September 1, 2010
During the period stretching from the 1970s through the 1990s, Monthly Review, under the editorship of Harry Magdoff and Paul Sweezy, stood apart in its analysis of the tendency to economic stagnation in advanced capitalism and its view that the economic slowdown beginning in the 1970s was a manifestation of this secular tendency. The financial explosion that also emerged in these years was seen as an attempt by the system to stave off stagnation by means of credit-debt expansion, but at the cost of increasing financial fragility
November 1, 2009
Today the capitalist economies of the world are in deep trouble. Some economists have theorized that the linkages between the United States and the rest of the world had been weakened as other nations gained more economic autonomy. A decoupling thesis was presented claiming that a crisis in one part of the system (say, North America) would not affect other major parts (say, Europe and Asia). We now know this is not true. Toxic assets were sold around the world, and banks in Europe, Asia, and Japan are in trouble too. Housing bubbles have burst in Ireland, Spain, and many other countries. In Eastern Europe, homes were bought with loans from Swiss, Austrian, and other European banks, payable in European currencies. As the economies of Hungary and other nations in the region, which financed their explosive growth with heavy borrowing from Western banks, have gone into recession, their currencies have suffered a sharp deterioration in exchange rates. This means that mortgage payments have risen sharply, as it now takes many more units of local currency to buy the Swiss francs or euros needed to pay the loans. In some cases, mortgage payments have doubled.
July 1, 2009
The "world food crisis" of 2007–08 was the tip of an iceberg. Hunger and food crises are endemic to the modern world, and the eruption of a rapid increase in food prices provided a fresh window on this cultural fact. Much like Susan George's well-known observation that famines represent the final stage in an extended process of deepening vulnerability and fracturing of social reproduction mechanisms, this food "crisis" represents the magnification of a long-term crisis of social reproduction stemming from colonialism, and was triggered by neoliberal capitalist development.
April 1, 2009
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.
March 1, 2009
In the opening decade of the twentieth century the German national state united the great majority of the German speaking population of Europe, excluding only those in Switzerland and the Austro-Hungarian Empire, and was among the leading states of the world. It boasted technologically advanced industry, among the highest per capita GDP, and the second largest army and third largest navy in the world. Germany was at peace, save for minor military operations against disobedient natives in Southwest Africa. It was a state that was among world leaders in providing basic social insurance, yet held sacred private property and the rule of law, except only in strictly prescribed areas of national security. In the opening decade of the twenty-first century the German national state unites the great majority of the German speaking population of Europe, excepting only those in Switzerland and Austria, its industry is technologically advanced and its per capita GDP high. Its military budget is the sixth largest in the world, and it is at peace, save for minor military operations against disobedient natives in Afghanistan. Despite cutbacks, few states in the world have better provision of basic social insurance, and Germany today prides itself on holding private property to be sacred and on its adherence to the rule of law, except for a few strictly prescribed areas of national security. In the fourth and fifth decades of the twentieth century the German national state committed crimes universally agreed to be the most horrendous in human history.
December 1, 2008
British subordination to the United States, the so-called special relationship as it is optimistically known in London, is so taken for granted that it is seldom subjected to critical scrutiny. Why is it that the British ruling class and its agents have since 1945 come to embrace a junior partnership in the U.S. empire so wholeheartedly? Most recently, the "special relationship" has seen the New Labor government actively support and take part in the invasion and occupation of Iraq in the face of a hostile public opinion. Indeed, the largest demonstration in British history, on February 15, 2003, was against British participation in this unprovoked war of imperialist aggression. The lying, dishonest pretext for the invasion together with
September 1, 2008
Jean Bricmont's concept "humanitarian imperialism" succinctly captures a dilemma that has faced Western leaders and the Western intellectual community since the collapse of the Soviet Union. From the origins of the Cold War, there was a reflexive justification for every resort to force and terror, subversion and economic strangulation: the acts were undertaken in defense against what John F. Kennedy called "the monolithic and ruthless conspiracy" based in the Kremlin (or sometimes in Beijing), a force of unmitigated evil dedicated to extending its brutal sway over the entire world. The formula covered just about every imaginable case of intervention, no matter what the facts might be. But with the Soviet Union gone, either the policies would have to change, or new justifications would have to be devised. It became clear very quickly which course would be followed, casting new light on what had come before, and on the institutional basis of policy
July 1, 2008
The three water crises—dwindling freshwater supplies, inequitable access to water, and the corporate control of water—pose the greatest threat of our time to the planet and to our survival. Together with impending climate change from fossil fuel emissions, the water crises impose some life-or-death decisions on us all. Unless we collectively change our behavior, we are heading toward a world of deepening conflict and potential wars over the dwindling supplies of freshwater— between nations, between rich and poor, between the public and the private interest, between rural and urban populations, and between the competing needs of the natural world and industrialized humans
June 1, 2008
In trying to comprehend the virus of Islamophobia now infecting Europe, the small country of Denmark offers powerful insights. Shakespeare's phrase that "something is rotten in the state of Denmark" seems appropriate to describe the transformation taking place in this former bastion of tolerance and conviviality.
November 1, 2007
All along the European border, the year 2006 set new records: Spanish authorities reported 6,000 refugees dead, drowned in the Atlantic Ocean while trying to reach the Canary Islands, off West Africa.1 Hundreds more suffocated in containers, trucks, and cargo boats in the ports of London, Dublin, and Rotterdam, or froze to death in Eastern Europe. Others, locked up in one of the innumerable internment camps spread all over the heart of Europe and North Africa, desperately decided to end their own lives.2 At the same time, Europe reported the lowest rate in years of refugees officially seeking asylum. This list obviously doesn't point to a more peaceful world. What it indicates instead is that in Europe the criteria and procedures for securing legal refugee status have become so restrictive that most migrants no longer bother to apply for it. In 2006, Germany for example counted only 20,000 petitions for political asylum, the lowest number since 1977. If we include the member states of the European Union (EU), that number rises to 200,000.3 However, the real story of the border regime, and its constriction of the category for legal entrance and residence, is in the rising body count
