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Barclays Forex Scandal

The Tyranny of Monopoly-Finance Capital

A Chinese Perspective

Since the 1980s, economic growth in the core capitalist countries has been driven by an enormous expansion of financial capital, accompanied by steady deindustrialization. In recent years, the monopoly power of this financial capital has displayed increasingly tyrannical characteristics: it depends for its continued growth on ever-increasing indebtedness and dependence in developing nations, widening the divide between rich and poor and ultimately fostering state violence that serves to suppress popular resistance.… [Today,] military and monetary strength work together to profit from inequality and instability in emerging economies.… | more…

Monthly Review Volume 68, Number 8 (January 2017)

January 2017 (Volume 68, Number 8)

Notes from the Editors

Shortly after the election of Donald Trump, the alt-right organization Turning Point USA introduced its notorious Professor Watchlist…, listing some 200 radical academics in the universities as dangerous professors. Stories regarding this list were soon being carried in major papers throughout the country. In contrast to David Horowitz’s list of “the 101 most dangerous academics in America” a decade ago, the current Professor Watchlist has behind it the new sense of power on the extreme right provided by Trump’s electoral victory.… There can be no doubt that this is part of an attempted new McCarthyism. In terms of its overall orientation, the alt-right strategy here resembles the Gleichschaltung (“bringing into line”) in 1933–35 in Hitler’s Germany, where intimidation was directed at all the major cultural institutions, including universities, with the object of getting them to align with the new dominant views.… | more…

One Belt, One Road Map

One Belt, One Road

China's Strategy for a New Global Financial Order

In late 2013, Chinese premier Xi Jinping announced a pair of new development and trade initiatives for China and the surrounding region: the “Silk Road Economic Belt” and the “Twenty-First-Century Maritime Silk Road,” together known as One Belt, One Road (OBOR). Along with the Asian Infrastructure Investment Bank (AIIB), the OBOR policies represent an ambitious spatial expansion of Chinese state capitalism, driven by an excess of industrial production capacity, as well as by emerging financial capital interests. The Chinese government has publicly stressed the lessons of the 1930s overcapacity crisis in the West that precipitated the Second World War, and promoted these new initiatives in the name of “peaceful development.” Nevertheless, the turn to OBOR suggests a regional scenario broadly similar to that in Europe between the end of the nineteenth century and the years before the First World War, when strong nations jostled one another for industrial and military dominance.… | more…

Chinase Marxism

A Theory of China’s ‘Miracle’

Eight Principles of Contemporary Chinese Political Economy

China’s rapid economic development in recent years is often characterized as “miraculous.” Talk of a “Beijing Consensus” or “China model” has become commonplace in academic debates. But as we have written elsewhere, “theoretical problems have started to emerge with regards to the very existence, content, and prospects of the China model.” The key question, then, is what kind of economic theory and strategy underpin this “miracle.”… [W]e hold that the country’s major recent developmental gains are the achievements of theoretical advances in political economy, originating in China itself, while the main problems that have accompanied China’s development reflect the damaging influence of Western neoliberalism.… We hope to clarify the official theoretical model behind China’s economic “miracle,” using the terms and concepts prevalent in China today.… | more…

What is the TPP?

The Rhetoric and Reality of the Trans-Pacific Partnership

A View from China

Since announcing its foreign policy “pivot to Asia” shortly after the election of Barack Obama, the United States has made extensive use of its institutional and discursive power to encourage denationalization among developing countries whose economies chiefly rely on manufacturing and trade—part of its global strategic goal of expanding the hegemony of finance capital at the lowest possible cost. The development of the Trans-Pacific Partnership (TTP) is a case in point. This article analyzes the TPP’s strategy in targeting China, pointing out that the TPP is a battle for the terms of economic development and discourse in the twenty-first century, as well as an illustration of the ideology of technocracy and soft power. Lastly, we criticize the TPP’s erosion of economic sovereignty, which would effectively relegate the economies of developing countries to a form of semi-colonial extraterritoriality.… | more…

Vietnamese woman with a gun to her head, Vietnam War, 1969 (Keystone / Hulton Images / Getty)

Vietnam and the Sixties

A Personal History

In early 1970, Vice President Spiro Agnew had this to say about the so-called ’60s Generation: “As for these deserters, malcontents, radicals, incendiaries, the civil and the uncivil disobedients among our youth, SDS, PLP, Weathermen I and Weathermen II, the revolutionary action movement, the Black United Front, Yippies, Hippies, Yahoos, Black Panthers, Lions, and Tigers alike—I would swap the whole damn zoo for a single platoon of the kind of young Americans I saw in Vietnam.” This is a fascinating statement for multiple reasons and on multiple levels. To begin with, a single platoon of the kind of young Americans he saw in Vietnam went into a village we remember as My Lai and murdered 407 unarmed men, women, and children. On the same day, in the nearby village of My Khe, another unit of the same division murdered an estimated 97 additional Vietnamese civilians. While I personally did not participate in or witness killing on that scale, I and my fellow Marines routinely killed, maimed, and abused Vietnamese on a near-daily basis, destroying homes, fields, crops, and livestock with every weapon available to us, from rifles and grenades to heavy artillery and napalm.… It is no wonder, it turns out, that Agnew should be so fond of “the kind of young Americans” he saw in Vietnam, since he himself turned out to be a criminal who was forced to resign from his office in public disgrace.… | more…

The American War in Vietnam: Crime or Commemoration?

Lessons from the Vietnam War

The Vietnam War was an example of imperial aggression.… Imperialism ultimately enriches the home country’s dominant class. The process involves “unspeakable repression and state terror,” and must rely repeatedly “upon armed coercion and repression.” The ultimate aim of modern U.S. imperialism is “to make the world safe” for multinational corporations.… U.S. imperial actions in Vietnam and elsewhere are often described as reflecting “national interests,” “national security,” or “national defense.” Endless U.S. wars and regime changes, however, actually represent the class interests of the powerful who own and govern the country. Noam Chomsky argues that if one wishes to understand imperial wars, therefore, “it is a good idea to begin by investigating the domestic social structure. Who sets foreign policy? What interest do these people represent? What is the domestic source of their power?”… | more…

Intersectionality and Primary Accumulation

Caste and Gender in India under the Sign of Monopoly-Finance Capital

The overarching goal of this article is to explain how the relations between capitalist imperialism, primary accumulation—often misleadingly called “primitive accumulation”—and intersectionality operate in contemporary global political economy. From many recent studies, it is clear that certain populations are more vulnerable to processes of primary accumulation than others, and that many people in the global South now experience the dispossession and displacement caused by primary accumulation without any subsequent incorporation into waged work. Understanding how ethnicity, gender, and class intersect within contemporary patterns of global accumulation is important in order to develop clear political strategies against ongoing dispossessions.… To do so, imperialism, primary accumulation, and intersectionality all need to be rethought, especially in relation to each other.… | more…

Love and Struggle by David Gilbert

Memories of a U.S. Political Prisoner

“We will fight from one generation to the next.” In the 1960s and 1970s we anti-imperialists in the U.S. were inspired not only by that slogan from Vietnam but even more by how they lived it with their 2000-year history of defeating a series of mighty invaders. At the same time we felt that we just might be on the cusp of world revolution in our lifetimes. Vietnam’s ability to stand up to and eventually defeat the most lethal military machine in world history was the spearhead. Dozens of revolutionary national liberation struggles were sweeping what was then called the “Third World,” today referred to as the “global South.” There was a strategy to win, as articulated by Che Guevara: to overextend and defeat the powerful imperial beast by creating “two, three, many Vietnams.” A range of radical and even revolutionary movements erupted within the U.S. and also in Europe and Japan.… Tragically, the revolutionary potential that felt so palpable then has not been realized.… Today, fighting from one generation to the next takes on new relevance and intense urgency.… | more…

The American War in Vietnam: Crime or Commemoration?

The American War in Vietnam: Crime or Commemoration?

A devastating follow-up to William L. Griffen and Marciano’s 1979 classic Teaching the Vietnam War, The American War in Vietnam seeks not to commemorate the Vietnam War, but to stop the ongoing U.S. war on actual history. Marciano reveals the grandiose flag-waving that stems from the “Noble Cause principle,” the notion that America is “chosen by God” to bring democracy to the world. The result is critical writing and teaching at its best. This book will find a home in classrooms where teachers seek to do more than repeat the trite glorifications of U.S. Empire. It will provide students everywhere with insights that can prepare them to change the world.… | more…

Vietnamese Vietnam War Poster.

Vietnam and the Soldiers’ Revolt

The Politics of a Forgotten History

This article will be published on June 20th.

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…

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