December 1, 1999
Asia Pacific Economic Cooperation (APEC) is the name for a series of meetings that has taken place in various Asian and Pacific capitals since 1989. For September of this year, the venue was Auckland, a city of a million people in the North Island of New Zealand. According to Joan Spero, U.S. Undersecretary for Economic Affairs, "APEC is about business not about governments;" however, the role of governments has been crucial. In the past, laws and regulations used to protect economies had to be revoked by governments, if untrammelled entry of trade and investment was to take place. And getting rid of barriers erected by governments is what APEC is all about. It is part of the attack—by the World Trade Organization (WTO), the General Agreement on Tariffs and Trade (GATT), the World Bank, and the International Monetary Fund (IMF)—on those economies that try to maintain some degree of autonomy in the face of capital's demand for open entry everywhere
December 1, 1999
The postwar economy is widely understood to have gone through two major phases. During the long boom between the end of the 1940s and the early 1970s, most of the advanced capitalist economies (outside the United States and the United Kingdom) experienced record-breaking rates of investment, output, productivity, and wage growth, along with low unemployment and only brief, mild recessions. But during the long downturn that followed, the growth of investment fell significantly, resulting in much-reduced productivity growth, sharply slowed wage growth (if not absolute decline), depression-level unemployment (outside the United States), and a succession of serious recessions and financial crises. My goal in The Economics of Global Turbulence was to explain why the long boom gave way to a long downturn, to reveal why stagnation has persisted on an international scale for such an exceedingly long period, and finally to demonstrate how the failure to resolve the problems underlying the long downturn opened the way to the world economic crisis of 1997-1998
November 1, 1999
I have agreed to talk on the question “Are New Trade Wars Looming?” The answer is yes, but I must also tell you that I think this is the wrong question. What we are really interested in is why trade wars occur and where the economic philosophy we call protectionism comes from. A major cause of the worldwide war and depression that crippled much of the first half of the twentieth century was imperialism and the rivalry of nations for trade, commodities, raw materials, and labor—this produced protectionism. I want to suggest the special importance of finance capital in this process, both earlier in the twentieth century and now. Rather than worrying about trade wars, we should concentrate on the power of capital's control over our political economy, especially the role of international financiers
November 1, 1999
Paul Buhle, Taking Care of Business: Samuel Gompers, George Meany, Lane Kirkland, and the Tragedy of American Labor (New York: Monthly Review Press, 1999), $18, 315 pp.; Mike Parker & Martha Gruelle, Democracy is Power: Rebuilding Unions from the Bottom Up (Detroit: Labor Notes, 1999), $17, 255 pp.
In a very well-known passage, Marx said, “Men make their own history, but they do not make it just as they please; they do not make it under circumstances chosen by themselves, but under circumstances directly encountered, given and transmitted from the past.” Elsewhere, he said, “The tradition of all the dead generations weighs like a nightmare on the brain of the living.” These words of wisdom provide us with a good entry point into a review of these two exceptional books
October 1, 1999
Organized labor has always privileged collective struggle at the point of production, judging it to be capital's most vulnerable point. Denying employers the labor power needed for the production of surplus value strikes at the reproduction and expansion of capital, the accumulation process which is the core of the system
October 1, 1999
Doing Time: 25 Years of Prison Writing (New York: Arcade, 1999), 349 pp., $27.95, cloth.
Fyodor Dostoevsky's old adage, about measuring a civilization by reviewing its prisons, if followed in the U.S. context, is a condemnation of this nation's own version of the gulag archipelago. A cross-section of prisoner's writings submitted to the PEN writing contest for the past quarter-century reveals the cold, dark underside of the American dream. Men and women, denizens of both state and federal prisons, write brilliantly about trying to stay human in the midst of places of marked inhumanity, and indeed, places that only succeed if they dehumanize
September 1, 1999
Our choice of political strategies clearly depends in large part on what we think is possible and impossible in any given conditions. And what we think is possible or impossible under capitalism obviously depends on what we think capitalism is. So let me, first, make some general observations about the nature of capitalism
September 1, 1999
I would like to quote at length from Paul Samuelson, who wrote a piece exactly thirty years ago for Newsweek magazine about a time thirty years before that “when giants walked the earth and Harvard Yard”
July 1, 1999
In his article on the U.S. economy in this issue, Doug Henwood quotes from a piece by Thomas Friedman in the New York Times Magazine on March 28, and points to the connection between Friedman's view of globalization and his support for the bombing of Yugoslavia. Well, we read that article and were very much struck by it too. Anyone who thinks we're over the top when we say things like Ellen did in June's Review of the Month about the “new imperialism” should just read Friedman's “Manifesto for the Fast World.”
July 1, 1999
If we define sub-Saharan Africa as excluding not only north Africa but also bracket off, for the moment, the continent's southern cone, dominated by South Africa, the key fact about the rest—the greater part of the continent—is thrown sharply into relief: after 80 years of colonial rule and almost four decades of independence, in most of it there is some capital but not a lot of capitalism. The predominant social relations are still not capitalist, nor is the prevailing logic of production. Africa south of the Sahara exists in a capitalist world, which marks and constrains the lives of its inhabitants at every turn, but is not of it
