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…
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…
It is encouraging to find that in the face of constantly changing trends within academia, there was such a strong turnout for the 1997 Socialist Scholars Conference—on a rainy Easter weekend (March 28-30) over 1,700 people came out in full force. There was a feeling of excitement in the halls and class rooms of the Borough of Manhattan Community College that may just signify both a return to Marxist politics and a revitalization of the U.S. labor movement. The opening plenary speeches were full of hope and enthusiasm: from Daniel Singer who pointed out that “the ideological swing to the right has probably come to an end…cracks are beginning to appear in the ruling ideology and popular resistance is growing” to Bob Wages, president of the Oil, Chemical, and Atomic Workers Union, who emphasized the importance of class politics that challenges, rather than accepts the Democratic party. | more…
In this space in last summer’s double issue of MR, we directed attention to the work of a worldwatch Institute in Washington, D.C., especially its annual State of the World, the first issue of which was published in 1984. The latest (1997) of these reports came out in February. By now this series is being translated into all the world’s major languages and constitutes what is probably the most comprehensive and available source of information on the global environment. | more…
The September 30th issue of the New Yorker carried profiles of two long-time contributors to Monthly Review—lyricist E. Y. Harburg and lawyer Michael Tigar—evoking considerable pride among MR staffers. “Yip” Harburg, who died in 1986, wrote more than one hundred songs including “Over The Rainbow,” and “Brother, Can You Spare a Dime.” Writer John Lahr notes that throughout his long career on Broadway and in Hollywood all of his work evinced powerful social concerns and themes of freedom. Yip, of course, was a socialist of the MR variety. | more…
