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” | more…
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 | more…
Two propositions dominated the Marxist perspective in most Asian countries during the period immediately following the Second World War. First, capitalism had entered the period of its “general crisis.” While not reducible to narrowly economic terms, this implied that economic progress would henceforth be stymied. Second, the kind of diffusion of industrial capitalism that had occurred from Britain to Europe, and then in the United States and other temperate regions of white settlement in the period leading up to the First World War, could not be expected to occur in the third world as well. It followed from these two propositions that the development of the Asian countries required their transition, through stages of democratic revolution, to socialism, and that the course of this transition would be made smoother when their proletarian comrades from the advanced countries marched to socialism as well, as they eventually would | more…
As we take our first steps across what Bill Clinton likes to call the bridge to the twenty-first century, we’re hearing a lot of praise for the state of the U.S. economy. The word “boom” is frequently used, as is the phrase “the best economy in a generation.” Wall Street economist Larry Kudlow, one of the most exuberant of his breed, calls it “the only adult economy in the world.” The United States, we’re told, is a natural to succeed in this post-industrial era—fast, flexible, polyglot, and decentered | more…
It is tempting perhaps to attribute all the problems of capitalism to excessive competition. After all, capitalism is generally presented within contemporary ideology as a system which is nothing more than a set of competitive relations governed by the market. Is it not possible then that the economic contradictions of capitalism, and indeed the present world crisis, can be explained in terms of the globalization of competition which now knows no bounds, and is undermining all fixed positions, resulting in a kind of free fall? This seems to be the view of the distinguished Marxist historian and social theorist Robert Brenner in his ambitious attempt to account for the present global economic turbulence | more…
Two years ago, the tectonic plates of the world economy shifted. Within a matter of months, the crisis in Thailand had engulfed East Asia. Global financial markets were rocked a year later when Russia defaulted on forty billion dollars in foreign loans. Just as markets were starting to shrug that one off, economic panic hit Brazil this January, sending stock markets crashing and knocking down the country’s currency, the real, more than 40 percent. Pundits are no longer asking if another country will be next, but who will be next | more…
In the decades after 1945, as colonial possessions became independent states, it was widely-believed that imperialism as a historical phenomenon was coming to an end. The six essays collected in this volume demonstrate that a new form of imperialism was, in fact, taking shape—an imperialism defined not by colonial rule but by the global capitalist market. From the outset, the dominant power in this imperialism without colonies was the United States. | more…
The economic boom of the 1990s created huge wealth for the bosses, but benefitted workers hardly at all. At the same time, the bosses were able to take the political initiative and even the moral high ground, while workers were often divided against each other. This new book by leading labor analyst Michael D. Yates seeks to explain how this happened, and what can be done about it. | more…
Not so long ago, the United Nations Conference on Trade and Development (UNCTAD) promoted a semi-official series of meetings (national, regional, and tri-continental), in preparation for its periodic international plenary conferences. UNCTAD was then the UN agency most seriously concerned with problems of third-world development as they related to international economic relations. The preparatory meetings had the double aim of engaging as many third-world officials, academics, and practitioners as possible in a serious dialogue on these problems, and mobilizing as much public opinion behind the proposed solutions as it could. The second aim was as important as the first, since those solutions, more often than not, ran up against fierce first-world opposition | more…
Ideology comes, as we all know, in many guises, some more subtle and insidious than others. Children in the United States learn very early to think that capitalism means good things, like freedom and democracy, long before they’re taught it in so many words. It’s just something they take in by breathing the air. | more…
Ask anyone what single event has most decisively shaped the culture of the left in the late 20th century, and they are almost certain to tell you that it was the “collapse of Communism.” Yet look at any of the dominant intellectual currents on the left today and you will find that, even while they invoke that historic Götterämmerung, they situate the great cultural and political rupture of our era somewhere else, and earlier | more…
There are two central developments that define our era. One of these is the historic failure of the socialist project of the mass working-class parties, both Communist and Social Democratic. The other is, of course, what has commonly come to be known as the “globalization” of capitalism. These two developments are certainly related to one another, but they cannot be reduced to one another. Each also has its own specific dynamics which need to be analysed separately | more…