Two years ago, the tectonic plates of the world economy shifted. Within a matter of months, the crisis in Thailand had engulfed East Asia. Global financial markets were rocked a year later when Russia defaulted on forty billion dollars in foreign loans. Just as markets were starting to shrug that one off, economic panic hit Brazil this January, sending stock markets crashing and knocking down the country’s currency, the real, more than 40 percent. Pundits are no longer asking if another country will be next, but who will be next | more…
The twentieth anniversary issue of Monthly Review in May 1969 carried the announcement that Harry Magdoff—the independent economist-had officially joined Paul Sweezy as co-editor, replacing Leo Huberman, who had died in 1968
In the decades after 1945, as colonial possessions became independent states, it was widely-believed that imperialism as a historical phenomenon was coming to an end. The six essays collected in this volume demonstrate that a new form of imperialism was, in fact, taking shape—an imperialism defined not by colonial rule but by the global capitalist market. From the outset, the dominant power in this imperialism without colonies was the United States. | more…
If the United States has ever had a “welfare state,” Social Security must surely be the heart of it. In the world’s most predatory capitalism, this is the closest thing to a humane and equitable institution. An International Monetary Fund (IMF) study has even suggested (but who trusts the IMF?) that the U.S. state pension system is more redistributive than the one in social democratic Sweden. What, then, should we make of Clinton’s proposal for “rescuing” the system? | more…
The Chinese character for “crisis” combines the ideas of danger and opportunity. In the span of about one year, a regional economic “miracle,” with its promise of continued high economic growth and opportunity for all, was transformed into a severe regional, and potentially global, economic collapse. It has seriously endangered the livelihood of millions of people, causing untold misery and suffering | more…
The economic boom of the 1990s created huge wealth for the bosses, but benefitted workers hardly at all. At the same time, the bosses were able to take the political initiative and even the moral high ground, while workers were often divided against each other. This new book by leading labor analyst Michael D. Yates seeks to explain how this happened, and what can be done about it. | more…
Not so long ago, the United Nations Conference on Trade and Development (UNCTAD) promoted a semi-official series of meetings (national, regional, and tri-continental), in preparation for its periodic international plenary conferences. UNCTAD was then the UN agency most seriously concerned with problems of third-world development as they related to international economic relations. The preparatory meetings had the double aim of engaging as many third-world officials, academics, and practitioners as possible in a serious dialogue on these problems, and mobilizing as much public opinion behind the proposed solutions as it could. The second aim was as important as the first, since those solutions, more often than not, ran up against fierce first-world opposition | more…
Ideology comes, as we all know, in many guises, some more subtle and insidious than others. Children in the United States learn very early to think that capitalism means good things, like freedom and democracy, long before they’re taught it in so many words. It’s just something they take in by breathing the air. | more…
Since Paul Sweezy gently rejected my first submission to Monthly Review in 1972, he and Harry Magdoff and all of the MR writers and staffpersons, living and deceased, have been my mentors, helping me to see things more clearly and to act more effectively. And Harry Braverman’s book ranks near the top of MR’s books which have deeply influenced my thinking. I remember mentioning it in my PhD defense in 1976. I told the committee that one of the weaknesses of my thesis, which was about public school teachers’ unions, was that it had not incorporated the pioneering work of Harry Braverman in Labor and Monopoly Capital. I had a suspicion that the work of teachers was not immune to the forces described so well by Braverman: detailed division of labor, mechanization, Taylorization. Today, as the fine scholar David Noble will tell us, these forces are bearing down upon the professoriate, with potentially devastating results | more…
Back in 1972, when one of us was living in Toronto, the Canadian national hockey team played a series of much publicized games against the Soviet Union. Horror of horrors, the Soviet team started winning. The defeat of Canada’s favorites at its own national sport, and, worst of all, at the hands of Communists, was an occasion for some deep national soul-searching in the mainstream press. There were some astonishing editorials, which came very close to questioning the fundamental values of capitalism if it could so weaken the moral fiber of Canadians as to lead them to defeat by the Communist adversary at their very own game. | more…
Eugene V. Debs may be my all-time favorite American and Karl Marx my all-time favorite journalist. But my employer for a decade was The Wall Street Journal, and for another decade it was the Los Angeles Times. | more…
Ask anyone what single event has most decisively shaped the culture of the left in the late 20th century, and they are almost certain to tell you that it was the “collapse of Communism.” Yet look at any of the dominant intellectual currents on the left today and you will find that, even while they invoke that historic Götterämmerung, they situate the great cultural and political rupture of our era somewhere else, and earlier | more…
