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Notes from the Editors

June 1998 (Volume 50, Number 2)

Notes from the Editors

What’s the matter with Japan? According to today’s conventional wisdom—i.e., what we are told by the media and the syndicated pundits—almost everything. Its economy, the second largest in the world, is in a long-term crisis that affects on everyone else, most severely the United States, and it stubbornly refuses to do anything about it despite the friendly advice and frustrated pleas of its partners in the developed capitalist world.

What do they want Japan to do? Simple: they want Japan to “be like us.” Open its markets, deregulate its financial and trading systems, and then step on the economic accelerator—reduce taxes, especially on the higher incomes,

May 1998 (Volume 50, Number 1)

Notes from the Editors

The fifteenth annual Socialist Scholars Conference (SSC) was held this year on the weekend of March 22–23, several weeks earlier than usual, but at the accustomed venue, the Borough of Manhattan Community College, way down on the west side, a couple of blocks from the Chambers Street subway station. The weather on the first day, March 22, after a mild and benign winter—supposedly the gift of EI Niño, the fickle Christ Child who evened things up by punishing Florida and California—was abominable, a mixture of sleet, freezing rain, and snow that left many of the approaches to the city clogged with traffic jams and minor

April 1998 (Volume 49, Number 11)

Notes from the Editors

Readers may remember that in last year’s summer issue on labor we talked about a roundtable organized by MR for activists in the labor movement and held in our office in New York last March. The idea was to provide a forum for labor activists to establish connections among themselves and to discuss issues of common interest at a particularly important historical moment, at a time when the labor movement in various parts of the world, including the United States, is beginning to show signs of renewal. We also hoped to revive the long dormant connection between the socialist left and the labor movement, and we were very pleased to discover that people within the movement were anxious to work with us too  | more…

March 1998 (Volume 49, Number 10)

Notes from the Editors

A striking feature of the mountain of talk about the Asian crisis is that its root cause is all too often ignored The focus of the media and the pundits is on weak banks, bad management, corrupt officials, heavy indebtedness, excess speculation, and the fragility of the financial markets. Typically, the disaster is viewed as a regional affair. A rare exception is the statement of Eisuke Sakakibara, Japan’s vice-minister for international finance: “This isn’t an Asian crisis. It is a crisis of global capitalism.” (Business Week, January 26, 1998) But he too was apparently thinking of financial markets, concerned with effects, not causes  | more…

February 1998 (Volume 49, Number 9)

Notes from the Editors

Monthly Review was chosen for a 1997 Frederick Douglas Award, an award given annually by the North Star Fund. We were of course pleased to be so honored and thought that MR readers would be interested to learn more about it. In fact, considering that so many of you, as supporters and friends, are members of the MR family, the award properly belongs to you as well as the staff  | more…

January 1998 (Volume 49, Number 8)

Notes from the Editors

MR has always been known for its style as well as its substance. We’ve always aimed for depth of analysis without sacrificing clarity and accessibility. We’ve also tried to keep our articles relatively short, not just to maintain the small and affordable size of the magazine but also because we’re writing for an audience of socialists who lead busy lives—for people who work long and hard hours, in factories, offices, educational institutions, and at home, and for activists no less than for intellectuals  | more…

December 1997 (Volume 49, Number 7)

Notes from the Editor

The New Yorker dated October 20-27 carries, along with a generous menu of futurology, a sensational article on the past and present. It is entitled “The Return of Karl Marx,” by John Cassidy, who is self-identified as an Oxford-educated friend of “a highly intelligent and levelheaded Englishman whose career has taken him…to a big Wall Street investment bank.” Visiting with his friend at the latter’s Long Island summer home during the early summer, the two discussed the economy and speculated on how long the current financial boom would last  | more…

November 1997 (Volume 49, Number 6)

Notes from the Editor

Ecology, a.k.a. environmental studies, is a relatively new area of scientific interest, mostly a product of the second half of the twentieth century and rapidly growing as the century draws to a close. It combines in one way or another most of the physical and social sciences, defies any attempt to force it into a neat definition of its own, and increasingly raises and attempts to cope with daunting problems such as the future of the human species and other forms of life on earth. No wonder it is an area not only of scientific interest, but also of excitement, confusion, brilliant insights, and stubborn adherence to self-serving dogmas. | more…

October 1997 (Volume 49, Number 5)

Notes from the Editors

We are writing at the end of August. The two main events of the summer have been (1) the apparent ending of the long stock-market boom of the last few years, and (2) the successful strike of the teamsters against UPS. Neither can be said to have been anticipated and together they point to the emergence of new trends in the period ahead. | more…

September 1997 (Volume 49, Number 4)

Notes from the Editors

In its most recent issue (July 17th) Doug Henwood’s excellent Left Business Observer, now in its seventh year of publication, highlights what may come to be seen as an important turning point in current economic history. The gist of it is that Alan Greenspan and his supporters at the Federal Reserve have come to the conclusion that inflation is no longer a serious problem and the real threat today is deflation. “For all the bad press that inflation gets, deflation is generally far worse for all but the richest and best-positioned.…Greenspan and Co. might not fear an exact replay of the 1929-32 collapse, but clearly that’s the ‘it’ that central bankers don’t want ever to happen again” (to paraphrase the title of Hyman Minsky’s classic book Can ‘It’ Happen Again?). | more…

July-August 1997 (Volume 49, Number 3)

Notes from the Editors

As of early summer the economic outlook for the rest of 1997, as portrayed in the major media, could hardly be brighter. “Strong growth with little unemployment and low inflation doesn’t have to peter out….Could it possibly get any better than this?” exults Business Week (January).…Up to a point this is clearly a case of déjà vu all over again. A “new era” was widely and enthusiastically proclaimed by professors, pundits, and plain people as the stock market boom of the 1920s neared its peak. A few months later the market collapsed, and the greatest depression in U.S. history began. The big question now is whether the rest of the scenario of the 1920s and the 1930s is likely to repeat itself. The answer of the media and Wall Street and probably of plenty of plain people too is a resounding NO. | more…