According to the U.S. Bureau of Labor Statistics, the U.S. economy is experiencing an unemployment rate that is at a fifty-year low. Yet, wage growth continues to be weak, with continuing wage stagnation even at the peak of the business cycle. A major and largely undertheorized reason for the sluggish wages in a period of seeming full employment is to be found in the fact that the new jobs being created by the economy do not measure up to those of the past in terms of weekly wages and hours, or in the degree to which they support households or even individuals. | more…
According to the U.S. Bureau of Labor Statistics, the U.S. economy is experiencing an unemployment rate that is at a fifty-year low. Yet, wage growth continues to be weak, with continuing wage stagnation even at the peak of the business cycle. A major and largely undertheorized reason for the sluggish wages in a period of seeming full employment is to be found in the fact that the new jobs being created by the economy do not measure up to those of the past in terms of weekly wages and hours, or in the degree to which they support households or even individuals. | more…
The coup against the Bolivian government under Evo Morales came straight out of the latest political-military manuals of the U.S. imperial state. These manuals provide instructions on how systematically to undermine the reputation of a popular, elected leader with accusations of dictatorship, corruption, and various other forms of character assassination in order to soften support on the left. Moreover, these manuals provide step-by-step instructions on how to prepare the political and military bases of a coup. | more…
Bloomberg insists that we need to get our priorities straight: the economy comes before the earth, capitalism before nature. Yet, from any sort of realistic, world-wise perspective, it is clear that we are faced with two immense, imminent, and irreversible crises, one threatening within as short a time as a year to destabilize the world capitalist economy, the other promising to destroy the planet as a home to humanity, destabilizing industrial civilization and undermining the survival chances of hundreds of millions or even billions of people this century. Both represent the culmination of capitalist contradictions over centuries of development and both point to the need to transform society in revolutionary ways. It is the coevolution of economic and ecological contradictions under global monopoly-finance capital that defines the epochal historical crisis of our times. In this new issue of Monthly Review, we also celebrate Monthly Review‘s relationship with the annual School of Ecology in Mauritius. | more…
Immanuel Wallerstein, the celebrated world-systems theorist and longtime contributor to Monthly Review and Monthly Review Press, died on August 31, 2019. Wallerstein first achieved international fame with the publication in 1974 of his The Modern World-System: Capitalist Agriculture and the Origins of the World-Economy in the Sixteenth Century (the first in a four-volume masterwork on the Modern World-System. We pay tribute to Wallerstein in this new issue of Monthly Review. | more…
New issue of Monthly Review! If there is one thing that is clear about the economic situation in the mature capitalist economies, as we write these notes in mid-August 2019, it is that the financial world is increasingly running scared and looking for safe havens, worrying about the storm clouds ahead. There is now little doubt that the world economy is on the verge of a recession after a long sluggish recovery from the Great Financial Crisis of 2007-09. In itself this should not give occasion to surprise. In this instance, however, there lurks a bigger fear, the possibility of a financial Armageddon on the level of the Great Financial Crisis of 2008—or worse. | more…
This special issue of Monthly Review honors the fiftieth anniversary this month of Margaret Benston’s landmark “The Political Economy of Women’s Liberation.” The essay sparked a revolution in Marxian thought, the full implications of which are only now being perceived in contemporary social reproduction theory. We have reprinted Benson’s pieces together with contributions by Silvia Federici, Martha E. Gimenez, Selma James (interviewed by Ron Augustin), Leith Mullings, Marge Piercy, and Lise Vogel, all of whom have played leading roles since the 1970s in the development of feminist historical materialism. | more…
This special issue of Monthly Review is meant both to celebrate the fiftieth anniversary of Harry Magdoff’s The Age of Imperialism: The Economics of U.S. Foreign Policy, which was devoted to the analysis of imperialism at the height of U.S. hegemony, and to carry this analysis forward to address the present era of late imperialism in the twenty-first century. In bringing together work on the political economy of imperialism in the current era of globalized production, we seek to transcend the now fashionable view within the Western academic left that the concept of imperialism is obsolete. The imperialist world system stands not only for capitalism at its most concrete historical level, but also for the entire dynamic structure of power constituting accumulation on a world scale, which can only be understood in terms of a developing global rift between center and periphery, global North and global South. Failure to attend to this fissure would be fatal for humanity. | more…
The situation in Venezuela has become extremely dire due to Washington’s heightened economic warfare, its continuing attempts to engineer a political coup, and its growing threats of massive military intervention—all aimed at bringing down the Bolivarian Republic. The recent seizure of Venezuelan oil assets in the United States and its gold reserves in British banks, as well as the sanctioning of Venezuelan oil sales, have come on top of a long series of economic sanctions—beginning with the Obama administration and now intensified under Trump’s—that constitute nothing less than a modern form of siege warfare, extended to food supplies and medicine. But the Venezuelan Revolution has managed to resist in the face of the economic and political warfare of the most powerful imperialist nation in the world, and the reasons why are to be found in the nature of the Bolivarian Revolution and the Venezuelan people themselves. | more…
Monthly Review is now seventy years old, with its first issue appearing in May 1949. In this month’s issue, the editors reflect on the legacy of MR, the people who built it, and the ones who keep it going today. | more…
In the midst of the U.S.-directed coup attempt against the Bolivarian Republic of Venezuela in January–February, Donald Trump delivered a number of verbal attacks on socialism in Venezuela, Cuba, and Nicaragua. The immediate object was to justify U.S. attempts to overthrow the Bolivarian Republic. The less immediate, but hardly less important, goal was to tarnish the growing social democratic (self-styled democratic socialist) movement in the United States, associated with figures like Bernie Sanders and Alexandria Ocasio-Cortez. In order to safeguard their ambitious social-reform program, the new coterie of Democratic Party socialists have thus sought to separate themselves from Venezuela and other Latin American socialist states, presumably abandoning these countries to their fates at the hands of U.S. imperialism. This raises the historic question of social imperialism—a policy of social reform at home and imperial hegemony abroad. | more…
The present ongoing coup attempt organized in Washington is simply the latest in a series of such attempts by the U.S. government to overthrow the Bolivarian Republic of Venezuela over the last two decades. It can be seen as having three interrelated motives: (1) the destruction of Venezuelan socialism, (2) regaining control of Venezuela’s oil (the largest petroleum reserves in the world), and (3) reasserting U.S. hegemony over Latin America. | more…
Climatologist James Hansen’s 2018 “Climate Change in a Nutshell: The Gathering Storm,” known as the Nutshell document, is the single most important analysis currently available for general readers seeking to stay abreast of the science and politics of global warming. Nevertheless, denial of the extent of the conflict between capitalism and the climate remains pervasive. Such views were subjected to a strong refutation by Enno Schröder and Servaas Storm in a November 2018 paper entitled “Economic Growth and Carbon Emissions: The Road to ‘Hothouse Earth’ Is Paved With Good Intentions.” | more…
