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The Age of Monopoly Capital: Selected Correspondence of Paul A. Baran and Paul M. Sweezy, 1949-1964

The Age of Monopoly Capital: Selected Correspondence of Paul A. Baran and Paul M. Sweezy, 1949-1964

Paul A. Baran and Paul M. Sweezy were two of the leading Marxist economists of the twentieth century. Their seminal work, Monopoly Capital: An Essay on the American Economic and Social Order, published in 1966, two years after Baran's death, was in many respects the culmination of fifteen years of correspondence between the two, from 1949 to 1964. During those years, Baran, a professor of economics at Stanford, and Sweezy, a former professor of economics at Harvard, then co-editing Monthly Review in New York City, were separated by three thousand miles. Their intellectual collaboration required that they write letters to one another frequently and, in the years closer to 1964, almost daily. Their surviving correspondence consists of some one thousand letters. | more…

Monthly Review Volume 69, Number 3 (July-August 2017)

July-August 2017 (Volume 69, Number 3)

For this special issue, MR has invited some of the most profound left thinkers in the world to reflect on the legacy of revolutions and counterrevolutions around the world since 1917. Naturally, these authors do not all offer similar perspectives or come to the same conclusions. Nor should they—the historical issues are too complex and the human stakes are too high. | more…

Petrograders examine campaign posters for elections to the Constituent Assembly

The Great Struggle to Escape Capitalism

Post-revolutionary societies, in their efforts to combat counterrevolution, have always been confronted with their own contradictions, and with the persistent threat that an exploiting class could reemerge. Instead of the intended socialization and democratization, in many places what resulted was instead state ownership and stultifying bureaucratization of both the economy and the polity. | more…

Mauricio Macri with swastika

Old Malbec in New Bottles

The Return of Neoliberalism in Argentina

Argentina has long been plagued by cycles of economic mismanagement, including multiple failed neoliberal experiments. Before his election as president, Mauricio Macri promised resumed growth, an export boom, lower inflation, a smaller budget deficit, and less poverty. Since then, has the new neoliberalism outperformed the old? | more…

Monthly Review Volume 69, Number 1 (May 2017)

May 2017 (Volume 69, Number 1)

The fact that alt-right figures are playing key roles in the Trump administration, while circumventing the Senate confirmation process, is an ominous indication of the wider effort by the administration to construct a new political order, further concentrating power in the White House and bringing the rest of the state into line. | more…

Trump 1984

Trump’s America

Rethinking 1984 and Brave New World

With the rise of Donald Trump, U.S. politics has descended, like never before, into a theater of the absurd. Unbridled anti-intellectualism, deception, and “vindictive chaos” recall a morally reprehensible past in the guise of “making America great again.” But despite his populist posturing, Trump’s contempt for democratic processes is matched by his commitment to economic policies that favor the financial elite. | more…

Montagnais and Nasquapee Lodges at Seven Islands

Nature, Labor, and the Rise of Capitalism

Capitalism was a radical break with the past: for the first time, production of basic goods was driven by the accumulation of wealth for its own sake, and not primarily to satisfy human needs. Likewise, we are alienated from the natural world, as the products of our own labor are no longer under our control. Our very perception of nature is shaped by an economic system that treats “the environment” as a collection of commodities to be exploited. | more…

Andre Gunder Frank

A Radical Invitation for Latin America

The Legacy of Andre Gunder Frank's 'Development of Underdevelopment'

Admired, followed, criticized, denounced, and rediscovered, “The Development of Underdevelopment” deserves a place among the key documents of postwar radical political economy. More than fifty years on, its ideas still illuminate aspects of recent struggles and shortcomings among left-of-center governments in Latin America. Most importantly, Frank’s work poses a bold postcolonial challenge that has yet to be fully met by Latin American scholars and social movements. | more…

Accumulation on a World Scale: A Critique of the Theory of Underdevelopment

Accumulation on a World Scale: A Critique of the Theory of Underdevelopment

Samir Amin has undertaken an ambitious task: nothing less than an analysis of the process of capital accumulation on a global level. Drawing on a wide range of empirical material from Africa and the Middle East, Amin attempts to demonstrate, through a critique of writings on “underdevelopment,” how accumulation in advanced capitalist countries prevents development, however that may be defined, within the peripheral social formations, usually referred to as “underdeveloped” countries. Samir Amin ranks among those who realize the necessity not merely to comprehend the growing crisis of world capitalism, as it manifests itself within individual nation states, but also at the world level. | more…

Parody of the gleichschaltung process

Neofascism in the White House

Not only a new administration, but a new ideology has now taken up residence at the White House: neofascism. It resembles in certain ways the classical fascism of Italy and Germany in the 1920s and ’30s, but with historically distinct features specific to the political economy and culture of the United States in the opening decades of the twenty-first century. | more…

Monthly Review Volume 68, Number 10 (March 2017)

March 2017 (Volume 68, Number 10)

U.S. economic, military, and financial dominance have been ebbing for decades, leaving the United States in the position of a wounded mastodon within the world at large, a threat to all around it. Washington has repeatedly tried with very limited success to reverse this slide in its hegemonic role by means of geopolitical expansion, aimed at increasing its “strategic assets” across the globe. The result has been a constantly expanding theatre of global conflict. | more…

Monthly Review Volume 68, Number 9 (February 2017)

February 2017 (Volume 68, Number 9)

Notes from the Editors

For those attuned to the most fashionable trends in mainstream discourse on climate change, it is clear that “resilience” is now in, and “sustainability” is out.… The concept of resilience, while adopted by some progressive thinkers and organizations, is nonetheless being rapidly incorporated into a survival-of-the-most-resilient philosophy in which poor nations, and indeed exploited and dispossessed people everywhere, are told they must simply become more “resilient” in order to survive—but in a world in which such dynamic adaptability is available mainly to the rich, who enjoy monopolies of capital, resources, and technology. | more…

Trump Digs Coal

Trump and Climate Catastrophe

It would be wrong…to see the new administration as simply a cabal of ignoramuses, beginning with the climate-change-denier-in-chief himself. Rather, their efforts to undermine even modest regulations and to discredit sound science are necessary parts of an attempt by carbon capital to proceed undeterred with burning of fossil fuels, as if this did not constitute a dire threat to the human species.… Today virulent anti-environmentalism, tied to a broader neo-fascist politics linked to white supremacy, is the backfire being ignited against both efforts to combat climate change and the larger movement for social and environmental justice. | more…

Barclays Forex Scandal

The Tyranny of Monopoly-Finance Capital

A Chinese Perspective

Since the 1980s, economic growth in the core capitalist countries has been driven by an enormous expansion of financial capital, accompanied by steady deindustrialization. In recent years, the monopoly power of this financial capital has displayed increasingly tyrannical characteristics: it depends for its continued growth on ever-increasing indebtedness and dependence in developing nations, widening the divide between rich and poor and ultimately fostering state violence that serves to suppress popular resistance.… [Today,] military and monetary strength work together to profit from inequality and instability in emerging economies. | more…

PT Party Protest Against Rousseff's Impeachment

The Brazilian Crisis

Corruption, Neoliberalism, and the Primary Sector

In discussing the Brazilian situation, it is easy to focus on the dramas of individual politicians and institutions. But to look only at this level of the crisis is to ignore the deeper economic conditions that have driven the country’s politics to the edge.… The deeper contradiction, however, lies with the natural-resource economy, in which government revenue and social spending require royalties that are controlled by a small, unaccountable elite…. The left’s only viable response…is to demand a radical restructuring of the primary sector and a reinvigorated opposition to neoliberalism. | more…

One Belt, One Road Map

One Belt, One Road

China's Strategy for a New Global Financial Order

In late 2013, Chinese premier Xi Jinping announced a pair of new development and trade initiatives for China and the surrounding region: the “Silk Road Economic Belt” and the “Twenty-First-Century Maritime Silk Road,” together known as One Belt, One Road (OBOR). Along with the Asian Infrastructure Investment Bank (AIIB), the OBOR policies represent an ambitious spatial expansion of Chinese state capitalism, driven by an excess of industrial production capacity, as well as by emerging financial capital interests. The Chinese government has publicly stressed the lessons of the 1930s overcapacity crisis in the West that precipitated the Second World War, and promoted these new initiatives in the name of “peaceful development.” Nevertheless, the turn to OBOR suggests a regional scenario broadly similar to that in Europe between the end of the nineteenth century and the years before the First World War, when strong nations jostled one another for industrial and military dominance. | more…