This issue of Monthly Review marks the sixtieth anniversary of the magazine. We are reprinting here Albert Einstein’s classic article “Why Socialism?,” written for volume 1, no. 1, of Monthly Review (May 1949). On Thursday, September 17, we will meet together at the Ethical Culture Society in Manhattan to celebrate and to promote a global socialism for the twenty-first century. We invite all our subscribers and friends. | more…
Is it advisable for one who is not an expert on economic and social issues to express views on the subject of socialism? I believe for a number of reasons that it is.… Clarity about the aims and problems of socialism is of greatest significance in our age of transition. Since, under present circumstances, free and unhindered discussion of these problems has come under a powerful taboo, I consider the foundation of this magazine to be an important public service. | more…
It is now universally recognized that the U.S. economy is experiencing a deep downturn unlike anything seen since the 1930s. Hence, the question continually arises: How close is this to a depression? One way of answering is to look at the unemployment rate. The Great Depression hit bottom in 1933 when unemployment peaked at 25 percent. Today the United States is losing jobs at the rate of 600,000 a month. But the official unemployment rate currently stands at 8.1 percent (seasonally adjusted, February 2009). This is the highest rate of official unemployment in a quarter-century, but hardly what is considered a depression-level rate, which is usually thought of as well into the double-digits. | more…
Socialist Register 2013 seeks to explore and clarify strategy for the Left in the light of new challenges and new opportunities. Socialists today have to confront two realities: that they cannot avoid the question of reforms and a gradualist path out of capitalism, and that the organizational vehicles for socialism will most likely have to abide by different structures and principles than those that dominated left politics in the 20th century. Though solutions are not obvious, Socialist Register 2013 interrogates these dilemmas and critiques some unhelpful radical thinking that obstructs the reconsideration of socialist strategy for the 21st century. It asks, how have the occupations of public squares around the world changed the political scene? What are the most useful forms of political organization in the new conjuncture? Which features of past organizational models should be retained, and which discarded? | more…
The days of boom and bubble are over, and the time has come to understand the long-term economic reality. Although the Great Recession officially ended in June 2009, hopes for a new phase of rapid economic expansion were quickly dashed. Instead, growth has been slow, unemployment has remained high, wages and benefits have seen little improvement, poverty has increased, and the trend toward more inequality of incomes and wealth has continued. It appears that the Great Recession has given way to a period of long-term anemic growth, which Foster and McChesney aptly term the Great Stagnation. This incisive and timely book traces the origins of economic stagnation and explains what it means for a clear understanding of our current situation. | more…
In this concise volume, noted scholar and economist Michael A. Lebowitz considers the legacy of twentieth century socialist societies, or what some have termed “real socialism.” While these societies were able to claim major achievements in areas from health care to education to popular culture, they nonetheless met limited success in eroding what Marx called the “opposition of the worker as direct producer and the proprietor of the means of production.” That this opposition between workers and managers continued to exist in one form or another under “real socialism” means that, according to Lebowitz, a crucial aspect of the socialist project was lost. | more…
This number of Monthly Review is a special issue on “Ecology: The Moment of Truth,” edited by Brett Clark, John Bellamy Foster, and Richard York. In the present issue we concentrate on the planetary environmental emergency. In a later special issue, to appear this fall, the magazine will address the social and economic regime change that is necessary to save the earth as we know it | more…
Heinrich’s modern interpretation of Capital is now available to English-speaking readers for the first time. It has gone through nine editions in Germany, is the standard work for Marxist study groups, and is used widely in German universities. The author systematically covers all three volumes of Capital and explains all the basic aspects of Marx’s critique of capitalism in a way that is clear and concise. | more…
The July–August 2007 crisis in subprime mortgage markets precipitated the collapse of the market for asset-backed securities, forcing huge write-downs of more than $45 billion on the balance sheets of major banks. In the aftershock, interbank lending dried up. Bond insurers and money market funds were beset by a loss of confidence as the credit squeeze spread. The plunge in stock markets in January 2008 suggests that the repercussions of the collapse of the subprime mortgage market are still working their way through financial markets. With over 170,000 jobs lost and the expected spate of foreclosures, many observers believe that the credit crunch has pushed the economy towards a recession. | more…
Twenty years ago climatologist James Hansen of NASA’s Goddard Institute of Space Studies, widely considered to be the world’s leading authority on global warming, first brought the issue into the public spotlight in testimony before the U.S. Congress. Recently, Hansen published an article entitled “Climate Catastrophe” in the New Scientist (July 28, 2007), http://www.newscientist.com. There he presented evidence suggesting that under “business as usual,” in which greenhouse gas emissions continue to increase unchecked, a rise in sea level by several meters during the present century due to the melting of polar ice sheets is a “near certainty.” | more…
The global economic crisis that closed the first decade of the 21st century has demonstrated that the contradictions of capitalism cannot be overcome. The challenge for socialist analysis is to reveal both the nature of these contradictions in the neo-liberal era of globalized finance, and their consequences in our time. This volume, a companion to The Crisis This Time: Socialist Register 2011, examines the response of the international Left and asks, how has the Left responded and can it offer an alternative to faltering capitalism? | more…
Humanity in the twenty-first century is facing what might be described as its ultimate environmental catastrophe: the destruction of the climate that has nurtured human civilization and with it the basis of life on earth as we know it. All ecosystems on the planet are now in decline. Enormous rifts have been driven through the delicate fabric of the biosphere. The economy and the earth are headed for a fateful collision—if we don’t alter course. | more…