working class well-being and economic security, wrong. And if we consider the rest of the world, especially recent developments in the “emerging economies,” the situation is much worse. | more…
A century has now passed since Lenin’s Imperialism, the Highest Stage of Capitalism (1916) and Bukharin’s Imperialism and World Economy (1915), as well as Rosa Luxemburg’s 1913 Accumulation of Capital, all spoke of imperialism as a force and tool of capitalism. It was a time of world war, monopolies, antitrust laws, strikes for pay raises, Ford’s development of the assembly line, the October Revolution, the Mexican Revolution, the failed German revolution, and much more. It was a time that saw the spread and deepening of global challenges to capitalism.… This article reviews the role of the international division of labor in classical Marxist concepts of imperialism, and extends these ideas to the international division of labor in the production of information and information technology today. I will argue that digital labor, as the newest frontier of capitalist innovation and exploitation, is central to the structures of contemporary imperialism. | more…
The major element missing from Latin American politics in recent decades has been, with rare exceptions, the traditional workers’ movement, beaten down by flexibilization, subcontracting, and other neoliberal measures.… The fall of the Berlin Wall and the defeat of Soviet socialism left the parties and social organizations of the left inspired by that model seriously weakened. At the same time, trade unions were hit hard by the weakening of the working class, part of the larger social fragmentation produced by neoliberalism. In that context, it was new social movements, and not the traditional parties and social organizations of the left, that rose to the forefront of the struggle against neoliberalism, in forms that varied widely from one country to another.… The situation in the 1980s and ’90s in Latin America was comparable in some respects to the experience of pre-revolutionary Russia in the early twentieth century.… [M]any of the region’s peoples said “enough” and started mobilizing, first in defensive resistance, then passing to the offensive. As a result, presidential candidates of the left or center-left began to triumph, only to face the following alternative: either embrace the neoliberal model, or advance an alternative project motivated by a logic of solidarity and human development.… [Consequently,] a major debate has emerged over the role that new social movements should adopt in relation to the progressive governments that have inspired hope in many Latin American nations. | more…
There is a concept in biology called “punctuated equilibrium”: organisms can display little discernible change over long periods of time before sudden, sharp, and profound changes. Without wishing to give credence to teleological or determinist views, it does seem that human history is profoundly dialectical. Sharp change that bewilders an apologist for the status quo can inspire and give hope to those of us who believe that a better world is possible. We live in interesting but depressing times today. Neoliberal ideas are hegemonic. The old collectivist values of the labor movement have been submerged in a tide of market fundamentalism, summed up in Margaret Thatcher’s claim that “there is no such thing as society; there are only individuals and families.” When I began researching for my Silvertown book, it became apparent to me that a similar flood tide of liberalism had washed over much of nineteenth-century Britain. This portrayed the status quo as normal, natural, and inevitable, but the equilibrium was punctuated in the last decades of the century. | more…
Henry Giroux is a phenomenon. He has written more than sixty books, authored hundreds of essays, won numerous awards, and been an outstanding teacher for nearly forty years.… What distinguishes Giroux’s writing is a combination of lucid analysis and incisive and justifiably harsh criticism of the deterioration of the human condition under the onslaught of a savage modern-day capitalism. However, his examination of this savagery does not stop with a description of the vicious attacks on working people by corporations and their allies in government. Nor is it content to enumerate the economic, political, and social consequences of these assaults, such as the rise in poverty, stagnating wages, unconscionably high unemployment, deteriorating health, the astonishing increase in the prison population, and a general increase in material insecurity to name a few. Instead, he goes beyond these to interrogate the more subtle but no less devastating effects of neoliberal capitalism, and by implication capitalism itself, on our psyches and on our capacity to resist our growing immiseration. | more…
Blessed were the times when a man’s decision about his fate lay in his own hands. Blessed were the times when he relied upon himself and was under no one’s direct command and formed his life through his direct relationship to nature. These were times of transparent clarity; these were times of child-like belief in God; these were times of inner peace. The environment [Umwelt] of the man of that time existed outside of his horizon; its events passed him by or broke into his life naturally, suddenly, overwhelmingly. Wars and starvation, epidemics and bad harvests stood on the same plane—they were to man equally strange, equally incomprehensible, equally remote.… This assault of his environment into his existence, these catastrophes which from time to time would bring his life into turmoil, man could not explain to himself. For they were of a different type than he was; for they were covered by a thick impenetrable shroud…. Faith replaced knowledge at that time; prayer replaced action, and fear replaced circumspection. | more…
Heather A. Brown, Marx on Gender and the Family: A Critical Study (Chicago: Haymarket, 2012), 323 pages, $28.00, paperback.
Silvia Federici, Revolution at Point Zero: Housework, Reproduction, and Feminist Struggle (Oakland: PM Press, 2012), 189 pages, $15.95, paperback.
In the face of global economic crisis and the dismantling of social programs under austerity policies, many feminists are re-engaging Marx’s critique of capitalism. This return to Marx is necessary if we are effectively to overcome gender oppression, especially since the latest trends in feminism—or at least those “fit to print” and discussed in the popular press—place the onus of equal treatment squarely on women’s shoulders. Newfound feminists like Sheryl Sandberg advise women to “lean in” and adjust their behavior to suit the aggressively entrepreneurial norms rewarded in the real world that men lead. As Nancy Fraser aptly puts it, these tendencies within feminism serve as “capitalism’s handmaiden”: such identity-centered, cultural critiques have helped obscure capital’s dependency on gendered oppressions.… Fortunately, recent scholarship by Heather Brown as well as Federici herself provides useful insights for feminists on how to reconsider Marxist theory. | more…
