October 1, 2009
At the time of this writing (late August), the business news in the United States is full of discussions of "recovery" from the worst economic crisis since the Great Depression. Yet, while the economy appears to have bottomed out and a recovery of sorts may be in the works, this is in many ways misleading. Although a technical or formal recovery seems quite likely by the end of the year — with a small increase in economic growth mainly due to inventory restocking — it is unlikely to feel like a recovery to most individuals in the society. This is because official unemployment is projected to rise to the low double-digits by the end of this year or the beginning of next year — with the numbers of those dropping out of the labor market due to discouragement, or seeking part-time work because they are unable to obtain a full-time job, also growing. All of this points to a "jobless" and "wageless" recovery. As New York University economist Nouriel Roubini wrote in an August 13 column for Forbes.com, "It is very difficult to argue that the U.S. economy is not still in a recession while the labor market is still weak." Indeed, what is really at issue is not simply recession and recovery but the longer-term structural crisis of capitalism. This is the subject of the Review of the Month, which seeks to place the current crisis in the context of the long-term development of capital accumulation and crisis.
October 1, 2009
William I. Robinson, Latin America and Global Capitalism: A Critical Globalization Perspective (Baltimore: The John Hopkins University Press, 2008), 412 pages, $55.00, hardcover.
Latin America and Global Capitalism delivers a scathing indictment of neoliberal globalization from an explicitly anti-capitalist perspective. Its scope is theoretically and empirically ambitious, beginning with a wide-ranging treatment of structural shifts in global capitalism since the early 1970s, before turning to rigorous examination of a range of themes in Latin American political economy in light of these global changes. Robinson then brings these threads together with an argument that neoliberalism entered its twilight phase in the region beginning with the recession of the late 1990s and early 2000s, as extra-parliamentary mass movements concomitantly exploded onto the scene and a variety of self-described left governments took office. The focus then tightens, with conjunctural analyses of the current upsurge in indigenous revolts, the immigrant rights movement in the United States, and the complicated and contradictory processes of the Bolivarian Revolution in Venezuela.
September 1, 2009
The current period is marked by three overlapping developments: the failure of neoliberalism, the crisis of the East Asian export-led growth model, and South American efforts to advance an alternative regional development strategy. The combination has created a political environment offering important opportunities for those committed to the international struggle to supplant capitalism.
September 1, 2009
The U.S.-India nuclear deal was initiated through a framework agreement signed by India's Prime Minister Manmohan Singh and U.S. President Bush in July 2005. India, at the instigation of Washington, agreed to separate its civilian and military nuclear production facilities, and place all civilian production facilities under the inspection regime of the International Atomic Energy Agency (IAEA), in return for U.S. economic, technological, and military cooperation. The nuclear deal, which took three years to complete, is officially aimed at promoting India's access to uranium and to civilian nuclear technology, through enlarged importation of both. Whereas nuclear energy contributed a reported 2.5 percent of India's energy requirements in 2007, the deal is expected to boost the contribution of the nuclear sector to India's electricity supply, without reducing India's primary dependence on coal. From its very start, the U.S.-India nuclear deal has generated huge controversies, both in India and internationally. The intent here is to lay bare the implications of the deal for the creation of waste, while putting aside, for the moment, other important controversies associated with the nuclear agreement.
September 1, 2009
Marc Becker, Indians and Leftists in the Making of Ecuador’s Modern Indigenous Movements (Durham: Duke University Press, 2008), 356 pages, $22.95, paperback.
Following the 2005 election of the first Indigenous president of any country in the Americas—Evo Morales in Bolivia—I commented in MRzine on the fact that many were taken by surprise by this seemingly sudden occurrence out of nowhere, but only because they had not been paying attention to the development of the international Indigenous movement over the past three decades.
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.
July 1, 2009
Likened to a sudden tsunami, reports of declining staple food availability and the possibility of a world food crisis first appeared in the international press in late 2007.1 Sub-Saharan Africa, with its deepening need for disaster food relief in arid and war-torn areas, was most vulnerable. The economic viability of western donors' food aid to the continent was increasingly being stretched. As food riots flared in various Asian and Latin American cities, urban food riots also began surfacing in Africa, alongside the perennial threat of rural famine.
July 1, 2009
India has had a growing problem with food output and availability for the mass of the population since the inception of neoliberal economic reforms in 1991. A deep agricultural depression and rising unemployment rates resulting from "reform" policies have made the problem especially acute over the past decade. There has been a sharp decline in per capita grain output as well as grain consumption in the economy as a whole. Income has been shifting away from the majority towards the wealthy minority and a substantial segment of the population is being forced to eat less food and wear older clothing than before. This is exacerbated by the current global depression, which is further constraining mass consumption because of rising unemployment.
July 1, 2009
In April 2008, as people around the world took to the streets to protest the global food crisis and the lack of political will to address it, a crowd of a different nature gathered in Venezuela. Afro-Venezuelan cacao farmers and artisanal fishermen of the coastal community of Chuao came together to witness their president pledge that the food crisis would not hinder Venezuela's advancements in food and agriculture. "There is a food crisis in the world, but Venezuela is not going to fall into that crisis," said Venezuelan President Hugo Chávez Frías. "You can be sure of that. Actually, we are going to help other nations who are facing this crisis."1 He then went on to describe Venezuela's most recent developments in food and agriculture, as well as the work that still lay ahead. This was one of several weekly addresses that Chávez had dedicated to food and agriculture as the world food crisis unfolded.
June 1, 2009
The grim state of the U.S. economy in early 2009 was brought into sharp relief by economic data released at the end of April. Industrial production in the first quarter of this year dropped by an annual rate of 20 percent, while manufacturing capacity utilization (the operating rate of manufacturing plant and equipment) sank to 65.8 percent in March, the lowest level since the Federal Reserve Board series was introduced in 1948 (industrial capacity utilization as a whole is currently at 69.3 percent, its lowest point since that measurement began in 1967).
