Minqi Li and Lingyi Wei look to the Chinese and U.S. economies to illustrate the contradictions of secular stagnation, concluding that both economies will likely face great challenges in the decades to come. However, they write, progressive economic policies could change China’s future, encouraging massive investment into the state sector and bringing about the transition to a fully socialist society. | more…
Having just written his groundbreaking book, The American Revolution, Detroit autoworker James Boggs sat down in the early 1960s to continue his study of revolution. Boggs looked at the Black Power uprisings then beginning in the United States within the global context of the overthrow of rightwing puppet regimes in Asia, Africa, and Latin America. In Racism and the Class Struggle, Boggs produced thirteen powerful and prescient chapters that wrestled with topics such as the specific character of American capitalism and its intricate relationship to American democracy, the historic mission of the Black revolution in the United States, and the need for the 1960s Black
Kent Klitgaard surveys degrowth thought, starting with the essential contradiction of capitalism presented by Marx, which gives rise to our current planetary crisis. Through an understanding this contradiction and degrowth literature spanning twentieth century, the author presents a plan for a sustainable and planned future socialist society. | more…
In this reprise from October 1993, Henry Magdoff and Paul Sweezy ask: “Isn’t there anyone around here who understands how this capitalist system works?” | more…
The crypto winter, Ramaa Vasudevan writes, is here. Cryptocurrency, far from being a democratizing force in finance, has led to only further concentrations of wealth and power and increased precarity within the financial sector. The recent fall of Sam Bankman-Fried is only the beginning. | more…
Over the last 11,700 years, during which human civilization developed, the earth has existed within what geologists refer to as the Holocene Epoch. Now science is telling us that the Holocene Epoch in the geological time scale ended, replaced by a new more dangerous Anthropocene Epoch, which began around 1950. The onset of the Anthropocene Epoch is characterized by an “anthropogenic rift” in the biological cycles of the Earth System, marking a changed reality in which human activities are now the main geological force impacting the earth as a whole, generating at the same time an existential crisis for the world’s population. | more…
The Great Depression is almost one century old. Today in the United States we remember this international economic collapse, and the suffering it engendered, by reading novels and essays about it, watching plays, viewing paintings—often forgetting that the U.S. government of that time encouraged and financially supported much of this art. Not only art: the Depression was one of the few times that the federal government ever stepped in to help ordinary people get on their feet. | more…
Notwithstanding an ongoing commitment to redouble its efforts, Cuban socialism has not taken full advantage of its own human and material resources to develop its productive forces. It is necessary to distinguish between our right and duty to struggle against the blockade and our expectations regarding what one can and cannot hope for if it is lifted. | more…
In 2004, Washington launched a whole new strategy of financial war, based on the role of the U.S. dollar as the hegemonic foreign-exchange currency, to cut off the economic circulation of targeted states. The United States has created, as part of its “rules-based international order,” a coercive global framework extending U.S. financial jurisdiction to every country, economic entity, and person engaged at any point in U.S. dollar transactions anywhere in the world. | more…
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…
Although the current crisis of production associated with the COVID-19 pandemic has sharpened disparities, the overall problem is much longer and more deep-seated, a manifestation of the inner contradictions of monopoly-finance capital. Comprehending the basic parameters of today’s financialized capitalist system is the key to understanding the contemporary contagion of capital, a corrupting and corrosive cash nexus that is spreading to all corners of the U.S. economy, the globe, and every aspect of human existence. | more…
European left parties have, over the last couple of decades, become increasingly critical of political developments in the European Union, particularly as a response to the austerity policies that followed the financial crisis of 2007–08 and the subsequent euro crisis. These were accompanied by high and sustained unemployment and promises of a social pillar that never materialized. Nevertheless, even if criticism of the European Union has sharpened, this has not been well reflected in the political strategies of the left. | more…
