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Economic Crisis

The Lie of Global Prosperity: How Neoliberals Distort Data to Mask Poverty and Exploitation by Seth Donnelly

The Lie of Global Prosperity: How Neoliberals Distort Data to Mask Poverty and Exploitation

Forthcoming in August 2019

“We’re making headway on global poverty,” trills billionaire philanthropist Bill Gates. “Decline of Global Extreme Poverty Continues,” reports the World Bank. And “How did the global poverty rate halve in 20 years?” inquires The Economist magazine. Seth Donnelly answers: “It didn’t!” In fact, according to Donnelly’s The Lie of Global Prosperity, virtually nothing about these glad tidings proclaiming plummeting global poverty rates is true. | more…

Socialist Register 2020: Beyond Market Dystopia: New Ways of Living

Forthcoming in December 2019

How can we build a future with better health and homes, respecting people and the environment? The 2020 edition of the Socialist Register, Beyond Market Dystopia, contains a wealth of incisive essays that entice readers to do just that: to wake up to the cynical, implicitly market-driven concept of human society we have come to accept as everyday reality. Intellectuals and activists such as Michelle Chin, Nancy Fraser, Arun Gupta, and Jeremy Brecher connect with and go beyond classical socialist themes, to combine an analysis of how we are living now with visions and plans for new strategic, programmatic, manifesto-oriented alternative ways of living. Crafted with purposeful hope in an age of despair, each essay in this volume aims to create a world of agency and justice. | more…

The Octopus by Nicci Yin

Absolute Capitalism

Although neoliberalism is widely recognized as the central political-ideological project of twenty-first-century capitalism, it is a term that is seldom uttered by those in power. Behind this particular ruse lies a deeply disturbing, even hellish, reality. Neoliberalism can be defined as an integrated ruling-class political-ideological project, associated with the rise of monopoly-finance capital, the principal strategic aim of which is to embed the state in capitalist market relations. Hence, the state’s traditional role in safeguarding social reproduction—if largely on capitalist-class terms—is now reduced solely to one of promoting capitalist reproduction. The goal is nothing less than the creation of an absolute capitalism. All of this serves to heighten the extreme human and ecological destructiveness that characterizes our time. | more…

Rethinking Democracy: Socialist Register 2018

Socialist Register 2018: Rethinking Democracy

For years, intellectuals have argued that, with the triumph of capitalist, liberal democracy, the Western World has reached “the end of history.” Recently, however, there has been a rise of authoritarian politics in many countries. Concepts of post-democracy, anti-politics, and the like are gaining currency in theoretical and political debate. Now that capitalist democracies are facing seismic and systemic challenges, it becomes increasingly important to investigate not only the inherent antagonism between liberalism and the democratic process, but also socialism. Is socialism an enemy of democracy? Could socialism develop, expand, even enhance democracy? | more…

Trump in the White House: Tragedy and Farce

Remember that metaphor about the frog that slowly cooks to death in the pot of increasingly warm water? Leftists have used it for years to describe how people can accept dwindling health care, fading job opportunities, eroding racial and gender equality—as long as the loss occurs gradually. Now, with Donald Trump having slouched off to Washington, most of the mainstream media are working overtime to convince us that we can still stand the heat. Leave it to John Bellamy Foster, one of the world’s outstanding radical scholars, to expose Trump for who and what he is: a neo-fascist. Just at the boiling point, Foster offers us cool logic to comprehend the system that created Trump’s moral and political emergency—and to resist it. | more…

Capitalism and Its Current Crisis

The “thirty-year crisis” of capitalism, which encompassed two world wars and the Great Depression, was followed by a period that some economists call the Golden Age of capitalism. Today, however, capitalism is once again enmeshed in a crisis that portends far-reaching consequences. I am not referring here to the mere phenomenon of the generally slower average growth that has marked the system since the mid-1970s. Rather, I am talking specifically of the crisis that started with the collapse of the U.S. housing bubble in 2007-8 and which, far from abating, is only becoming more pronounced.… The Western media often give the impression that the capitalist world is slowly emerging from this crisis. Since the Eurozone continues to be mired in stagnation, this impression derives entirely from the experience of the United States, where there has been talk of raising the interest rate on the grounds that the crisis is over, and inflation is now the new threat.… To claim…that the United States is experiencing a full recovery is, in terms of working class well-being and economic security, wrong. And if we consider the rest of the world, especially recent developments in the “emerging economies,” the situation is much worse. | more…

Stagnation and Financialization

The Nature of the Contradiction

More than six years after the beginning of the Great Recession in the United States, and nearly five years since it was officially declared over in this country, the core economies of the capitalist world system remain crisis-ridden. The jobs lost in the downturn in the United States have not yet been fully recovered and the economy remains sluggish. In Europe the crisis has hardly abated at all and a number of the peripheral European Union countries are in what can only be called a depression—especially Greece, Spain, and Portugal. The last member of the triad of advanced capitalist centers, Japan, has gone through what have been called two “lost decades” of slow growth and deflation and is attempting once again to jump-start the economy through a combination of devaluation of the yen and deficit spending. | more…

It’s the System Stupid

Structural Crises and the Need for Alternatives to Capitalism

On Thursday, December 13, 2012, The Guardian announced Queen Elizabeth finally received an answer to her question—”Did nobody see this coming?”—about the 2008 financial crisis.… Perhaps she could have also asked three more questions: Does nobody see the suffering and socioeconomic injustices of oligopolistic-finance capitalism? Does no one see that the problems are structural and systemic? And is there no alternative to a system that generates continuous “quadruple crises”—the socioeconomic, political, environmental, and personal/psychological?… The conventional wisdom is “There Is No Alternative,” or TINA. For this reason most Americans simply acquiesce to capitalistic social relations and, like Sisyphus, are resigned to performing eternal tasks while enduring the “endless” quadruple crises generated by a pathological system.… The most extraordinary aspect concerning the absence of an alternative is that it is fallacious. The capitalistic system itself must be transformed. To put it into a slogan: Capitalism Is No Alternative, or CINA. | more…

The Epochal Crisis

It is an indication of the sheer enormity of the historical challenge confronting humanity in our time that the worst economic crisis since the Great Depression, sometimes now called the Second Great Depression, is overshadowed by the larger threat of planetary catastrophe, raising the question of the long-term survival of innumerable species—including our own. An urgent necessity for the world today is therefore to develop an understanding of the interconnections between the deepening impasse of the capitalist economy and the rapidly accelerating ecological threat—itself a by-product of capitalist development. | more…

Lessons from Iceland

Capitalism, Crisis, and Resistance

If we are to build support for an alternative to capitalism we need clarity on the causes and consequences of the contemporary capitalist drive for greater liberalization and privatization, as well as the benefits from and limits to state direction of capitalist economic activity. Although a small country, Iceland’s recent experience has much to teach us about capitalist dynamics and strategies of transformation. | more…

Violence, USA

The Warfare State and the Hardening of Everyday Life

Since 9/11, the war on terror and the campaign for homeland security have increasingly mimicked the tactics of the enemies they sought to crush. Violence and punishment as both a media spectacle and a bone-crushing reality have become prominent and influential forces shaping U.S. society. As the boundaries between “the realms of war and civil life have collapsed,” social relations and the public services needed to make them viable have been increasingly privatized and militarized. The logic of profitability works its magic in channeling the public funding of warfare and organized violence into universities, market-based service providers, Hollywood cinema, cable television, and deregulated contractors. The metaphysics of war and associated forms of violence now creep into every aspect of U.S. society. | more…

Monthly Review Volume 64, Number 9 (February 2013)

February 2013 (Volume 64, Number 9)

» Notes from the Editors

For a long time now orthodox economics has been hindered by its extreme irrealism—a refusal even to attempt a realistic theoretical understanding of how modern capitalism functions. The shift to using fanciful assumptions to explore largely minor issues, following a brief Keynesian moment in the post-Second World War era, has been in many ways self-reinforcing. Once fundamental characteristics of the capitalist economy such as labor exploitation, accumulation, built-in inequality, monopoly power, rent-seeking behavior, technological change, and the tendency to stagnation were removed from the analysis—as a result of an ideological process of system-rationalization—there was little recourse but to fall back in successive stages on more and more abstract models based on increasingly purified notions of individual rationality.… Nevertheless, the deepening crisis of today’s monopoly-finance capital has given rise to a new era of questioning within the economics profession, and some top-tier neoclassical economists are now struggling—though hindered at every step by their own training and inclinations—to recapture knowledge long abandoned.  | more…