On November 16, 2013, Paul Krugman published a piece on his New York Times blog entitled “Secular Stagnation, Coalmines, Bubbles, and Larry Summers,” consisting of an extended commentary on former Clinton Treasury Secretary and Obama economic advisor Lawrence Summers’s November 8 presentation to the IMF’s Economic Forum.… Krugman, in following up on Summers’s IMF speech, highlighted Alvin Hansen’s theory of secular stagnation in the 1930s to ’50s.… [acknowledging that] long-term economic stagnation…was now “the norm” for the economy, not the exception.… Writing in a fashion that could have come straight out of Monthly Review at any point in the last forty years, he declared: “We now know that the economic expansion of 2003–2007 was driven by a bubble. You can say the same about the later part of the 90s expansion; and you can in fact say the same about the later years of the Reagan expansion, which was driven at that point by runaway thrift institutions and a large bubble in commercial real estate.” But in trying to understand how stagnation itself came about and created this whole irrational set of economic conditions, Krugman…failed to draw attention to the much more important problem of investment under conditions of overcapacity and mature industry, as well as the whole question of monopolistic/oligopolistic capitalism—all of which were taken seriously at some level by Hansen, and were developed in a far more radical way by socialist thinkers such as Michał Kalecki, Joseph Steindl, Paul Baran, and Paul Sweezy. | more…
Modern capitalism, sociologist Max Weber famously observed early in the twentieth century, is based on “the rational capitalistic organization of (formally) free labor.” But the “rationality” of the system in this sphere, as Weber was to acknowledge elsewhere, was so restrictive as to be in reality “irrational.” Despite its formal freedom, labor under capitalism was substantively unfree.… This was in accordance with the argument advanced in Karl Marx’s Capital. Since the vast majority of individuals in the capitalist system are divorced from the means of production they have no other way to survive but to sell their labor power to those who own these means, that is, the capitalist class.… The result is a strong tendency to the polarization of income and wealth in society. The more the social productivity of labor grows the more it serves to promote the wealth and power of private capital, while at the same time increasing the relative poverty and economic dependency of the workers. | more…
Marge Piercy is the author of eighteen poetry books, most recently The Hunger Moon: New & Selected Poems, 1980–2010 from Knopf. Her most recent novel is Sex Wars (Harper Perennial) and PM Press has republished Vida and Dance the Eagle to Sleep with new introductions. | more…
The AFL-CIO held its annual convention this past September in Los Angeles. Many commentators hailed this meeting as historic, one in which the nation’s major labor federation finally came to grips with the near disappearance and growing political irrelevance of unions. Union density is abysmally low and declining, with an astonishing 6.6 percent of private sector employees now organized, lower than at any time in the past century. And, with rare exceptions, labor’s ability to influence legislation and workplace regulation is nonexistent. It could not even prevent passage last year of a right-to-work law in Michigan, the cradle of industrial unionism. All of this has translated into falling wages and benefits for union and nonunion workers alike, since the union threat effect on nonunion employers has diminished dramatically.… To reverse course, AFL-CIO leaders laid out a plan to broaden the federation’s membership base to include nonunion workers and members of fraternal groups, such as immigrant advocates and environmental organizations.… While we should applaud… [their] efforts, they leave important questions unanswered. | more…
Ian Angus constructs a strawperson in his article “The Myth of ‘Environmental Catastrophism’” (MR, September 2013), which discusses Catastrophism: The Apocalyptic Politics of Collapse and Rebirth, which consists of essays by myself, as well as Sasha Lilley, David McNally, and James Davis. The book is concerned with the political uses of catastrophe and whether actual catastrophes or catastrophic rhetoric can spur people to action. At the heart of Catastrophism is the question of politicization. My essay, which Angus primarily focuses upon, looks at the indisputably catastrophic and urgent devastation of the environment…and asks why environmental movements in the global North have not been effective at moving people to action by simply evoking the calamity of the situation. | more…
There is a pressing need for a coherent left strategy on climate change and in relation to the planetary environmental threat in general.… We therefore read with considerable interest Christian Parenti’s article, “A Radical Approach to the Climate Crisis” in the Summer 2013 issue of Dissent. Parenti’s main thesis is that since the time with which to address the climate change problem is so short, “it is this society and these [existing capitalist] institutions that must cut emissions. That means, in the short-term, realistic climate politics are reformist politics, even if they are conceived of as part of a longer-term anti-capitalist project of total economic re-organization.”… [Parenti] insists that capitalism has been successful in the past in addressing “specific environmental crises” and that this will also likely be the case with respect to climate change.… Perhaps the best way to explain…[why we believe Parenti’s overall argument is wrong] is to counterpose what we think would be a more appropriate statement on the nature of a revolutionary strategy. It would read as follows: Anyone who thinks that it is conceivable to counter climate change (and the planetary environmental crisis as a whole) without opposing and in part superseding the logic of capital accumulation is in denial of the very clear findings of climate science and critical social science—which point to the immediacy and unprecedented scale of the present epochal crisis and thus the need for truly revolutionary social change. | more…
Barbara Ransby, Eslanda: The Large and Unconventional Life of Mrs. Paul Robeson (New Haven: Yale University Press, 2013), 424 pages, $25, softcover.
Eslanda Robeson’s robust life and political actions spanned two-thirds of the twentieth century, from the Harlem Renaissance to the London theatre, from studies with students from the British empire’s colonies to travels to the rural villages of Uganda and the Congo, through anti-fascism and the Second World War, across the Cold War and African decolonization, from the Soviet and Chinese revolutions to the founding of the United Nations, from fearlessly challenging McCarthyism to attendance at the All-African Peoples Conference in Ghana, from Jim Crow to the surging of the Black Freedom Movement. Her life as an internationalist, Africanist, political radical, writer, anthropologist, journalist, acclaimed speaker and, oh, yes, did I say the wife, sometimes partner, and enduring political comrade of actor, singer, and militant activist himself, Paul Robeson, spanned virtually every continent and every struggle for equality, peace, and liberation. | more…
Thai Jones, More Powerful than Dynamite: Radicals, Plutocrats, Progressives, and New York’s Year of Anarchy (New York: Walker and Company, 2012), 416 pages, $28, hardback.
The setting of Thai Jones’s wonderful book will be all too familiar to those involved in direct action politics: a liberal urban administration, a radical protest movement, disparities of wealth deepened by economic crisis. A series of incidents sets off a new phase of demonstrations, with demands from the city’s elites for a restoration of order. The radical protests become disruptive, challenging the “progressive” administration’s commitment to free speech and the right to protest. Strident radicals, bent on revolution over reform, become objects of fascination for the press, and a political tennis ball for the city’s governing class. As it happened in 1970 and 2011, so it was in 1914, New York City’s “year of anarchy” in Thai Jones’s talented telling. The parallels to the protest waves of the past, particularly the late 1960s and early ’70s, and the recent Occupy phenomenon, are obvious, and most reviewers of Jones’s fine work have highlighted these connections. Jones himself makes this history relevant to our own times, but perhaps not in the more obvious ways. | more…
A sign of the crass economic culture of our times is the recent release by Hasbro of the game “Monopoly Empire” based on the well-known “Monopoly” game, first mass produced in 1935 by Parker Bothers, now a Hasbro subsidiary. The new version can be played in thirty minutes and is designed to take the friction out of the game while glorifying the modern corporate system. Players collect iconic brands of corporations such as McDonalds, Coca-Cola, Nestlé, and Samsung, which they add to billboard “towers” in a race to the top. Players no longer leave the game due to bankruptcy. The goal is simply to build the biggest monopoly brand empire. | more…
The biggest internal debate absorbing the world left for at least the last seventy-five years has been whether identity is a left concept and therefore a left concern. In 1950, most activists on the left would have said no. Today a majority would say yes, indeed. But the debate remains fierce. | more…
When confronted in the 1980s with the failure of the younger generation of economists (both mainstream and radical) to take seriously the issue of the return of economic stagnation, Harry Magdoff and Paul Sweezy stated in their book Stagnation and the Financial Explosion (Monthly Review Press, 1987, 12): “There is a temptation to say: just wait and see, you’ll find out soon enough…. But it would be a cop-out to leave it at that. We owe it to our readers at least to try to make clearer what we mean by stagnation and why we think it is so important.” They proceeded to do exactly that, producing a work that in terms of the trends of the last quarter-century has to be regarded as prescient.… Today, decades later, we can see the depth of the stagnation tendency of monopoly capitalism finally dawning upon some of the most realistic and competent of mainstream economists. | more…
The year 1963 was a high-water mark for the civil rights movement—the year of the great March on Washington for Jobs and Freedom, which drew hundreds of thousands to march for civil rights. But the march also set the stage for the opening of a what was perceived as second, far more radical, phase of the civil rights strategy, developed by the March’s organizers. This led to the development, over a three-year period, of the proposed Freedom Budget for All Americans. It projected nothing less than the elimination of all poverty and unemployment in the United States before the end of the 1970s.… The 1963 March on Washington continues to stand as a great achievement, which—combined with hard-fought nationwide struggles—helped to secure meaningful civil rights and voting rights legislation, and impressive shifts in consciousness. Yet the promise and expectations of King, Randolph, and Rustin for a full realization of their goals for interlinked racial and economic justice remained unfulfilled. | more…
