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Capitalism

Demonstrators gesture as they attend a protest against police brutality and the death in Minneapolis police custody of George Floyd, in Frankfurt, Germany, June 6, 2020

COVID-19, Economic Depression, and the Black Lives Matter Protests

Will the Triple Crisis Bring a Working-Class Revolt in the United States?

Crisis reveals the fault lines in society. COVID-19 is wreaking havoc on our health and killing us in large numbers, bringing with it the most massive and steep economic collapse in U.S. history. Then, there was the murder of George Floyd and the resulting astonishing global protests against racism. Anyone can see that capitalism, facing no real opposition in decades, has reverted to its default position: only profit rules us and those with money will beat down those with none, without mercy or remorse. | more…

You can't have capitalism without racism

Modern U.S. Racial Capitalism

Some Theoretical Insights

In recent years, “racial capitalism” has ascended across the humanities and social sciences. It has arisen as a conceptual framework to understand the mutually constitutive nature of racialization and capitalist exploitation, inter alia, on a global scale, in specific localities, in discrete historical moments, in the entrenchment of the carceral state, and in the era of neoliberalization and permanent war. | more…

African American migratory workers in front of a 'juke joint' in Belle Glade, Florida (February 1941)

Race Is About More Than Discrimination

Racial Capitalism, the Settler State, and the Challenges Facing Organized Labor in the United States

Organized labor—based on white-exclusive and later white-dominated, though not necessarily exclusive, trade unions—formed itself as part of the settler state, not in the sense of being an apparatus of the state, but in the sense of accepting certain important precepts. The unions took for granted the nature of the settler state and, as such, conceived that the unions were to exist to serve the “legitimate” population, or at least the working class of the legitimate population. | more…

A statue of Confederate States President Jefferson Davis lies on the street after protesters pulled it down in Richmond, Virginia

Colonialism, Migration, Pandemic

The Immutable Evidence that Capitalism Is Racist and Misogynist

Capitalism is a global racialized structure. Although many of the exploited working class are white peoples, people of color, especially women of color, have generally borne the brunt of the human suffering inflicted by capitalism. There is no doubt that colonialism and U.S. slavery were economic systems, but they were also brutal attacks on non-Western peoples. | more…

Caste Class and Race A Study in Social Dynamics by Oliver Cromwell Cox

Oliver Cromwell Cox’s Marxism

Oliver Cromwell Cox insisted on dealing with the crucial issues of his time and on telling the truth as he saw it, regardless of whose toes may have been stepped on or whose sensibilities may have been injured. He has aided in preventing the complete stultification of academic social science and in the long run exercised an immense influence on American life. | more…

Dead Epidemiologists: On the Origins of COVID-19 by Rob Wallace

Dead Epidemiologists: On the Origins of COVID-19

Forthcoming in September 2020

The COVID-19 pandemic shocked the world. It shouldn’t have. Since this century’s turn, epidemiologists have warned of new infectious diseases. Indeed, H1N1, H7N9, SARS, MERS, Ebola Makona, Zika, and a variety of lesser viruses have emerged almost annually. But what of the epidemiologists themselves? Some bravely descended into the caves where bat species hosted coronaviruses, including the strains that evolved into the COVID-19 virus. Yet, despite their own warnings, many of the researchers appear unable to understand the true nature of the disease—as if they are dead to what they’ve seen. Dead Epidemiologists is an eclectic collection of commentaries, articles, and interviews revealing the hidden-in-plain-sight truth behind the pandemic: Global capital drove the deforestation and development that exposed us to new pathogens | more…

Value and Crisis: Essays on Marxian Economics in Japan, second edition

Value and Crisis: Essays on Marxian Economics in Japan, second edition

Forthcoming in December 2020

Marxist economic thought has had a long and distinguished history in Japan, dating back to the First World War. When interest in Marxist theory was virtually nonexistent in the United States, rival schools of thought in Japan emerged, and brilliant debates took place on Marx’s Capital and on capitalism as it was developing in Japan. Forty years ago, Makoto Itoh’s Value and Crisis began to chronicle these Japanese contributions to Marxist theory, discussing in particular views on Marx’s theories of value and crisis, and problems of Marx’s theory of market value. Now, in a second edition of his book, Itoh deepens his study of Marx’s theories of value and crisis, as an essential reference point from which to analyze the multiple crises that have arisen during the past four decades of neoliberalism. The promise of Marx’s theories has not waned. If anything—given the failure of Soviet-style socialism and the catastrophe of neoliberalism—it grows daily. | more…

Capital and Imperialism: Theory, History, and the Present

Capital and Imperialism: Theory, History, and the Present

Forthcoming in February 2021

Those who control the world’s commanding economic heights, buttressed by the theories of mainstream economists, presume that capitalism is a self-contained and self-generating system. Nothing could be further from the truth. In this pathbreaking book—winner of the Paul A. Baran-Paul M. Sweezy Memorial Award—radical political economists Utsa Patnaik and Prabhat Patnaik argue that the accumulation of capital has always required the taking of land, raw materials, and bodies from noncapitalist modes of production. They begin with a thorough debunking of mainstream economics. Then, looking at the history of capitalism, from the beginnings of colonialism half a millennium ago to today’s neoliberal regimes, they discover that, over the long haul, capitalism, in order to exist, must metastasize itself in the practice of imperialism and the immiseration of countless people. | more…

The Dawning of the Apocalypse: The Roots of Slavery, White Supremacy, Settler Colonialism, and Capitalism in the Long Sixteenth Century

The Dawning of the Apocalypse: The Roots of Slavery, White Supremacy, Settler Colonialism, and Capitalism in the Long Sixteenth Century

August 2019 saw numerous commemorations of the year 1619, when what was said to be the first arrival of enslaved Africans occurred in North America. Yet in the 1520s, the Spanish, from their imperial perch in Santo Domingo, had already brought enslaved Africans to what was to become South Carolina. The enslaved people here quickly defected to local Indigenous populations, and compelled their captors to flee. Deploying illuminating research, The Dawning of the Apocalypse is a riveting revision of the “creation myth” of settler colonialism and how the United States was formed. Here, Gerald Horne argues forcefully that, in order to understand the arrival of colonists from the British Isles in the early seventeenth century, one must first understand the “long sixteenth century”—from 1492 until the arrival of settlers in Virginia in 1607. | more…

Monthly Review Volume 72, Number 2 (June 2020)

June 2020 (Volume 72, Number 2)

The current massive oil glut is the product of the effects of the tight oil or shale oil revolution, which for a time turned the United States into the biggest oil and gas producer in the world. Now, suddenly as a result of an overproduction of world oil, made far worse by the sudden falloff in demand due to the COVID-19 pandemic, we are witnessing the possible euthanasia of the U.S. tight oil industry, bleeding cash even before the oil price collapse and encumbered with mountains of debt. | more…

Global logistics concept illustration

COVID-19 and Catastrophe Capitalism

Commodity Chains and Ecological-Epidemiological-Economic Crises

Since the late twentieth century, capitalist globalization has increasingly adopted the form of interlinked commodity chains controlled by multinational corporations, connecting various production zones, primarily in the Global South, with the apex of world consumption, finance, and accumulation primarily in the Global North. COVID-19 has accentuated as never before the interlinked ecological, epidemiological, and economic vulnerabilities imposed by capitalism. | more…

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