The Limits to Growth: Ecosocialism or Barbarism
July 1, 2022
A major deficiency of the growth-obsessed model driving global neoliberal economic policy is its lack of understanding on the Earth System on which it—and indeed, all life on Earth—relies.
Article Subjects and Geography: Economic Theory
For an Ecosocialist Degrowth
- Issue:
- Vol. 73, No. 11 (April 2022)
April 1, 2022
Degrowth and ecosocialism are two of the most important movements—and proposals—on the radical side of the ecological spectrum.
The Ecological State
February 1, 2021
Although natural constraints on supply are important, most economic scarcities that rule our lives are actually social and artificial. Supply and demand are not natural forces drifting through the air; they are contrived realities established by an interactive social environment involving governments, corporations, institutions, and classes. Supply and demand cycles are social constructs designed to answer a basic question: Who gets what?
Hyman Minsky at 100: Was Minsky a Communist?
- Issue:
- Vol. 71, No. 10 (March 2020)
March 1, 2020
Since the Great Financial Crisis of 2007–09, Hyman Minsky (1919–96) has been widely recognized as one of the late twentieth century's most insightful economic theorists. Nevertheless, if Minsky had still been alive at the time of the Great Financial Crisis, there would have been little likelihood that his new-found reputation would have resulted in his receiving the Nobel Prize in Economics given his heterodox and socialist economic views.
Notes from the Editors, February 2020
February 1, 2020
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.
Liberated Capitalism
December 1, 2019
An interview with Henryk Szlajfer by Grzegorz Konat. Szlajfer was a leading figure in the student uprisings in Poland in March 1968. He was expelled from the University of Warsaw and was arrested and imprisoned for political dissent. He later conducted research in political economy focusing on the theory of monopoly capitalism, where he made major contributions, and coedited The Faltering Economy with John Bellamy Foster.
Free Public Transit
December 1, 2019
Free Public Transit: And Why We Don't Pay to Ride Elevators, edited by Judith Dellheim and Jason Prince, gives readers a distinctive blend of the visionary and the practical. It surprises us with rarely publicized instances in which quite sweeping societal transformations have been carried out. The matter-of-fact narratives, covering a wide span of national settings, allow us to envision new angles from which to confront some of the key issues of our time, from employment to civility to the rescue of the natural environment.
Notes from the Editors, November 2019
November 1, 2019
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.
Owning Financialization
- Issue:
- Vol. 70, No. 11 (April 2019)
April 1, 2019
In the Notes from the Editors of the January 2019 issue of Monthly Review, the editors commented on a blog post by Michael Roberts on the term financialization. In the first part of this short exchange Roberts questions whether financialization is a meaningful and useful term, or simply a distraction from a comprehensive critique contemporary capitalism.
The Critique of Financialization: A Reply to Michael Roberts
- Issue:
- Vol. 70, No. 11 (April 2019)
April 1, 2019
There has been a tendency within liberal analysis of financialization to place an emphasis on the trees, that is, the various speculative mechanisms, rather than the forest, or the growth of finance in relation to production. The reason for this stress on the trees rather than the forest is that, in contemporary capitalist ideology, financialization cannot be brought seriously into question since it is part of the entire architecture of accumulation.