May 1, 2002
This month marks the fiftieth anniversary of Monthly Review Press. The idea of starting a book publishing arm of MR had its origin in an accidental meeting in Central Park in 1951 between noted journalist I.F. Stone, then a reporter and columnist of the leftist New York Daily Compass, and MR editors Leo Huberman and Paul Sweezy. Stone told Huberman and Sweezy that he had written a book disputing the official history of the Korean War but had not been able to find a publisher in that era of fervent McCarthyism and war hysteria. They asked to see the manuscript, and on its strength decided to establish Monthly Review Press. The Hidden History of the Korean War, the very first book published by Monthly Review Press, was released in May 1952
May 1, 2002
The worldwide U.S. military-political offensive is manifest in multiple contexts in Latin America. The U.S. offensive aims to prop up decaying client regimes, destabilize independent regimes, pressure the center-left to move to the right, and destroy or isolate the burgeoning popular movements challenging the U.S. empire and its clients. We will discuss the particular forms of the U.S. offensive in each country, and then explore the specific and general reasons for the offensive in contemporary Latin America. In the concluding section we will discuss the political alternatives in the context of the U.S. offensive
May 1, 2002
Since February 2000, when president Robert Mugabe suffered his first-ever national electoral defeat—over a proposed new constitution—Zimbabwe has witnessed confusing debilitating political turmoil. A decade of economic decline, characteristic of the imposition of structural adjustment across Africa, preceded the rise of the opposition Movement for Democratic Change (MDC). Standards of living had crashed during the 1990s, the state withdrew—or priced at prohibitive levels—many social services, and the economy deindustrialized. State and private sector corruption were rife
April 1, 2002
As this special issue on the economy goes to the printer, the business press is full of the news that a mild recovery from the recession that began in March 2001 may already be in the works, as was suggested by Federal Reserve Chairman Alan Greenspan in testimony to Congress in late February. Whether this should prove to be the case or not, it remains true that the long-term, deepening problems of the U.S. economy are for the most part ignored in such accounts, in favor of a short-run focus on an expected cyclical upswing.
April 1, 2002
Historically, monetary crises have been related to hyperinflation, from which Argentina has often suffered. Hyperinflation is generally viewed as a calamity leading to the destruction of the capitalist monetary system of circulation. In the present Argentine crisis, however, there has been a complete implosion of economic and monetary relations due to hyperdeflation. This is the strangulation of the economy by the requirement to pay an unsustainable debt
April 1, 2002
Against the background of Argentina’s dramatic economic downfall, a meeting was held in January 2002 at the Faculty of Economic Sciences of the University of Buenos Aires. The focus of the meeting was the need to work on alternative proposals to deal with the crisis
March 1, 2002
In January, with no public discussion and little fanfare, Washington began the first major extension of its “war on terrorism” beyond Afghanistan by sending U.S. troops into the Philippines. The contingent of nearly 700 troops, including 160 Special Forces soldiers, was sent to the Autonomous Region of Muslim Mindanao (ARMM), which consists of a number of islands and one major city, and is populated chiefly by a few million Moros (Muslim Filipinos). The mission of the U.S. forces has been to “assess” the military situation, provide military advice, and “train” the 7000 Philippine soldiers currently pursuing the guerrillas of the Abu Sayyaf Group (ASG) operating in the southern islands of Basilan and Jolo
March 1, 2002
One evening, shortly after September 11, I was conducting a college English class when one of my students asked a question about the accumulating body of information on women and Islam. It was one of many questions about the Middle East asked of me in the days after the tragedies; this one was about the veil, and why women in the Middle East "had to wear it." I explained that not all women in the Middle East were Muslim (I myself am a Palestinian Christian), but that even many Muslim women did not veil. However, many did, and for myriad reasons: mostly for personal and religious reasons and, for some, upon compulsion
February 1, 2002
The meltdown of Enron, the giant energy trading firm, which recently ranked as the seventh largest U.S. corporation—now its largest ever bankruptcy—is one of the most startling events in U.S. financial history. Only a few months ago Enron was the toast of Wall Street. It was the symbol of the New Economy and of the deregulation of both finance and energy markets. Its former CEO, Jeffrey K. Skilling, promoted the idea that assets were not what made a company valuable. Instead what counted was a corporation’s intellectual capital. He sold the idea of Enron as a nimble, highly-leveraged, “asset-light” company engaged in aggressive internet-based trading. The point is that this huge and highly regarded corporation did not make anything. Nor did it perform a service like distributing energy. It was in essence a purely speculative enterprise, making money through trading made possible by the deregulation of a basic consumer need (electricity). And U.S. business bought it! For six years in a row, the editors of Fortune magazine selected Enron as the “most innovative” among the magazine’s “most admired” corporations. Enron was a principal fundraising source for President George W. Bush’s electoral campaign. It was a big winner in California’s electrical deregulation crisis, which generated skyrocketing electricity prices and huge profits for big energy traders. Enron’s corporate empire was underwritten by some of the biggest U.S. banks, including J. P. Morgan Chase and Citigroup
February 1, 2002
The world changed on September 11. That's not just media hype. The way some historians refer to 1914–1991 as the "short twentieth century," many are now calling September 11, 2001, the real beginning of the twenty-first century. It's too early to know whether that assessment will be borne out, but it cannot simply be dismissed
