Why Socialism?
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…
Inconvenient Truths about ‘Real Existing’ Zionism
The celebrations on the occasion of the sixtieth anniversary of the founding of the state of Israel brought forth mixed feelings for those of us who survived the Holocaust. The reason for this ambivalence is that, while the survivors of the Nazi genocide celebrated the creation of a Jewish state in 1948, few were aware at the time of the human costs and injustices that had been, were being, and would be perpetrated against Palestinian Arabs in our name. The slogan “Never Again,” which was the dominating thought in the Jewish psyche in those years, was mostly concerned with the fate of European Jews. | more…
Mao Zedong: Chinese, Communist, Poet
Mao Zedong, The Poems of Mao Zedong, translations, introductions, and notes by Willis Barnstone (Berkeley: University of California Press, 2008); 168 pages; $24.95 hardcover, $15.95 paperback.
What are we to think of Chairman Mao? A man of immense contradictions — a nationalist, communist, revolutionary, warrior, as well as the author of The Little Red Book, and the leader for decades of the Peoples’ Republic of China — he was also one of twentieth-century China’s best poets. A new translation of his work provides an opportunity to evaluate him as a writer and as an artist. A reviewer in The Washington Post called Mao’s poems “political documents,” but added, “it is as literature that they should be considered.” Separating the political from the literary, however, isn’t possible. “We woke a million workers and peasants,” Mao wrote in the First Siege, and though all his lines aren’t as explicit about the Chinese Revolution as it is, a great many of them are. | more…
Slumlord Aesthetics and the Question of Indian Poverty
Danny Boyle’s Slumdog Millionaire (based on Indian diplomat Vikas Swaroop’s novel Q & A) takes the extremely potent idea of a Bombay slum boy tapping into his street knowledge to win a twenty-million-dollar reality quiz show, and turns it into a universal tale of love and human destiny. In the quiz, Jamal is unable to answer questions that test his nationalist knowledge but is surprisingly comfortable with those that mark his familiarity with international trivia. For instance, while he knows that Benjamin Franklin adorns the hundred dollar bill, he has no clue about who adorns the thousand rupee note. This is obviously meant to suggest the irrelevance of the nation to its most marginalized member, but less obviously, also indicates its redundancy under globalized neoliberalism. | more…
Who’s Naïve?
Marge Piercy is the author of Pesach for the Rest of Us: Making the Passover Seder Your Own (Schocken, 2007). Her most recent novel is Sex Wars: A Novel of the Turbulent Post-Civil War Period (New York: William Morrow, 2005) and her newest book of poetry is The Crooked Inheritance (Knopf, 2006). | more…
Prophets of the ‘Permanent War Economy’
The Review of the Month entitled “The U.S. Imperial Triangle and Military Spending” by John Bellamy Foster, Hannah Holleman, and Robert W. McChesney (Monthly Review 60, no. 5 [October 2008]) carries on a valuable MR tradition. Monthly Review is one of the few voices on the left that has emphasized the necessity, from the point of view of capitalism, of this kind of military Keynesianism. Chalmers Johnson and Seymour Melman, who have written extensively on this issue, have tended to argue that other forms of government spending, a renewed New Deal, is possible. | more…
April 2009 (Volume 60, Number 11)
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…
The Sales Effort and Monopoly Capital
On the eightieth anniversary of the 1929 Stock Market Crash that led to the Great Depression, the United States is once again caught in a Great Financial Crisis and deep downturn of an order of magnitude comparable to the 1930s. At the center of this crisis is plunging consumer spending, caused by the destruction of household finance as a result of decades of wage stagnation and the piling up of debt. Consumer spending in today’s economy, dominated by giant firms, is significantly dependent on the sales effort, i.e., marketing as a whole, with advertising as its most conspicuous form. But the sales effort is also ebbing in the crisis, contributing to the general decline. So integral is the sales effort to the regime of monopoly capital that one cannot be understood without the other. | more…
The Credit Crisis: Is the International Role of the Dollar at Stake?
As the first tremors of the looming financial crisis ripped through Wall Street, with the meltdown of the subprime mortgage market in the summer of 2007, the dollar plunged sharply. Perversely however, even as some financial pundits were foretelling its collapse, the deepening of the crisis following the bankruptcy of Lehman Brothers in September 2008 actually saw the dollar gain ground sharply (for the first time since the steady decline that began in 2002. | more…
The Neoliberal Restructuring of Turkey’s Social Security System
For almost thirty years Turkish capitalism has taken the form of neoliberalism. Turkey’s subordination to the world neoliberal order started in the late 1970s and was pursued consistently after the 1980 military coup. The coup reflected Hayek’s contention that a transition to “free markets” may require a dictatorship.1 By dissolving political and social opposition, the coup provided the necessary political environment for the shift from the import substitution industrialization that framed economic policy since the 1960s to an export-oriented economics. During the interim regime (1980–83), Turkey experienced a fierce process of depoliticization, which limited the opportunities for an effective opposition against the launch of neoliberal policies. All segments of the labor movement that had made political gains in the preceding decade were banned from politics and the majority of prominent activists were imprisoned. The general elections held in 1983 were a farce. The military rulers banned all political parties that had organic links to pre-coup political organizations and that were in opposition to the coup and the interim regime, and allowed only three political parties to participate. | more…
The Promise and Perils of Korean Reunification
It seems that nearly everyone publicly supports the reunification of Korea — the governments of the United States, North Korea, and South Korea, as well as the great majority of people in both North and South Korea. This should make us all nervous because it means that different people mean different things when they talk about reunification. We need to think carefully about what we mean when we offer our own support for reunification or, said differently, we need to stop thinking about reunification as unambiguously good and start thinking about it as a contested process. The obvious point is that a sound reunification process will greatly increase the likelihood of a desirable reunification outcome. One of our tasks then is to support Korean efforts to advance a reunification process that will be truly responsive to the needs of the Korean people. | more…
March 2009 (Volume 60, Number 10)
As we write these notes in late January 2009 the economic depression is worsening with each passing day, creating previously unthinkable conditions. Even as production sinks and unemployment soars in the “real economy,” the implosion of the financial sector remains at the center of the crisis. It is now widely acknowledged in financial and policy circles that nationalization of the U.S. banking system, under one or another description, is inevitable. The Obama administration still resists what is referred to as a “complete nationalization,” with the government wiping out the bank shareholders and taking over the running of the banks. But every other option on the table involves further steps in this direction. Already the U.S. Treasury has received shares and other securities from 314 financial institutions in return for $350 billion in government bailout money. | more…
A Failed System: The World Crisis of Capitalist Globalization and its Impact on China
In referring in my title here to “A Failed System” I do not of course mean that capitalism as a system is in any sense at an end. Rather I mean by “failed system” a global economic and social order that increasingly exhibits a fatal contradiction between reality and reason—to the point, in our time, where it threatens not only human welfare but also the continuation of most sentient forms of life on the planet. Three critical contradictions make up the contemporary world crisis emanating from capitalist development: (1) the current Great Financial Crisis and stagnation/depression; (2) the growing threat of planetary ecological collapse; and (3) the emergence of global imperial instability associated with shifting world hegemony and the struggle for resources. Such structural weaknesses of the system, as Joseph Schumpeter might have said, are the product of capitalism’s past successes, but they raise catastrophic problems and failures in the present nonetheless. How we choose to act today in response to this failed system is therefore the most critical question that humanity has ever faced. | more…