What did Marx mean in his discussion of “so-called primitive accumulation” in Capital? Here, Ian Angus argues that the term is widely misunderstood—but its illumination reveals great insight to the conditions of exploitation and expropriation. | more…
Capital, Ben Selwyn writes, has been advancing its interests under the guise of protecting “global supply chain resilience.” While those promoting the resilience agenda assert that these supply chains represent a net benefit, evidence suggests that they increase the transfer of surplus value from the Global North and, especially, in the. South. | 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…
Mariko Frame reviews The Future is Degrowth: A Guide to the World Beyond Capitalism, by Matthias Schmelzer, Andrea Vetter, and Aaron Vansintjan (Verso, 2022) and its explorations of the policies, vision, and strategies for social change required for the burgeoning movement. | more…
There is hardly any theme in Karl Marx’s theoretical corpus that has garnered as much traction as his theory of fetishism. Ever since Marx introduced the term into his critique of political economy in Capital, fetishism became a field of theoretical force. While much ink has been spilled on the specific content and theoretical scope of fetishism in Capital, young Marx’s initial exploration of the term has rarely enjoyed critical attention. | 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…
A major deficiency of the growth-obsessed model driving global neoliberal economic policy is its lack of understanding on the Earth System on which it—and indeed, all life on Earth—relies. | more…
Degrowth and ecosocialism are two of the most important movements—and proposals—on the radical side of the ecological spectrum. | more…
Although natural constraints on supply are important, most economic scarcities that rule our lives are actually social and artificial. Supply and demand are not natural forces drifting through the air; they are contrived realities established by an interactive social environment involving governments, corporations, institutions, and classes. Supply and demand cycles are social constructs designed to answer a basic question: Who gets what? | more…
Since the Great Financial Crisis of 2007–09, Hyman Minsky (1919–96) has been widely recognized as one of the late twentieth century’s most insightful economic theorists. Nevertheless, if Minsky had still been alive at the time of the Great Financial Crisis, there would have been little likelihood that his new-found reputation would have resulted in his receiving the Nobel Prize in Economics given his heterodox and socialist economic views. | more…
According to the U.S. Bureau of Labor Statistics, the U.S. economy is experiencing an unemployment rate that is at a fifty-year low. Yet, wage growth continues to be weak, with continuing wage stagnation even at the peak of the business cycle. A major and largely undertheorized reason for the sluggish wages in a period of seeming full employment is to be found in the fact that the new jobs being created by the economy do not measure up to those of the past in terms of weekly wages and hours, or in the degree to which they support households or even individuals. | more…
An interview with Henryk Szlajfer by Grzegorz Konat. Szlajfer was a leading figure in the student uprisings in Poland in March 1968. He was expelled from the University of Warsaw and was arrested and imprisoned for political dissent. He later conducted research in political economy focusing on the theory of monopoly capitalism, where he made major contributions, and coedited The Faltering Economy with John Bellamy Foster. | more…