A half-century after its publication, Paul Baran and Paul Sweezy’s Monopoly Capital remains the single most influential work in Marxian political economy to emerge in the United States.… In recent years, interest in Baran and Sweezy’s magnum opus has revived, primarily for two reasons: (1) the global resurgence of debates over the constellation of issues that their work addressed—including economic stagnation, monopoly, inequality, militarism and imperialism, multinational corporations, economic waste, surplus capital absorption, financial speculation, and plutocracy; and (2) the new, fundamental insights into the book’s origins resulting from the publication of its two missing chapters and the public release of Baran and Sweezy’s correspondence.… I shall divide this introduction on the influence and development of the argument of Monopoly Capital over the last fifty years into three parts: (1) a brief treatment of the book itself and its historical context; (2) a discussion of responses to Monopoly Capital, and of the development of the tradition that it represented, during its first four decades, up to the Great Financial Crisis that began in 2007; and (3) an assessment of the continuing significance of monopoly capital theory in the context of the historical period stretching from the Great Financial Crisis to the present. | more…
In 1964, I began my graduate studies at Cambridge University. The reading list included a book by Josef Steindl with the intriguing title Maturity and Stagnation in American Capitalism. I read it, and was immediately drawn to the last chapter, “Karl Marx and the Accumulation of Capital.” Aside from reading the first few chapters of Capital in a study group, I had not yet read any of Marx’s economic writings (predictably, none had been assigned in any of my college courses). However, that last chapter persuaded me that Steindl’s analysis aligned with what I understood to be Marx’s general vision about the “laws of motion” of capitalist economies.… This set the stage for my reading of Baran and Sweezy’s Monopoly Capital in the spring of 1966. I devoured that book. I doubt that I got up from the kitchen table until I had read it from cover to cover. | more…
During the past decade, persistent excess productive capacity, at levels exceeding at times 25 percent, has blighted the British economy, along with rates of unemployment not experienced for two decades, with the result that a substantial proportion of the economy’s productive resources remain underutilized. Orthodox economic theory often ascribes such phenomena to a lack of capital for investment. However, in the same period, interest rates have been historically low, and the UK corporate sector has accumulated increasing reserves of surplus capital. Clearly, there has been no shortage of capital for investment. The failure to invest stems not from the supply of capital, but instead from the paucity of investment opportunities, suggesting that British capitalism is mired in stagnation. | more…
Thanks to breakthroughs in production and food science, agribusiness has been able to devise new ways to grow more food and get it more places more quickly. There is no shortage of news items on the hundreds of thousands of hybrid poultry—each animal genetically identical to the next—packed together in megabarns, grown out in a matter of months, then slaughtered, processed, and shipped to the other side of the globe. In Big Farms Make Big Flu, a collection of dispatches by turns harrowing and thought-provoking, Rob Wallace tracks the ways influenza and other pathogens emerge from an agriculture controlled by multinational corporations. | more…
On April 8, 2016, in what has already become a historic case on the climate, Magistrate Judge Thomas Coffin of the United States District Court of Oregon ruled against a motion to dismiss, in favor of the youthful plaintiffs in the Children’s Trust lawsuit (Kelley Cascade Rose Juliana, et al. v. United States of America, et al.) and against the defendants, consisting of the federal government and the fossil-fuel industry.… The defendants’ argument to dismiss was directed principally at what they contended were limits on the federal government’s public trust responsibility. It thus turned on whether the United States was obligated simply to follow capitalist precepts with respect to the natural-physical environment, or whether the government had a public trust to maintain the environment for the population and for future generations, going beyond the rules of the market. | more…
As the corporate takeover of public schools proceeds apace on a global scale, so too does the grassroots resistance. In the United States…. [o]ver 600,000 parents opted their children out of the tests in spring 2015; students have launched walkouts and boycotts; school boards are passing resolutions against overtesting; and teachers at a Seattle high school collectively refused to administer a test they deemed harmful to instruction. These actions and more demonstrate the hope and promise of public schools as sites for resilience and democratic resistance, even as corporate interests tighten their grip on schools under cover of “education reform.” This article reflects strategically on the fight for public education, with a special focus on the Opt Out movement, which was recently the subject of a special issue of Monthly Review. My treatment applauds opting out as a tactic in an organizing toolkit, but rejects it as a strategy, and takes issue with the analysis of corporate school reform proffered by the leading advocates of Opt Out. | more…
[/wcm_nonmember] It has been nearly fifty years since the height of the Vietnam War—or, as it is known in Vietnam, the American War—and yet its memory continues to loom large over U.S. politics, culture, and foreign policy. The battle to define the war’s lessons and legacies has been a proxy for larger clashes over domestic politics, national identity, and U.S. global power. One of its most debated areas has been the mass antiwar movement that achieved its greatest heights in the United States but also operated globally. Within this, and for the antiwar left especially, a major point of interest has been the history of soldier protest during the war.… Activists looked back to this history for good reason.… Soldiers, such potent symbols of U.S. patriotism, turned their guns around—metaphorically, but also, at times, literally—during a time of war. | more…
Paul Street, They Rule: The 1% vs. Democracy (London: Routledge, 2014), 252 pages, $30.95, paperback.
In They Rule, Paul Street offers a thorough deconstruction of the status quo of U.S. capitalism. The book’s subtitle gives a nod to the Occupy Wall Street movement, whose main victory was to popularize the concept of U.S. class conflict, as embodied in the “1 percent.” The title also recalls John Carpenter’s 1987 film They Live, a sci-fi spoof of the Reagan era that prefigured the Occupy revolt. Carpenter’s characters don “magic sunglasses” for intellectual defense against media misinformation.… One current form of that misinformation is the view that the Democratic Party exercises “left” politics. Street smashes this notion.… [However,] this is no academic query. | more…
As the Affordable Care Act (ACA, otherwise known as Obamacare) continues along a very bumpy road, it is worth asking where it came from and what comes next. Officially, Obamacare represents the latest in more than a century of efforts in the United States to achieve universal access to health care. In reality, Obamacare has strengthened the for-profit insurance industry by transferring public, tax-generated revenues to the private sector. It has done and will do little to improve the problem of uninsurance in the United States; in fact, it has already begun to worsen the problem of underinsurance. Obamacare is also financially unsustainable because it has no effective way to control costs. Meanwhile, despite benefits for some of the richest corporations and executives, and adverse or mixed effects for the non-rich, a remarkable manipulation of political symbolism has conveyed the notion that Obamacare is a creation of the left, warranting strenuous opposition from the right. | more…
U.S. educational policy and practice adhere to the old proverb that “children should be seen and not heard.”… Arguments for children—often made by children themselves—having voice and taking action on matters that affect their lives are rarely taken seriously.… Nevertheless, protecting children’s welfare need not exclude inviting them to speak on education issues. In some countries, such as Australia, New Zealand, Portugal, and the United Kingdom, children’s voices and opinions are considered vital…. In the United States, children’s voices are not sought out. They are most often the “objects of inquiry,”… [seen]…”as either a window onto universal psychological laws or as indicators of treatment effects. In both cases, the children themselves are simply instruments…vehicles for measuring outcomes.”… Black and brown children in particular are made into “objects of inquiry,” and are accordingly more watched, restricted, and disciplined.… Further, black and brown children, especially in poor and urban communities, have had their humanity devalued against that of children in whiter, wealthier schools. | more…
Todd Jailer, Miriam Lara-Meloy, and Maggie Robbins, The Workers’ Guide to Health and Safety (Berkely, CA: Hesperian, 2015), 576 pages, $34.95, paperback.
The new Workers’ Guide to Health and Safety—with drawings on every page—is a fun read, which is an unusual thing to say about a book with such a serious intent. Garrett Brown, an industrial hygienist with decades of experience as an inspector and activist in California, Mexico, and Bangladesh, claimed with some justification that of all the books on occupational health and safety, “almost none…are accessible to workers or their organizations.” The Workers’ Guide is the first major book aimed at organizing for healthier conditions in the labor-intensive export industries of countries like Bangladesh and China, Mexico’s maquiladora frontier, in Central America and Southeast Asia, and even in the United States itself, where for many, working and living conditions are being beaten down. | more…
In this updated edition of her classic, Cuba and the United States, Jane Franklin depicts the two countries’ relationship from the time both were colonies to the present. We see the early connections between Cuba and the United States through slavery; through the sugar trade; Cuba’s multiple wars for national liberation; the annexation of Cuba by the United States; the infamous Platt Amendment that entitled the United States to intervene directly in Cuban affairs; the gangster capitalism promoted by Cuban dictator Fulgencio Batista; and the guerrilla war that brought the revolutionaries to power. | more…
