Former Federal Reserve Board Chairman Alan Greenspan’s new book The Age of Turbulence (Penguin 2007) set off a firestorm in mid-September with its dramatic statement on the Iraq War: “I am saddened that it is politically inconvenient to acknowledge what everyone knows: that the Iraq war is largely about oil” (p. 463). The fact that someone of Greenspan’s stature in the establishment—one of the figures at the very apex of monopoly-finance capital—should issue such a twenty word statement, going against the official truths on the war, and openly voicing what “everyone knows,” was remarkable enough. Yet, his actual argument was far more significant, and since this has been almost completely ignored it deserves extended treatment here. | more…
The glaring increase in economic inequality evident in the United States over the past thirty years has finally made it into the pages of the major media. In the past three years, the Los Angeles Times, the Wall Street Journal, and the New York Times have each published a series of articles on the subject of class. The growing economic divide has also caught the attention of a few prominent economists, like Joseph Stiglitz and Paul Krugman. Even Treasury secretary Henry Paulson has admitted that inequality is on the rise | more…
The glaring increase in economic inequality evident in the United States over the past thirty years has finally made it into the pages of the major media. In the past three years, the Los Angeles Times, the Wall Street Journal, and the New York Times have each published a series of articles on the subject of class. The growing economic divide has also caught the attention of a few prominent economists, like Joseph Stiglitz and Paul Krugman. Even Treasury secretary Henry Paulson has admitted that inequality is on the rise | more…
Baburam Bhattarai, The Nature of Underdevelopment and Regional Structure of Nepal: A Marxist Analysis (Delhi: Adroit Publishers, 2003), xx, 540 pages, hardcover, Rs 600 ($14).
Emerging from a middle-peasant family background in Nepal, Baburam Bhattarai excelled at school and then, with a Colombo Plan scholarship in hand, studied architecture and planning in India. By the early to middle 1980s, the theoretical structure of spatial and regional planning studies had changed—in a Marxist direction. Bhattarai wrote his doctoral dissertation at one of the centers of political-theoretical ferment—the Centre for Study of Regional Development, at Jawaharlal Nehru University (JNU) in New Delhi—finishing in 1986. While he was a student, Bhattarai was president of the All India Nepalese Students Association on its founding in 1977. He joined the illegal Communist Party of Nepal (Masal) in the early 1980s. Returning to his native Nepal in 1986, he was the spokesperson of the United National People’s Movement during the 1990 uprising, and from 1991 the Coordinator of the United People’s Front Nepal, the legal front of the Communist Party of Nepal (Unity Centre), which in turn gave birth in 1995 to the Communist Party of Nepal (Maoist) (CPN[M]). Bhattarai served prominently in the Peoples’ War 1996–2006, and is now de facto second in command of the CPN(M). As of the date of writing preparatory negotiations for Constituent Assembly elections are still taking place, with the fate of the monarchy and the future direction of Nepalese society to be decided in the continuing struggle | more…
In this definitive socio-political analysis of the Tea Party, Anthony DiMaggio examines the Tea Party phenomenon, using a vast array of primary and secondary sources as well as first-hand observation. He traces the history of the Tea Party and analyzes its organizational structure, membership, ideological coherence, and relationship to the mass media. And, perhaps most importantly, he asks: is it really a movement or just a form of “manufactured dissent” engineered by capital? DiMaggio’s conclusions are thoroughly documented, surprising, and bring much needed clarity to a highly controversial subject. | more…
The breakup of Yugoslavia provided the fodder for what may have been the most misrepresented series of major events over the past twenty years. The journalistic and historical narratives that were imposed upon these wars have systematically distorted their nature, and were deeply prejudicial, downplaying the external factors that drove Yugoslavia’s breakup while selectively exaggerating and misrepresenting the internal factors. Perhaps no civil wars—and Yugoslavia suffered multiple civil wars across several theaters, at least two of which remain unresolved—have ever been harvested as cynically by foreign powers to establish legal precedents and new categories of international duties and norms. Nor have any other civil wars been turned into such a proving ground for the related notions of “humanitarian intervention” and the “right [or responsibility] to protect.” Yugoslavia’s conflicts were not so much mediated by foreign powers as they were inflamed and exploited by them to advance policy goals. The result was a tsunami of lies and misrepresentations in whose wake the world is still reeling. | more…
We have been arguing in these pagesfor more than three decades that the dominant economic reality of advanced capitalism is a tendency toward stagnation of production accompanied by financial explosion. In an article on “The Centrality of Finance,” in the August 2007 issue of the Journal of World-System Research, MR and MR Press author William K. Tabb writes:
Real global growth averaged 4.9 percent a year during the Golden Age of national Keynesianism (1950–1973). It was 3.4 percent between 1974 and 1979; 3.3 percent in the 1980s; and only 2.3 percent in the 1990s, the decade with the slowest growth since World War II. The slowing of the real economy led investors to seek higher returns in financial speculation…. [I]increased liquidity and lower costs of borrowing encouraged in turn further expansion of finance. The coincident trends of growing inequality and insecurity…and the spreading power of rapid financialization do not suggest a smooth continued expansion path for a society based on increased debt and growing leverage. | more…
By introducing the concept of war into national law, the latest U.S. anti- terrorist law, the Military Commissions Act of 2006 (MCA), produces a turning point in the legal and political organization of the Western world. It puts an end to a form of state that succeeded in “establishing peace internally and excluding hostility as a concept of law.”1 It is the constituent act of a new form of state that establishes war as a political relation between constituted authorities and national populations. | more…
As in the past, Americans owe Jean-Claude Paye a debt of gratitude. From his position, as a sociologist in Brussels, he has proven that he can see what is happening in George Bush’s and Dick Cheney’s America, more clearly perhaps than many who live in the United States.…As Paye notes, there are two important aspects to the regime created by the Detainee Treatment Act of 2005 (DTA) and the Military Commissions Act of 2006 (MCA). The MCA recognizes a distinction between “enemy combatants” who are citizens of the United States and those who are aliens. Alien enemy combatants are, as Paye notes, subjected entirely to the regime of military commissions and denied access to civil courts except under limited circumstances. Citizen enemy combatants have access to civil courts, but find their rights constricted in other ways. The alien-citizen distinction in the MCA is a congressional response to the Supreme Court’s decision in Hamdan v. Rumsfeld, in which a five-justice majority held that the president did not have the power to strip citizens and aliens alike of their right of access to civil courts and to the writ of habeas corpus. The Court invited the president to return to Congress to validate his claims of power, and Congress obligingly did so, thus proving that there are few persons in the elected leadership willing to raise a voice against the imperial powers of which Paye writes. | more…
The Mexican general elections of July 2006 produced an official result that some felt was “very typical of advanced democracies.” But this result defied Mexican political experience, resulting in a major legitimacy crisis. With over forty million voters turning out this time, the proclaimed winner of the presidency was Felipe Calderón, the rightwing National Action Party (PAN) candidate, who in the official count beat the center-left candidate of the Democratic Revolution Party (PRD), Andrés Manuel López Obrador, by 0.58 percent. Calderón took 35.89 percent of the vote while Obrador took 35.31 percent | more…
In Class Dismissed, John Marsh debunks a myth cherished by journalists, politicians, and economists: that growing poverty and inequality in the United States can be solved through education. Using sophisticated analysis combined with personal experience in the classroom, Marsh not only shows that education has little impact on poverty and inequality, but that our mistaken beliefs actively shape the way we structure our schools and what we teach in them. | more…
The focus of this book is the emerging economic confrontation between European and U.S. capitalism at the end of the “golden age” of capitalism in the late 1960s. Ernest Mandel here paints a remarkably clear, comprehensive, and detailed portrait of trends at that critical period. Mandel moves with ease from the most general international problems to the specifics of corporate activity, and few developments in the business and economic worlds seem to have escaped his attention. | more…
