Secular stagnation (or the trend towards long-term slow growth and continuing high unemployment/underemployment) has become a big issue in the mature economies since 2013, when former U.S. Treasury Secretary Larry Summers raised the question at an IMF economic forum. Compilations of work on the subject can now be found on the Internet, such as the one by economists Coen Teulings and Richard Baldwin; which however leaves out all contributions by heterodox economists. Teulings and Baldwin credit Summers with having “resurrected” the secular stagnation issue. But is this true? Only in the sense that he reintroduced it to mainstream neoclassical economics. It has long been a topic on the left, and particularly in Monthly Review, where editor Paul Sweezy explicitly drew attention to the “secular stagnation” question more than forty years ago—with MR tracking the stagnation trend month by month in the four decades that followed.… Isn’t it about time…that orthodox economists, Summers included, began to acknowledge the enormous work done on this topic on the left over decades, and indeed the greater complexity and historicity of the analysis to be found there—not only in MR but within heterodox economics more generally? Such an admission might even do orthodox economists some good. | more…
Cal Winslow, ed., E.P. Thompson and the Making of the New Left: Essays & Polemics (New York: Monthly Review Press, 2014), 333 pages, $23.00, paperback.
It is surely difficult for young people today to grasp that thirty years or so ago, radical historian-activist Edward Thompson was by opinion polls intermittently the second or third most popular person in England, just after the Queen Mother. This was despite the British establishment, to say nothing of U.S. Cold Warriors (liberal or conservative), slandering him for decades—and why not? He had led massive protest movements of ordinary people against their government. Worse, in cloistered academic quarters he was viewed as having reorganized the whole idea of social history and turned it over to ordinary people! More than anyone else in the English-speaking world, he made the history of such people important. | more…
It is not by chance that the very title of this contribution links the return of fascism on the political scene with the crisis of contemporary capitalism. Fascism is not synonymous with an authoritarian police regime that rejects the uncertainties of parliamentary electoral democracy. Fascism is a particular political response to the challenges with which the management of capitalist society may be confronted in specific circumstances. | more…
Fred Block responds to the Notes from the Editors, June 2014, which drew attention to Block’s recently published article, “Varieties of What?: Should We Still Be Using the Concept of Capitalism?” The editors reply. | more…
Allusions to Marx seem to be emanating from all points of the political compass these days in the context of the current political-economic crisis of capitalism, reflecting the remarkable resurgence of both Marxism and anti-Marxism. What is especially notable in this respect is the extent to which such allusions have come to focus on the saying, “from each according to his ability, to each according to his needs”—usually identified with Marx’s famous 1875 Critique of the Gotha Programme. Conservatives frequently quote “from each according to his ability” (ignoring the rest of the saying) and use it as a kind of code phrase for “Marxism” to attack all progressive measures. | more…
Samir Amin’s Review of the Month in this issue, “Popular Movements Toward Socialism,” offers a masterful analysis of struggles all over the world in the era of what he calls “generalized-monopoly capitalism.” The most important theoretical innovation in his article, in our opinion, is his attempt to bring together a variety of global struggles under the rubric of the “movement toward socialism,” borrowing the terminology from the current practice of a number of South American parties: in Bolivia, Chile, and elsewhere. Movements that fall under this mantle, Amin suggests, may include those that seek to transcend capitalism, as well as others for which the object is more ambiguously a radical upending of labor-capital relations. | more…
The following reflections deal with a permanent and fundamental challenge that has confronted, and continues to confront, all popular movements struggling against capitalism. By this I mean both those of movements whose explicit radical aim is to abolish the system based on private proprietorship over the modern means of production (capital) in order to replace it with a system based on workers’ social proprietorship, and those of movements which, without going so far, involve mobilization aimed at real and significant transformation of the relations between labor (“employed by capital”) and capital (“which employs the workers”).… Taken as a whole, many of these movements can be termed “movements toward socialism.” | more…
In recent years, there has been little discussion of Marx’s writings on gender and the family, but in the 1970s and ’80s, these writings were subject to a great deal of debate. In a number of cases, elements of Marx’s overall theory were merged with psychoanalytic or other forms of feminist theory….These scholars viewed Marx’s theory as primarily gender-blind and in need of an additional theory to understand gender-relations as well. However, they retained Marx’s historical materialism as a starting point for understanding production. Moreover, a number of Marxist feminists also made their own contributions in the late 1960s to ’80s, particularly in the area of political economy [when they] tried to revalue housework. [Others] attempted to move beyond dual systems towards a unitary understanding of political economy and social reproduction [or show] that Marx can be used to understand the historical development of women’s nature. | more…
Monthly Review celebrates its sixty-fifth anniversary with this issue. Today the causes for which the magazine has stood throughout its history—the struggle against capitalism and imperialism and the battle for socialism as the only alternative path—are more pressing than ever. Indeed, so great is the epochal crisis of our time, encompassing both the economic and ecological crises, that nothing but a world revolution is likely to save humanity (and countless others among the earth’s species) from a worsening series of catastrophes.…This may seem like a shocking statement; ironically, not so much because of its invocation of the visible threat to humanity’s existence, but rather because of its reference to revolution as the only solution. | more…
In the past few years numerous authors have examined how the current economic crisis in Spain has differential impacts on women and men. While this is important to show, this article’s goal is to make the leap from a mere description of the gendered effects of the crisis, to an analysis of some of the very gendered processes that shape it at its core. In other words, the intent is to understand how both the crisis itself and the ways the state manages it are structurally shaped by gender.… [This article will argue] that the primitive accumulation, or accumulation by dispossession, currently taking place in Spain is deeply shaped by gender in the sense that one of the main strategies capital develops, and the state implements, is to push the responsibilities that the state formerly had for public welfare back onto women and households. | more…
It was an honor to have my essay “A Radical Approach to the Climate Crisis,” from the summer 2013 issue of Dissent, “read with interest” by the editors of Monthly Review, even if the editors took issue with my argument that the timeframe of climate science indicates that getting off fossil fuels must happen starting immediately and be completed in only a few decades.… As Marxists, the editors of MR should be as radical as reality itself, even when that offends intellectual sensibilities and requires a new flexibility. Anyone literate in climate science must admit that the short-term struggle to mitigate carbon emissions is an essential precondition for achieving any other larger, longer-term goal. The science on this is clear: there is no time left to wait, carbon emissions must come down as soon as possible and as fast as possible. | more…
Our friend and MR author Christian Parenti misunderstood our brief comments (“Notes from the Editors,” MR, November 2013) on his article in the summer issue of Dissent. We did not challenge the science of climate change, which tells us that carbon emissions must cease before one trillion metric tons of carbon have been emitted—a tipping point that will be reached in about 2040 under business as usual. There is no question that the fossil-fuel industry must go. In fact the reality that the world is confronted by a planetary emergency with respect to climate change (and the global ecological problem as a whole) and that the critical threshold will likely be approached by around 2040 (or even sooner) under capitalist economics as usual, is one that has been insisted upon by Monthly Review for twenty years. | more…
