Notes from the Editors, February 2021
February 1, 2021
We remember our good friend and comrade, Leo Panitch, one of the great socialist intellectuals of all time, who died on December 19, 2020, age 75.
Article Subjects and Geography: Imperialism
The Drain of Wealth: Colonialism before the First World War
February 1, 2021
The Western European powers appropriated economic surplus from their colonies, materially and substantially aiding their own industrial transition from the eighteenth century onward, as well as the diffusion of capitalism to the regions of new European settlement. In the case of India, the concept of drain is based on the fact that a substantial part of its earnings was never permitted to accrue to the country; it was instead appropriated by the ruling power: Britain.
The Continuing Korean War in the Murderous History of Bombing
January 1, 2021
The Korean War, which broke out on June 25, 1950, can be considered the epicenter of bombing as an instrument of war. For one, it was the first—and, so far, the last—time since 1945 that the United States seriously considered using atomic weapons during the course of an imperial war. It was the first war that the United States did not win. It ended in a stalemate—an armistice—that continues until today. Kinetic fighting was suspended, but the war continues (though only by one side) by what is conveniently but simplistically called sanctions.
Notes from the Editors, December 2020
December 1, 2020
The United States is now in a New Cold War with Russia and China, with the focus increasingly on the latter and involving a direct challenge to U.S. hegemony over the world economy.
Paul Baran’s Economic Surplus Concept, the Baran Ratio, and the Decline of Feudalism
December 1, 2020
Recently published and estimated historical data illustrate that economic surplus declined during the thirteenth and fourteenth centuries in England, helping explain the "crisis of feudalism" that started in the thirteenth century. It was not until several centuries later, when capitalism became the dominant economic system, that the economic surplus began to rise on a consistent basis, due to the reinvestment of a portion of the surplus into productive activities, a greater ratio of capital income to rental income, and a greater ratio of investment to economic surplus.
Notes from the Editors, October 2020
October 1, 2020
This special issue of Monthly Review, "China 2020," is the product of a long period of cooperation with critical Chinese Marxist scholars. This has resulted in an extensive series of articles on contemporary Chinese social and economic relations since 2012, to which most of the authors in the present issue have previously contributed. It takes on a special significance due to the growing conflict between the United States and China, making critical Marxist analysis in this area all the more important.
U.S.-China Trade War: Has the Real “Thief” Finally Been Unmasked?
October 1, 2020
In 2018, Washington launched the trade war against China. Measures included sharply increasing the customs tariffs borne by certain products imported from China, further barriers to imports from China, and sanctions against Chinese companies targeted by bans on the use of U.S.-made inputs. By June 2019, as tariff increases hit new sectors, China was no longer the United States's largest trading partner.
Toward Delinking: An Alternative Chinese Path Amid the New Cold War
October 1, 2020
During the 1960s, China was effectively excluded from the two major camps: the Soviet camp and the U.S. camp. For about a decade, China was obliged to seek development within its own borders and thereby achieved some extent of delinking: a refusal to succumb to U.S.-eurocentric globalization and an embrace of a people's agenda of development. While foreign relations were later normalized and China once again brought in foreign capital, since being explicitly targeted as the primary rival of the United States, however, the situation may again warrant moves toward delinking and searching for alternatives, with ups and downs along the way.
India, COVID-19, the United States, and China
September 1, 2020
Since the emergence of COVID-19, the United States has quite openly decided to use the crisis, at a global scale, as a weapon against its perceived rival, China. In this context, India has taken a number of steps to restructure its relation to China, asserting economic stances and implementing policies that are becoming more and more closely entwined with its geopolitical positions and aspirations.
Examining the Wreckage
July 1, 2020
Indigenous and African resistance and intellectual traditions provide key insights to the very nature of capitalism and how it has unfolded throughout space and time, its tentacles emanating from Europe and stretching across the globe in the forms of imperialism and colonialism.