Winner of the 2018 Paul M. Sweezy – Paul A. Baran Memorial Award for original work regarding the political economy of imperialism, Intan Suwandi’s Value Chains examines the exploitation of labor in the Global South. Focusing on the issue of labor within global value chains—vast networks of people, tools, and activities needed to deliver goods and services to the market and controlled by multinationals—Suwandi offers a deft empirical analysis of unit labor costs that is closely related to Marx’s own theory of exploitation. | more…
This special issue of Monthly Review honors the fiftieth anniversary this month of Margaret Benston’s landmark “The Political Economy of Women’s Liberation.” The essay sparked a revolution in Marxian thought, the full implications of which are only now being perceived in contemporary social reproduction theory. We have reprinted Benson’s pieces together with contributions by Silvia Federici, Martha E. Gimenez, Selma James (interviewed by Ron Augustin), Leith Mullings, Marge Piercy, and Lise Vogel, all of whom have played leading roles since the 1970s in the development of feminist historical materialism. | more…
In sheer quantity, household labor, including child care, constitutes a huge amount of socially necessary production. Nevertheless, in a society based on commodity production, it is not usually considered “real work” since it is outside of trade and the market place. This assignment of household work as the function of a special category women means that this group does stand in a different relation to production than the group men. Except for the very rich, who can hire someone to do it, there is for most women, an irreducible minimum of necessary labor involved in caring for home, husband, and children. Household work remains a matter of private production. | more…
In the late 1960s, the North American women’s liberation movement was reaching a highpoint of activity, its militancy complemented by a flourishing literature. This was the environment into which Margaret Benston’s 1969 Monthly Review essay, “The Political Economy of Women’s Liberation,” struck like a lightning bolt. At the time, many in the movement were describing women’s situation in terms of sociological roles, functions, and structures—reproduction, socialization, psychology, sexuality, and the like. In contrast, Benston proposed an analysis in Marxist terms of women’s unpaid labor in the family household. In this way, she definitively shifted the framework for discussion of women’s oppression onto the terrain of Marxist political economy. | more…
This article will be released in full online September 15, 2019.
The question of the oppression of women, the critique of which constituted feminism as an academic and political pursuit, has been feminism’s enduring source of strength and appeal, yielding numerous critical theories and perspectives. This has produced continual conceptual shifts defining an evolving feminism, such as the shift from women to gender and from inequality to difference. It has also involved shifts from theorizing the general conditions of women’s experience—oppressed at home and in the workplace, while juggling the conflicting demands of both—to theorizing the implications of the claim that, while gender may be the main source of oppression for white, heterosexual, middle-class women, women with different characteristics and experiences are affected by other forms of oppression as well. A possible way for Marxist feminism to remain a distinctive theoretical and politically relevant perspective might be to return to class, in the Marxist sense, theoretically reexamining the relationship between class and oppression, particularly the oppression of working-class women, within capitalist social formations. | more…
“We’re making headway on global poverty,” trills billionaire philanthropist Bill Gates. “Decline of Global Extreme Poverty Continues,” reports the World Bank. And “How did the global poverty rate halve in 20 years?” inquires The Economist magazine. Seth Donnelly answers: “It didn’t!” In fact, according to Donnelly’s The Lie of Global Prosperity, virtually nothing about these glad tidings proclaiming plummeting global poverty rates is true. | more…
This special issue of Monthly Review is meant both to celebrate the fiftieth anniversary of Harry Magdoff’s The Age of Imperialism: The Economics of U.S. Foreign Policy, which was devoted to the analysis of imperialism at the height of U.S. hegemony, and to carry this analysis forward to address the present era of late imperialism in the twenty-first century. In bringing together work on the political economy of imperialism in the current era of globalized production, we seek to transcend the now fashionable view within the Western academic left that the concept of imperialism is obsolete. The imperialist world system stands not only for capitalism at its most concrete historical level, but also for the entire dynamic structure of power constituting accumulation on a world scale, which can only be understood in terms of a developing global rift between center and periphery, global North and global South. Failure to attend to this fissure would be fatal for humanity. | more…
The globalization of production (and finance)—which emerged along with neoliberalism out of the economic stagnation of the mid–1970s and then accelerated with the demise of Soviet-type societies and China’s reintegration into the capitalist world system—has generated a more generalized monopoly capitalism, ushering in what can be called late imperialism. Late imperialism refers to the present period of monopoly-finance capital and stagnation, declining U.S. hegemony and rising world conflict, accompanied by growing threats to the ecological bases of civilization and life itself. It stands at its core for the extreme, hierarchical relations governing the capitalist world economy in the twenty-first century, which is increasingly dominated by mega-multinational corporations and a handful of states at the center of the world system. Just as it is now common to refer to late capitalism in recognition of the end times brought on by simultaneous economic and ecological dislocations, so it is necessary today to speak of late imperialism, reflecting the global dimensions and contradictions of that system, cutting across all other divisions, and posing a “global rift” in human historical development: an epochal crisis posing the question of “ruin or revolution.” | more…
Today, we not only have decades of neoliberalism behind us, but the neoliberal regime itself has reached a dead end. Contemporary imperialism has to be discussed within this setting. There are two main reasons why the regime of neoliberal globalization has run into a dead end. The first is an ex ante tendency toward global overproduction; the second is that the only possible counter to this tendency within the regime is the formation of asset-price bubbles, which cannot be conjured up at will and whose collapse, if they do appear, plunges the economy back into a crisis. In short, there are no “markets on tap,” to use the words of British economic historian Samuel Berrick Saul, for contemporary metropolitan capitalism, such as had been provided by colonialism prior to the First World War and by state expenditure in the post-Second World War period of dirigisme. | more…
We have reached a level of centralization in capital’s power of domination, such that the bourgeoisie’s forms of existence and organization as known up to now have been completely transformed. Contemporary capitalism has become a capitalism of generalized monopolies. Monopolies no longer form islands in an ocean of corporations that are not monopolies—and consequently are relatively autonomous—but an integrated system, and consequently now tightly control all productive systems. Small and medium-sized companies, and even large ones that are not themselves formally owned by the oligopolies, are enclosed in networks of control established by the monopolies upstream and downstream. Consequently, their margin of autonomy has shrunk considerably. These production units have become subcontractors for the monopolies. This system of generalized monopolies is the result of a new stage in the centralization of capital in the countries of the triad that developed in the 1980s and ’90s. | more…
The analysis of global commodity chains creates some crucial questions in relation to the nature of imperialism in the twenty-first century: (1) whether decentralized global commodity chains can be seen as constituting a decentralization of power among the major actors within these chains, and (2) whether the complexities of these chains suggest that the hierarchical, imperialist characteristics of the world economy have been superseded. I argue that the answer to both of these questions is no. Despite the seemingly decentralized networks, and notwithstanding the existing complexities that characterize global commodity chains, the capital-labor relations inherent in these chains are still imperialistic in their configurations. | more…
Today there can be no doubt about the main force behind our ongoing planetary emergency: the exponential growth of the capitalist world economy, particularly in the decades since the mid–twentieth century. The mere critique of capitalism as an abstract economic system, however, is insufficient in addressing today’s environmental problems. Rather, it is necessary also to examine the structure of accumulation on a world scale, coupled with the division of the world into competing nation-states. Our planetary problems cannot realistically be addressed without tackling the imperialist world system, or globalized capitalism, organized on the basis of classes and nation-states, and divided into center and periphery. Today, this necessarily raises the question of imperialism in the Anthropocene. | more…
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