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President Joe Biden and Vice President Kamala Harris, joined by the Presidential Cabinet members, pose for a Cabinet portrait Thursday, April 1, 2021, in the Grand Foyer of the White House

The Council on Foreign Relations, the Biden Team, and Key Policy Outcomes

Climate and China

We can analyze the new Biden administration, its personnel, and the policies it is likely to follow, especially on the all-important questions of the climate crisis and U.S. grand strategy toward China, by looking at the Council on Foreign Relations. | more…

Dissenting POWs: From Vietnam's Hoa Lo Prison to America Today

Dissenting POWs: From Vietnam’s Hoa Lo Prison to America Today

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Even if you don’t know much about the war in Vietnam, you’ve probably heard of “The Hanoi Hilton,” or Hoa Lo Prison, where captured U.S. soldiers were held. What they did there and whether they were treated well or badly by the Vietnamese became lasting controversies. As military personnel returned from captivity in 1973, Americans became riveted by POW coming-home stories. What had gone on behind these prison walls? Along with legends of lionized heroes who endured torture rather than reveal sensitive military information, there were news leaks suggesting that others had denounced the war in return for favorable treatment. What wasn’t acknowledged, however, is that U.S. troop opposition to the war was vast and reached well into Hoa Loa Prison. Half a century after the fact, Dissenting POWs emerges to recover this history, and to discover what drove the factionalism in Hoa Lo. | more…

Capital and Imperialism: Theory, History, and the Present

Those who control the world’s commanding economic heights, buttressed by the theories of mainstream economists, presume that capitalism is a self-contained and self-generating system. Nothing could be further from the truth. In this pathbreaking book—winner of the Paul A. Baran-Paul M. Sweezy Memorial Award—radical political economists Utsa Patnaik and Prabhat Patnaik argue that the accumulation of capital has always required the taking of land, raw materials, and bodies from noncapitalist modes of production. They begin with a thorough debunking of mainstream economics. Then, looking at the history of capitalism, from the beginnings of colonialism half a millennium ago to today’s neoliberal regimes, they discover that, over the long haul, capitalism, in order to exist, must metastasize itself in the practice of imperialism and the immiseration of countless people. | more…

Monthly Review Volume 72, Number 2 (March 2021)

March 2021 (Volume 72, Number 2)

Despite all of the inevitable contradictions, China stands out in the present planetary emergency in having advanced an ambitious vision of ecological civilization with the strong support of the Chinese population. Paraphrasing C. Wright Mills on Cuba, we do not worry about China’s struggle to create an ecological civilization. We worry with it. | more…

Stuttgart Congress of the Second International 1907

The Ideology of Late Imperialism

The Return of the Geopolitics of the Second International

In 1990, when renowned Indian Marxian economist Prabhat Patnaik asked “Whatever Happened to Imperialism?,” once vibrant and influential schools of theories on imperialism were at a postwar historic low. When he left the West to return to India in 1974, imperialism was at the center of all Marxist discussions. But when he came back to the West merely fifteen years later, imperialism already seemed out of fashion. The retreat from the question of imperialism has marked a return of what we can call Second International politics. | more…

Isabel Crook and Harry Magdoff

Whither China?

An Exchange from 2002–⁠03

In December 2002, Isabel Crook, a Canadian anthropologist who had spent most of her life in China and a longtime friend and supporter of Monthly Review, wrote a letter to the MR editors questioning the critical nature of coverage of China’s capitalist road to socialism since the ascendance of Deng Xiaoping in the late 1970s. This short exchange with Harry Magdoff reflects the complex ways in which dedicated socialists sought to address changes in China and the clarity of the ideas expressed. | more…

British Indian Empire

The Drain of Wealth

Colonialism before the First World War

The Western European powers appropriated economic surplus from their colonies, materially and substantially aiding their own industrial transition from the eighteenth century onward, as well as the diffusion of capitalism to the regions of new European settlement. In the case of India, the concept of drain is based on the fact that a substantial part of its earnings was never permitted to accrue to the country; it was instead appropriated by the ruling power: Britain. | more…

Para-demolition bombs being dropped on supply warehouses and dock facilities at a port in Wonsan, North Korea by the Fifth Air Force's B-26 Invader light bombers (ca. 1951)

The Continuing Korean War in the Murderous History of Bombing

The Korean War, which broke out on June 25, 1950, can be considered the epicenter of bombing as an instrument of war. For one, it was the first—and, so far, the last—time since 1945 that the United States seriously considered using atomic weapons during the course of an imperial war. It was the first war that the United States did not win. It ended in a stalemate—an armistice—that continues until today. Kinetic fighting was suspended, but the war continues (though only by one side) by what is conveniently but simplistically called sanctions. | more…

Value and Crisis: Essays on Marxian Economics in Japan, second edition

Marxist economic thought has had a long and distinguished history in Japan, dating back to the First World War. When interest in Marxist theory was virtually nonexistent in the United States, rival schools of thought in Japan emerged, and brilliant debates took place on Marx’s Capital and on capitalism as it was developing in Japan. Forty years ago, Makoto Itoh’s Value and Crisis began to chronicle these Japanese contributions to Marxist theory, discussing in particular views on Marx’s theories of value and crisis, and problems of Marx’s theory of market value. Now, in a second edition of his book, Itoh deepens his study of Marx’s theories of value and crisis, as an essential reference point from which to analyze the multiple crises that have arisen during the past four decades of neoliberalism. The promise of Marx’s theories has not waned. If anything—given the failure of Soviet-style socialism and the catastrophe of neoliberalism—it grows daily. | more…

Crisis and Predation: India, COVID-19, and Global Finance

Crisis and Predation: India, COVID-19, and Global Finance

With the advent of COVID-19, India’s rulers imposed the world’s most stringent lockdown on an already depressed economy, dealing a body blow to the majority of India’s billion-plus population. Yet the Indian government’s spending to cushion the lockdown’s economic impact ranked among the world’s lowest in GDP terms, resulting in unprecedented unemployment and hardship. Crisis and Predation shows how this tight-fistedness stems from the fact that global financial interests oppose any sizable expansion of public spending by India, and that Indian rulers readily adhere to their guidance. Meanwhile, under the banner of reviving private investment, India’s rulers have planned giant privatizations, and drastically revised laws concerning industrial labor, the peasantry, and the environment—in favor of large capital. | more…

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