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Author Archive | Harry Magdoff

A Dual Task

As we have pointed out on more than one occasion in this space, the government deficit is far from being a primary trouble spot.  In fact it serves as an important counteracting force to the prevailing stagnation.  On the other hand, the business community here and abroad sees the deficit, presumably because of its effect […]

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The Deficit, the Debt, and the Real World

The latest fad in business journalism is to sound the alarm about the United States having become the biggest debtor in the world.  This is intended to bring visions of our country sliding into a third world-type debt trap.  But even those who don’t draw such dire inferences nevertheless assume that a ballooning U.S. debt […]

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Listen, Keynesians!

There is a remarkable consensus among economists of all ideological and political persuasions — conservative, liberal, and radical — that capitalist economies must grow to be healthy, and that the key to growth lies in the capital accumulation or savings-and-investment process. Accepting this view, we have long been arguing in effect that capitalism, like living […]

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Table 3, Income Distribution by Quintile in China and the United States, 1998, and Table 4, Per Capita Income Index Relative to Beijing, 1995

The Experience of China

[“The Experience of China” is an excerpt from “Approaching Socialism,” published in the July-August issue of Monthly Review in print. The full text of the article will be soon avaialbe at . — Ed.] When the Red Army, led by the Chinese Communist Party, entered Beijing in 1949, the work needed to create a road […]

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