Political Economy
Doing Time: 25 Years of Prison Writing (New York: Arcade, 1999), 349 pp., $27.95, cloth.
Fyodor Dostoevsky’s old adage, about measuring a civilization by reviewing its prisons, if followed in the U.S. context, is a condemnation of this nation’s own version of the gulag archipelago. A cross-section of prisoner’s writings submitted to the PEN writing contest for the past quarter-century reveals the cold, dark underside of the American dream. Men and women, denizens of both state and federal prisons, write brilliantly about trying to stay human in the midst of places of marked inhumanity, and indeed, places that only succeed if they dehumanize | more…
Our choice of political strategies clearly depends in large part on what we think is possible and impossible in any given conditions. And what we think is possible or impossible under capitalism obviously depends on what we think capitalism is. So let me, first, make some general observations about the nature of capitalism | more…
I would like to quote at length from Paul Samuelson, who wrote a piece exactly thirty years ago for Newsweek magazine about a time thirty years before that “when giants walked the earth and Harvard Yard” | more…
If we define sub-Saharan Africa as excluding not only north Africa but also bracket off, for the moment, the continent’s southern cone, dominated by South Africa, the key fact about the rest—the greater part of the continent—is thrown sharply into relief: after 80 years of colonial rule and almost four decades of independence, in most of it there is some capital but not a lot of capitalism. The predominant social relations are still not capitalist, nor is the prevailing logic of production. Africa south of the Sahara exists in a capitalist world, which marks and constrains the lives of its inhabitants at every turn, but is not of it | more…
Two propositions dominated the Marxist perspective in most Asian countries during the period immediately following the Second World War. First, capitalism had entered the period of its “general crisis.” While not reducible to narrowly economic terms, this implied that economic progress would henceforth be stymied. Second, the kind of diffusion of industrial capitalism that had occurred from Britain to Europe, and then in the United States and other temperate regions of white settlement in the period leading up to the First World War, could not be expected to occur in the third world as well. It followed from these two propositions that the development of the Asian countries required their transition, through stages of democratic revolution, to socialism, and that the course of this transition would be made smoother when their proletarian comrades from the advanced countries marched to socialism as well, as they eventually would | more…
As we take our first steps across what Bill Clinton likes to call the bridge to the twenty-first century, we’re hearing a lot of praise for the state of the U.S. economy. The word “boom” is frequently used, as is the phrase “the best economy in a generation.” Wall Street economist Larry Kudlow, one of the most exuberant of his breed, calls it “the only adult economy in the world.” The United States, we’re told, is a natural to succeed in this post-industrial era—fast, flexible, polyglot, and decentered | more…
Robert Brenner,
The Economics of Global Turbulence: A Special Report on the World Economy, 1950-98 (Special issue of
New Left Review, no. 229, May/June 1998), 262 pp.
It is tempting perhaps to attribute all the problems of capitalism to excessive competition. After all, capitalism is generally presented within contemporary ideology as a system which is nothing more than a set of competitive relations governed by the market. Is it not possible then that the economic contradictions of capitalism, and indeed the present world crisis, can be explained in terms of the globalization of competition which now knows no bounds, and is undermining all fixed positions, resulting in a kind of free fall? This seems to be the view of the distinguished Marxist historian and social theorist Robert Brenner in his ambitious attempt to account for the present global economic turbulence | more…
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…