Monthly Review editors elucidate Samir Amin’s concept of “delinking” in the context of the rise of global multipolarity. Delinking, they write, does not aim to isolate individual nations and populations economically, “but rather finding a way to sever connections with the main mechanisms of imperial dominance.” | more…
What is the New Washington Consensus? In this month’s Notes from the Editors, MR editors discuss Washington’s fundamental shift in its approach to China, moving from an emphasis on neoliberal globalization toward a new, more aggressive policy pursuing U.S. military and industrial supremacy. | more…
As the internationalization of monopoly capital grows, particularly through the domination of global value chains, the worldwide rate of exploitation and degree of monopoly increase as well. | 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…
Capitalist modernity not only contains profound contradictions, but is also undergoing a significant transformation. Far from acting as a driving force for the development of social productive forces, it has become a parasitic entity with an essentially rentier and speculative function. Underlying this is an institutional framework that favors the private appropriation and the concentration of the products of general intellect. | more…
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…
With the advent of COVID-19, India’s rulers imposed the world’s most stringent lockdown on an already depressed economy, dealing a body blow to the majority of India’s billion-plus population. Yet the Indian government’s spending to cushion the lockdown’s economic impact ranked among the world’s lowest in GDP terms, resulting in unprecedented unemployment and hardship. Crisis and Predation shows how this tight-fistedness stems from the fact that global financial interests oppose any sizable expansion of public spending by India, and that Indian rulers readily adhere to their guidance. Meanwhile, under the banner of reviving private investment, India’s rulers have planned giant privatizations, and drastically revised laws concerning industrial labor, the peasantry, and the environment—in favor of large capital. | more…
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…
This special issue of Monthly Review, “China 2020,” is the product of a long period of cooperation with critical Chinese Marxist scholars. This has resulted in an extensive series of articles on contemporary Chinese social and economic relations since 2012, to which most of the authors in the present issue have previously contributed. It takes on a special significance due to the growing conflict between the United States and China, making critical Marxist analysis in this area all the more important. | more…
In 2018, Washington launched the trade war against China. Measures included sharply increasing the customs tariffs borne by certain products imported from China, further barriers to imports from China, and sanctions against Chinese companies targeted by bans on the use of U.S.-made inputs. By June 2019, as tariff increases hit new sectors, China was no longer the United States’s largest trading partner. | more…
Monthly Review and Monthly Review Press author and celebrated world-systems theorist Immanuel Wallerstein died on August 31, 2019. In his memory, we republish an article that first appeared in Monthly Review 55, no. 3 (JulyÐAugust 2003). | more…
County Mayo, Ireland, is spectacularly beautiful. Dolphins, whales, and seals frolic in bays, rivers teem with salmon. Into this tranquil, unspoiled region, in early 2002, came Shell Oil, announcing plans to build a gas refinery. Shell promised wonderful things: new jobs, improved roads, money for schools. Church officials called this project a “godsend,” while honest, hard-working families, who had lived in Mayo for generations, certainly saw no harm in the project. But when the citizens of County Mayo realized what Shell actually intended to do, they rose up. Shamrocks & Oil Slicks tells the story of County Mayo—the fishermen, farmers, teachers, business people—who, motivated by love for their environment, their community, and their country, fought one of the planet’s most powerful destroyers to a standstill. | more…