Top Menu

Political Economy

July-August 1998 (Volume 50, Number 3)

Notes from the Editors

We write in early June, and these will be the last “Notes from the Editors” until some time in September when things will surely be a lot different from what they are now. Meanwhile you should not spend too much time trying to figure out what the difference will be. We are clearly in the last stages of one of capitalism’s periodic “business cycles,” and these are always periods of severe contradictions and much confusion. Later on, when things have calmed down a bit and the course of events seems to be following a more coherent pattern, there will be time enough to analyze the various tendencies and counter-tendencies that are combining to shape this phase of the twentieth century’s final cycle  | more…

The Art of Democracy: A Concise History of Popular Culture in the United States

The Art of Democracy: A Concise History of Popular Culture in the United States

Popular culture has been a powerful force in the United States, connecting disparate and even hostile constituencies. The novels of the late eighteenth and early nineteenth centuries, the theater and minstrel shows of the mid-nineteenth century, movies and the introduction of television and computers in the twentieth century are the building blocks that Jim Cullen uses to show how unique and vibrant cultural forms overcame initial resistance and enabled historically marginalized groups to gain access to the fruits of society and recognition from the mainstream. | more…

June 1998 (Volume 50, Number 2)

Notes from the Editors

What’s the matter with Japan? According to today’s conventional wisdom—i.e., what we are told by the media and the syndicated pundits—almost everything. Its economy, the second largest in the world, is in a long-term crisis that affects on everyone else, most severely the United States, and it stubbornly refuses to do anything about it despite the friendly advice and frustrated pleas of its partners in the developed capitalist world.

What do they want Japan to do? Simple: they want Japan to “be like us.” Open its markets, deregulate its financial and trading systems, and then step on the economic accelerator—reduce taxes, especially on the higher incomes,

Censorship, Inc.

Censorship, Inc.

Soley shows how as corporate power has grown and come to influence the issues on which ordinary Americans should be able to speak out, so new strategies have developed to restrict free speech on issues in which corporations and property-owners have an interest. From the tobacco industry’s attempts to prevent information about the effects of smoking on health from becoming public to corporate lawyers advising tire manufacturers not to disclose that their products are causing death on the roads, what are often seen as legitimate business practices constantly narrows our right to free speech. | more…

A Note on the Communist Manifesto

Probably the passage in the Communist Manifesto most frequently cited these days is a portrayal of the global spread of capitalism:

All old-established national industries have been destroyed or are being destroyed. They are dislodged by new industries, whose introduction becomes a life and death question for all nations, by industries that no longer work up indigenous raw material, but raw material drawn from the remotest zones; industries whose products are consumed not only at home, but in every quarter of the globe. In place of the old wants, satisfied by the productions of the country, we find new wants, requiring for their satisfaction the products of distant lands. We have universal inter-dependence of nations…. All nations, on pain of extinction, [are compelled] to adopt the bourgeois mode of production; it compels them to introduce what it calls civilization into their midst, i.e., to become bourgeois themselves. In a word, it creates a world after its own image.

March 1998 (Volume 49, Number 10)

Notes from the Editors

A striking feature of the mountain of talk about the Asian crisis is that its root cause is all too often ignored The focus of the media and the pundits is on weak banks, bad management, corrupt officials, heavy indebtedness, excess speculation, and the fragility of the financial markets. Typically, the disaster is viewed as a regional affair. A rare exception is the statement of Eisuke Sakakibara, Japan’s vice-minister for international finance: “This isn’t an Asian crisis. It is a crisis of global capitalism.” (Business Week, January 26, 1998) But he too was apparently thinking of financial markets, concerned with effects, not causes  | more…

The New Theology of the First Amendment

The First Amendment stands as the crown jewel of the U.S. Constitution. Although it often has been ignored and violated throughout U.S. history, the First Amendment is the republic’s shining commitment to individual freedom of expression and to the protection of this institutional requirements for an informed electorate and a participatory democracy. Yet what exactly the First Amendment signifies and does has been the subject of considerable debate over the years. Currently or in the near future, any number of cases are and will be working their way through the court system that would seek to prohibit any government regulation of political campaign spending, broadcasting, and commercial speech (e.g. advertising or food labeling) on the grounds that such regulation would violate citizens’ and corporations’ First Amendment rights to free speech or free press  | more…

Digital Diploma Mills

The Automation of Higher Education

Recent events at two large North American universities signal dramatically that we have entered a new era in higher education, one which is rapidly drawing the halls of academe into the age of automation. In mid-summer the UCLA administration launched its historic “Instructional Enhancement Initiative” requiring computer web sites for all of its arts and sciences courses by the start of the fall term, the first time that a major university has made mandatory the use of computer telecommunications technology in the delivery of higher education. In partnership with several private corporations (including the Times Mirror Company, parent of the Los Angeles Times), moreover, UCLA has spawned its own for-profit company, headed by a former UCLA vice chancellor, to peddle online education (the Home Education Network)  | more…

A Letter to a Contributor

The Same Old State

As mentioned over the phone, we like your article very much. It needs to be shortened, and we will be suggesting some editorial changes. Meanwhile, I would like to get your thinking about my disagreement with this statement in your conclusion: “Today’s neo-liberal state is a different kind of capitalist class than the social-democratic, Keynesian interventionist state of the previous period.” I can’t see any significant difference in either the state or its relation to the ruling class, even though clearly there is a considerable difference between the functioning of the capitalist economy during the so-called golden age and the subsequent long stretch of stagnation. I do not mean the absence of any change at all in the capitalist class. Thus, the growing influence of the financial sector (not necessarily a separate sector) is noteworthy. But that is hardly a measure of a major change in the state  | more…

Eras of Power

During the past few years a strong challenge has been mounted in the pages of Monthly Review to the argument—prevalent on the left as well as the right—that globalization and technological change have combined to bring us into a new era. Ellen Meiksins Wood captured the gist of the emerging MR position in an essay entitled “Modernity, Postmodernity, or Capitalism” in which she asserts that there has been no historic rupture, no epochal shift, to usher in globalization or postfordism or postmodernism  | more…

A Critique of Tabb on Globalization

Not only do we reject [so-called “weak” and “strong” versions of “globalization”], we reject the arguments used to support them, namely, that globalization has little basis in economic fact, is no more advanced than it was during the pre-1914 years, and has no significant political consequences. Our version, both “strong” and “nuanced,” would be that since the early 1970s changes in technology and politics have greatly increased the ability of capital to do what it has always wanted to do—turn the world into one “free market” for finance, production, and wage labor. Ideologically strengthened by the collapse of communism, corporate capital has used its initiatory power in the realms of investment, employment, pricing, industrial location, and selective implementation of new technologies to leapfrog ahead of the ability of progressive forces to mobilize and fight back—which takes time, organization, and, if history teaches us anything, decades of struggle. This is not exactly the first time workers, and the entire left, have faced this situation; nor is it the first time that capital has been able to use the nation-state to accomplish its ends easier and faster, this time in significant measure through the creation of supranational institutions promoting the needs of transnational finance and production (NAFTA, EU, WTO, MAI, and multilateral trade agreements, including the latest “Uruguay Round”) | more…

A Note on Du Boff and Herman

I’m taking the liberty of appending this note because, though Du Boff and Herman’s article is directed mainly at Bill Tabb, it refers to some of the things I’ve written about globalization.…Recently, I got a letter from Bill Doyle, who wrote, “After reading Ed Herman’s comments in Z (magazine), I re-read your article and couldn’t see why Ed was so exercised. I’d be interested to know if you see a substantial difference between the two of you, and, if so, what it is.” Here, with some minor changes and additions, is what I wrote back. | more…

Monthly Review | Tel: 212-691-2555
134 W 29th St Rm 706, New York, NY 10001