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Notes from the Editors
June 2026 (Volume 78, Number 2)
June's "Notes from the Editors" revisits the fundamental concept of monopoly capitalism as expounded by Paul A. Baran and Paul M. Sweezy in their pathbreaking Monopoly Capital. The recent resurgence of the debate around Baran and Sweezy's work, the editors write, misses not only the enduring relevance of their analysis in an era of megacorporations and hyperscalers, but the revolutionary understanding of the economic system that arises from such an analysis.
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Article
The Thermodynamics of Capital: Artificial Intelligence, Energy Crisis, and Ecological Crisis
Te Li unravels the myth of digital dematerialization so heavily promulgated by Silicon Valley and other AI boosters, which presents the technology as a phenomenon that has escaped the material realm and thus, entropy itself. In fact, Li shows that the material and energetic requirements of AI places it squarely in the physical realm, then situates the technology within the context of the metabolic rift under capitalism.
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Article
Workers Suffer as Wealth Accumulates: Finance as Grift and Other Revelations
Fred Magdoff presents an incisive, data-driven analysis of the current state of the worker laboring under the domineering system of financialization and, in particular, private equity. In his conclusion, Magdoff asks: "Is there a way out of twenty-first-century 'normal' for labor?" "The key way out," he answers, "is an extraordinary growth of workers' power in order to combat the extraordinary power of capital"—one rooted in fully democratic socialist production and fundamental equality.
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Article
Digital Imperialism and Emotional Tribute in East Asia
"In the contemporary era of stagnant monopoly-finance capital," Jianlu Bi and Ting Zhou begin, "the maintenance of global hegemony…necessitates the systemic colonization of digital consciousness. In examining the presentation of Sino-Japanese political tension across three media outlets, the authors describe digitally manufactured hatreds that "serve a vital imperialist function: the prevention of horizontal class solidarity" that may threaten U.S. hegemonic power in East Asia.
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Article
Capitalism and the Crisis of Meaning in Our Times
Philosopher and frequent MR contributor Helena Sheehan considers the implications of living in a world in which a lack of meaning runs rampant, as well as how it is expressed in the literary world. If we lack coherent analysis, the varied crises of our times can seem disconnected and overpowering. A materially grounded Marxist worldview, she notes, allows us to clear away the fog of meaninglessness engulfing contemporary society and chart a path toward socialism.
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Review of the Month
The Fetishism of AI
John Bellamy Foster takes on sweeping questions of artificial intelligence and its role in today's capitalist society. "The Great Houses of AI are divided against themselves and cannot stand," he writes, "If humanity is to flourish, the forces and relations of production must be revolutionized together…creating a world of sustainable human development."
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Article
Engels’s Dialectics of Nature and Marxist Ecology
Yiwen Chen dives deep into Frederick Engels's Dialectics of Nature in order to give context to present-day debates surrounding the juxtaposition of the dialectics of nature and Marxist ecology. "It is hardly surprising that Engels's and Marx's ecological ideas are not entirely identical," Chen writes. "Nevertheless, their ideas do possess an inherent consistency."
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Article
Marx on the Circular Economy
Today, many use the term "circular economy" to describe a shift in the use of industrial waste products in a way that does not challenge the present mode of production. Returning to Marx, Benjamin Selwyn is able to show that this usage of the term is designed to facilitate the acquisitive demands of a capitalist economy, rather than a fundamental shift in resource use.
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Article
Slipping into Gogol’s “Overcoat”: A Winter’s Tale
Andy Merrifield reflects on Nikolai Gogol's short story "The Overcoat," tying it to "a distinctively Marxist problematic." In the protagonist of the tale, a Russian counsellor whose life is forever changed by the acquisition of a new overcoat, Merrifield finds a character who, like Marx, knows firsthand what a single coat can tell us about the structures of society.
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Review
Vulnerable Israel
In this review of Ilan Pappé's Israel on the Brink, Tom Mayer considers the famed historian's assessment of the increasingly precarious Zionist state. In the book, Mayer writes, readers will find a thoughtful consideration of the past, present, and potential events that could shape a new vision for Palestine.
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Review of the Month
The Idea of the ‘Uyghur Genocide’ and the Realities of Xinjiang
What is really happening in Xinjiang? Vijay Prashad and Tings Chak write: "There is no evidence of a policy of physical annihilation of the Uyghur peoples by the Chinese government, unlike say, direct evidence of extermination by the Israeli government against the occupied Palestinian people. There are no mass graves and no accusations of systematic killing—the hallmarks of a genocide."
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Article
The Material Basis of a Spectre: Why China’s Youth Are Rediscovering Mao
This article examines the resurgence of interest in Mao Zedong among China's youth, particularly at elite universities. This "Mao fever" reflects a complex mindset: indignation toward social inequality, uncertainty within a brutal job market, and a firm anti-imperialist and patriotic stance amidst the "New Cold War." In Mao’s legacy, a new generation is finding the guidance to navigate the sharpening contradictions of the present day.
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June 24: Workshop on Ian Angus’ “Metabolic Rifts”
June 29th, join the Marxist Education Project for an online launch of Socialist Register 2026, featuring Catarina Principe together with Michael Roberts, Alfredo Saad-Filho, and Stephen Maher.
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June 27th: Online workshop on Socialist Register 2026
June 27th, join the Marxist Education Project for an online launch of Socialist Register 2026, featuring Catarina Principe together with Michael Roberts, Alfredo Saad-Filho, and Stephen Maher.
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In the public eye: Gabriel Rockhill’s “Who Paid the Pipers of Western Marxism?”
The latest: "....Over dammen var livet enklere. I løpet av krigen utviklet Frankfurterskolen sin virksomhet og bygget opp det som skulle bli deres ubestridte merkevare: «kritisk teori». Gjennom de neste tiårene skulle denne gruppa av tyske eksilanter opparbeide seg heltestatus blant akademikere over hele verden. Nå har imidlertid den amerikanske filosofen Gabriel Rockhill kastet sine kritiske øyne på aktiviteten til dette intellektuelle arbeidslaget – også kjent som Frankfurterskolen...."
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WATCH: Socialist Register 2026
This was the first live launch of the Socialist Register in New York City, with our brand new editor, Arun Kundnani, alongside the (relatively new) coeditor of the Socialist Register, Steve Maher, joined by three contributors to this year’s volume: Ibrahim Shikaki, Costas Lapavitsas, and Paul Heideman. Together they considered these and other questions:
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