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Monthly Review Magazine

The Elusive Costs of Sovereign Defaults

  Abstract: Few would dispute that sovereign defaults entail significant economic costs, including, most notably, important output losses.  However, most of the evidence supporting this conventional wisdom, based on annual observations, suffers from serious measurement and identification problems.  To address these drawbacks, we examine the impact of default on growth by looking at quarterly data […]

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Revisiting Global Imbalances

Until recently, the discussion on global imbalances focused on the current account deficit of the US and the current account surplus of China, making this a bilateral rather than a multilateral problem.  As a result, the process of rebalancing was seen as involving adjustments in either or both of these countries, and not so much […]

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The Unspoken Alliance: Military and Nuclear Ties between Israel and Apartheid South Africa

  Amy Goodman: As nuclear nonproliferation talks at the United Nations focus on the Middle East this week, we turn to new revelations about Israel’s nuclear weapons program and its close alliance with apartheid South Africa. Israeli President Shimon Peres has denied reports that he offered to sell nuclear weapons to apartheid South Africa when […]

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India: Responses to the Maoist Attack on a Bus in Dantewada

  People’s Union for Civil Liberties, 17 May 2010 PUCL strongly condemns the brutal killing of the innocent civilians traveling in a bus at Chingavaram on the Dantewada-Sukhma road in Chhattisgarh on 17 May 2010. Killing of innocent civilians is the most heinous crime against the humanity and has no justification whatsoever.  PUCL feels that […]

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Thailand: Send Your Suggestions to Abhisit

  Abhisit is asking for suggestions from the public on how Thailand can move forward.  Perhaps “don’t overturn elections results” could be a start. Andrew Walker, Senior Fellow, Department of Political and Social Change, School of International, Political and Strategic Studies, Australian National University.  This note was first published in the New Mandala blog (hosted […]

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The Upside of the Oil Spill

Uncle Sam: The oil slick does have its economic upside.  Now ships can be supplied with fuel right out of the ocean. Tomás Rafael Rodríguez Zayas (Tomy) is a Cuban cartoonist.  This cartoon was published by Cambios en Cuba on 23 May 2010.  Translation by Yoshie Furuhashi (@yoshiefuruhashi | yoshie.furuhashi [at] gmail.com).  FYI: “In the […]

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T.S. Eliot’s Catastrophic Bear Market

Although a financial regulation bill is in the works, our economy continues to tank, and nobody can figure out what to do.  Except me, of course.  I have discovered that Western literature is a major cause of our economic crisis. You see, most people, as victims of various “liberal” arts programs, fail to notice how […]

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Greece: The Weak Link

  Esquerda.net: In December 2008, Greece faced huge demonstrations triggered by the killing of a youth by police.  What is the link between the reactions in 2008 and those seen in 2010? Stathis Kouvélakis: . . . They do share in common two important things.  The first is that they reflect, express, the deep crisis […]

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The System

He says aloud: “The crisis is severe, but capitalism will survive.” She says to him: “Don’t be apocalyptic.” Eneko Las Heras, born in Caracas in 1963, is a cartoonist.  This cartoon was published on his blog . . . Y sin embargo se mueve on 12 January 2009.    Translation by Yoshie Furuhashi (@yoshiefuruhashi | […]

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On Indian Muslim Leadership

  Shabnam Hashmi is one of India’s leading social activists.  She heads the New Delhi-based human rights group ANHAD.  In this interview, she discusses various aspects of Muslim leadership in contemporary India. Q: Indian Muslims often complain that they lack effective and sincere leaders.  Why is this so? A: When India gained independence, the Indian […]

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Nuclear Iran and Nuclear Israel

Dimona Reactor Bushehr Reactor Fahd Bahady is a Syrian cartoonist.  This cartoon, first published by Al Jazeera, illustrates an interview with Bahady by eHasakeh (16 March 2010); it is reproduced here for non-profit educational purposes. | Print

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Michał Kalecki

Political Aspects of Full Employment

This essay was first published in Political Quarterly in 1943; it is reproduced here for non-profit educational purposes. A shorter version of this essay was published in The Last Phase in the Transformation of Capitalism (Monthly Review Press, 1972). I 1. A solid majority of economists is now of the opinion that, even in a […]

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South Africa: An Unfinished Revolution?

  The Fourth Strini Moodley Annual Memorial Lecture, University of KwaZulu-Natal, 13 May 2010 I In her historical novel, A Place of Greater Safety, which is played out against the backdrop of the Great French Revolution through an illuminating character analysis and synthesis of three of that revolution’s most prominent personalities, viz., Maximilien Robespierre, Georges […]

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Indonesia: An Unfinished Nation

  Max Lane, Unfinished Nation: Indonesia before and after Suharto, Verso, 2008. There was a time when everyone seemed to be talking about Indonesia.  Well, they were talking about it on Joe Duffy and Pat Kenny at least, and that’s as near as makes no difference in this country.  As East Timor voted to extricate […]

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