Navigating the Brexit Strait
October 1, 2019
In this continuation of the exchange on the European Union, the United Kingdom, and the left, Andy Storey engages with Costas Lapavitsas's arguments in The Left Case Against the EU.
Article Subjects and Geography: Globalization
Learning from Brexit: A Socialist Stance Toward the European Union
October 1, 2019
As part of the exchange on the European Union, the United Kingdom, and the left, Costas Lapavitsas provides an extensive response to Neil Davidson's and Andy Storey's contributions.
Capitalism Has FailedÑWhat Next?
February 1, 2019
Less than two decades into the twenty-first century, it is evident that capitalism has failed as a social system. The world is mired in economic stagnation, financialization, and the most extreme inequality in human history, accompanied by mass unemployment and underemployment, precariousness, poverty, hunger, wasted output and lives, and what at this point can only be called a planetary ecological "death spiral." Many of the symptoms of the failure of capitalism are well-known. Nevertheless, they are often attributed not to capitalism as a system, but simply to neoliberalism, viewed as a particular paradigm of capitalist development that can be replaced by another, better one. A critical-historical analysis of neoliberalism is therefore crucial both to grounding our understanding of capitalism today and uncovering the reason why all alternatives to neoliberalism and its capitalist absolutism are closed within the system itself.
Behind the Veil of Globalization
July 1, 2015
Globalization is not a novel development in the history of capitalism. In his final Monthly Review article, Paul Sweezy argued that globalization is a process, and that it has been occurring for a long time.… The accumulation of capital…has always meant expansion. Furthermore, this very process of growing and spreading is global in scope and, most importantly, imperialistic in its characteristics. Marxist scholars have long argued that imperialism has always accompanied capitalism…. Nevertheless, even if we start with the idea that globalization—or global capitalist expansion—is not novel, this does not trample the argument that the development of such expansion is marked by new characteristics in certain periods. Examining these historically specific characteristics can highlight the imperialistic "nature" of capitalism throughout history, including the development of our current global economy, which will be the focus of this essay.
The New Stage of Globalization
July 1, 2015
By the end of 1990, foreign direct investment—that is, investment in manufacturing, real estate, raw materials, extraction, financial institutions, etc., made by capitalists of all lands outside their national borders—reached over $1.5 trillion…. [W]hat is significant about this number is not only its size but the unprecedented speed with which it has grown in the last two decades: the amount directly invested in foreign lands nearly tripled in the 1980s alone…. This upsurge and diversification of globalization has been introducing new economic and political features in the countries of both the periphery and the core. In the periphery, foreign capital has penetrated more widely and deeply than ever before. In the core, this change of direction has helped produce in the world's key money markets an extraordinary spiraling of credit creation, international flows of money capital, and speculation.
The Nonprofit-Corporate Complex: An Integral Component and Driving Force of Imperialism in the Phase of Monopoly-Finance Capitalism
April 1, 2015
According to Michał Kalecki, the imperialist system of the Keynesian era rested on a triangular structure that was composed of (a) state-financed military production (i.e., the military-corporate complex, often called the "military-industrial complex"), (b) media propaganda (media-corporate complex), and (c) a putative full-employment/welfare-oriented superstructure (Keynesianism) underpinned by the war machine, serving to justify it. Building on Kalecki's work, John Bellamy Foster, Hannah Holleman, and Robert W. McChesney provided an updated version of the theory of imperialism of the monopoly-capital tradition by laying emphasis on the primary role of the above triangle in the restructuring and preservation of the contemporary imperialist system.. Expanding on their work, I argue that one of the most significant changes in the triangular structure of contemporary imperialism is in its third pillar, particularly with the abandonment of the welfare-oriented paradigm and the adoption of the neoliberal globalization project.
Latin America Confronts the Challenge of Globalization: A Burdensome Inheritance
December 1, 2014
The American continent was the first region to be integrated into newborn global capitalism and to be shaped into a periphery of the European Atlantic centers, themselves still undergoing formation. That shaping was a process of unparalleled brutality. The English, just as they did in Australia and New Zealand, proceeded immediately to the total genocide of the indigenous population. The Spaniards reduced them to a state of virtual slavery that, despite its catastrophic demographic effects, did not efface the Indian presence. Both, along with the Portuguese and the French, finished shaping the continent with the slave trade. The exploitation of this first periphery of historical capitalism was based on setting up a system of production to export agricultural (sugar, cotton) and mineral products.… Independence, when gained by the local white ruling classes, did not change that setup. Latin America (with today a mere 8.4 percent of world population) and Africa have small populations, relative to East, South, and Southeast Asia, but are endowed with fabulously rich natural resources (in mineral deposits and potentially arable land). For that reason those regions were doomed to remain subject to systematic grand-scale pillage, exclusively for purposes of capital accumulation in the dominant centers—Europe and the United States.
Contra Hardt and Negri: Multitude or Generalized Proletarianization?
November 1, 2014
The term multitude was first used in Europe, it seems, by the Dutch philosopher Spinoza, to whom Michael Hardt and Antonio Negri explicitly refer. It then designated the "common people" who were a majority in the cities of the Ancien Régime and deprived of participation in political power (reserved for the monarch and the aristocracy), economic power (reserved for property owners of feudal ancestry or for the nascent financial bourgeoisie, both urban and rural—including the rich peasants), and social power (reserved for the Church and its clerics). The status of the common people varied. In the city, they were artisans, small merchants, pieceworkers, paupers, and beggars; in the country, they were landless. The common people in the cities were restless and frequently exploded into violent insurrections. They were often mobilized by others—particularly the nascent bourgeoisie, the active component of the Third Estate in France—in their conflicts with the aristocracy.