United States
We have been arguing in these pagesfor more than three decades that the dominant economic reality of advanced capitalism is a tendency toward stagnation of production accompanied by financial explosion. In an article on “The Centrality of Finance,” in the August 2007 issue of the Journal of World-System Research, MR and MR Press author William K. Tabb writes:
Real global growth averaged 4.9 percent a year during the Golden Age of national Keynesianism (1950–1973). It was 3.4 percent between 1974 and 1979; 3.3 percent in the 1980s; and only 2.3 percent in the 1990s, the decade with the slowest growth since World War II. The slowing of the real economy led investors to seek higher returns in financial speculation…. [I]increased liquidity and lower costs of borrowing encouraged in turn further expansion of finance. The coincident trends of growing inequality and insecurity…and the spreading power of rapid financialization do not suggest a smooth continued expansion path for a society based on increased debt and growing leverage. | more…
At the end of May the Bush administration announced that the United States is planning on maintaining permanent military bases in Iraq on a model like that of South Korea, where U.S. troops have been deployed in massive numbers for more than fifty years. Despite the failures associated with the U.S. invasion of Iraq, Washington is openly proclaiming to the world that it intends to do everything it can to maintain a lasting military presence in that country. By doing so it hopes to retain the main spoils won in the war and to declare it a partial victory. The strategic objectives are obvious: to control Iraq and Iraqi oil, threaten Iran, and dominate the geopolitically vital Middle East. Thus Secretary of Defense Robert Gates declared on May 31 that he did not expect the United States to withdraw from Iraq as from Vietnam “lock, stock and barrel” and invoked the example of South Korea. Earlier that week White House Press Secretary Tony Snow, conveying the views of President Bush, said U.S. troops would remain but would be in an “over-the-horizon support” role to maintain security in Iraq—with permanent bases on the South Korean model. Lt. Gen. Raymond Odierno, in charge of daily military operations in Iraq, stated on May 31 that he supported the creation of a South Korean type U.S. military presence in Iraq. The message could not be clearer and can be summed up as: Naked Imperialism: The U.S. Pursuit of Global Dominance (see John Bellamy Foster’s book with this title for an analysis of the larger forces at work). | more…
In Class Dismissed, John Marsh debunks a myth cherished by journalists, politicians, and economists: that growing poverty and inequality in the United States can be solved through education. Using sophisticated analysis combined with personal experience in the classroom, Marsh not only shows that education has little impact on poverty and inequality, but that our mistaken beliefs actively shape the way we structure our schools and what we teach in them. | more…
The focus of this book is the emerging economic confrontation between European and U.S. capitalism at the end of the “golden age” of capitalism in the late 1960s. Ernest Mandel here paints a remarkably clear, comprehensive, and detailed portrait of trends at that critical period. Mandel moves with ease from the most general international problems to the specifics of corporate activity, and few developments in the business and economic worlds seem to have escaped his attention. | more…
Recent attempts, however tentative, by Congressional Democrats to establish a timetable for the withdrawal of U.S. combat forces from Iraq should be looked upon as a victory for the antiwar movement. Not only is the Democratic Party clearly aware that its current congressional majority was the result of popular dissatisfaction with the war, but nationwide antiwar rallies have recently driven the point home. Under these circumstances, the Democrats had no choice but to challenge administration policy on the war. However, it would be a grave mistake to conclude from this that the political establishment in the United States is severely split on the question of imperialism, or that the Democratic Party is shifting towards a general anti-imperialist stance. Recent attempts, however tentative, by Congressional Democrats to establish a timetable for the withdrawal of U.S. combat forces from Iraq should be looked upon as a victory for the antiwar movement. Not only is the Democratic Party clearly aware that its current congressional majority was the result of popular dissatisfaction with the war, but nationwide antiwar rallies have recently driven the point home. Under these circumstances, the Democrats had no choice but to challenge administration policy on the war. However, it would be a grave mistake to conclude from this that the political establishment in the United States is severely split on the question of imperialism, or that the Democratic Party is shifting towards a general anti-imperialist stance | more…
There is hardly a struggle aimed at upholding and extending the rights embedded in the U.S. Constitution in which the Center for Constitutional Rights has not played a central role. Whether defending the rights of black people in the South, opponents of the war in Vietnam, and victims of torture worldwide, or fighting illegal actions of the U.S. government, the CCR has stood ready to take on all comers, regardless of their power and wealth. When the United States declared that the Constitution did not apply to detainees at Guantánamo, the CCR waded fearlessly into battle, its Legal Director declaring that “My job is to defend the Constitution from its enemies. Its main enemies right now are the Justice Department and the White House.” | more…
The U.S. economy in early March 2007 appears to be rapidly decelerating. Orders for durable goods in manufacturing dropped 8 percent in January and the manufacturing sector as a whole shrank during two of the last three months for which data is currently available (November–January), representing what is being called a “recession” in manufacturing, and raising the possibility of a more general economic downturn (New York Times, February 28, 2007) | more…
A companion to Rubinstein’s celebrated study of English literature, American Literature Root and Flower examines the lives and works of over fifty important American novelists, poets, and dramatists. This two-volume study is one of remarkable scope, ranging from Hawthorne to the Harlem Renaissance, from Poe to Pynchon. It illuminates the relationship between the producers of American literature and their ever-changing social and political contexts, while emphasizing the current of critique and resistance that runs through the entire tradition. Monthly Review Press is proud to present the first-ever U.S. printing of this valuable and enlightening work. | more…
A companion to Rubinstein’s celebrated study of English literature, American Literature Root and Flower examines the lives and works of over fifty important American novelists, poets, and dramatists. This two-volume study is one of remarkable scope, ranging from Hawthorne to the Harlem Renaissance, from Poe to Pynchon. It illuminates the relationship between the producers of American literature and their ever-changing social and political contexts, while emphasizing the current of critique and resistance that runs through the entire tradition. Monthly Review Press is proud to present the first-ever U.S. printing of this valuable and enlightening work. | more…
Monthly Review Press is publishing an exceptionally strong collection of new books in 2007. However, like most small presses the modest budgets we can devote to the promotion of these books scarcely allow us to be heard above the din created by the massive promotional campaigns of the large corporate publishing firms, which are, of course, mere arms of much greater media conglomerates. We are therefore hoping successfully to promote these new books mainly by word of mouth with the help of MR readers and friends. In this space last month we referred to Michael D. Yates’s new book, Cheap Motels and a Hot Plate, which is now available. Two other new releases are Jean Bricmont’s Humanitarian Imperialism: Using Human Rights to Sell War (translated from the French by Diana Johnstone), and The Socialist Register, 2007: Coming to Terms with Nature, edited by Leo Panitch and Colin Leys. Bricmont’s book seeks to reintroduce the critique of imperialism to the global discussion on human rights, while the new Socialist Register addresses the emerging eco-socialist critique of capitalism | more…
Johann Wolfgang von Goethe’s famous remark, cited by Karl Marx, among others, was surely a part of the sensibility that motivated Harry Magdoff’s life and work. Harry’s writing and scholarship were important achievements and distinguished contributions to the socialist project, but they were grounded in a profound understanding of life, history, and the human condition. The centrality of both theory and life were much in evidence on a clear brisk weekend in early May, when many of the MR extended family—readers, writers, staff, and, of course, the Magdoff family—gathered in New York, on Saturday for a roundtable on Harry’s contributions and the future of MR, and on Sunday for a meeting celebrating, as it turned out, the lives of both Harry and his beloved wife Beadie | more…
In April 2000 Robert W. (Bob) McChesney and John Bellamy Foster joined Harry Magdoff and Paul Sweezy as coeditors of MR. In December 2002, while still coeditor of MR, Bob, working in close collaboration with journalist John Nichols and campaign finance reform advocate Josh Silver, launched Free Press, a nonpartisan media reform organization. From the start Free Press was unique in three ways: (1) it took on the entire gamut of media policy issues with the idea of building a unified grassroots coalition against the corporate-dominated media; (2) it sought to draw popular organizations into the movement for media reform, including organized labor, educators, feminists, civil rights organizations, and environmentalists (and was willing to ally with conservative groups committed to the principles of a free and open media system); and (3) it was dedicated to taking the offensive on media issues by sponsoring legislation in cooperation with members of Congress in an effort to change the status quo. By 2004 Bob’s growing responsibilities as founder, president, and board chairman of Free Press, in addition to his already arduous teaching, writing, and speaking commitments, compelled him to resign as MR coeditor, though he remains a director of the MR Foundation | more…