Geography Archives: Greece

When the Crash of 2008 hit Wall Street, European capitalism was thrown into disarray.  With the demise of the export-absorbing monster that was the US consumer market, what in 2003 Joseph Halevi and I called “The Global Minotaur” (see Monthly Review, Vol. 55), Europe not only lost a critical source of aggregate demand but also […]

The European tour of Wen Jiabao is taking place while the conflict between the US and China over the yuan/dollar exchange rate is getting worse.  At the same time, a similar if less noisy clash exists between China and the Eurozone countries.  Last but not least, tensions have also arisen in the Sino-Japanese relations following […]

  Paul Jay: Now, some of the critique is coming from the left; it’s not all coming from the right or from the elite.  And I guess one of the critiques is: why isn’t there more of a rainy day fund?  You know, when oil was riding high, why wasn’t there more reserves established for […]

An alarming trend is sweeping Europe.  Far-right parties, using anti-Muslim and anti-immigrant rhetoric, have made electoral gains in several European countries.  In the June European parliament elections, these parties were able to garner votes in a way they haven’t before.  The British National Party (BNP), which has its roots in fascist parties of the past, […]

Paper prepared for the American Sociological Association Meetings in Atlanta, August 16th, 2010. There are many explanations for the crisis of capital that began in 2007.  But the one thing missing is an understanding of “systemic risks.”  I was alerted to this when Her Majesty the Queen visited the London School of Economics and asked […]

Angela Merkel always seems to smile when she faces a camera.  Only once in a while does an unnoticed camera show her looking tired, if not worn and slightly haggard. Things are not all going her way.  More and more people are moving in Germany, mostly in the wrong direction, at least for Merkel.  In […]

The basic issue is the same there and here.  Capitalism generates another of its regular, periodic crises, only this one is really bad.  It begins, as often happens, in the financial sector where credit invites the competition-driven speculation, the excess risk-taking, and the corruption that explodes first.  But precisely because the non-financial rest of the […]

Once again Uri Avnery is using his blog to criticize the Boycott, Divestment and Sanctions (BDS) campaign against Israel.  Under the title “Red and Green,” Avnery comments on the long and interesting program recently broadcast on Israeli Channel 10 on the growing international isolation of Israel. Avnery, the veteran journalist and activist, repeats his main […]

Part 1: The German Space of Accumulation The present state of affairs in the Eurozone and in the EU reflects the partition of the European Union into three groups. The first is a group of neomercantilist countries centred on Germany and formed by Holland, Belgium, Austria and Scandinavia.  Their neomercantilism can be defined as a […]

5 May 2010 “There is a shadow of something colossal and menacing that even now is beginning to fall across the land.  Call it the shadow of an oligarchy, if you will; it is the nearest I dare approximate it.  What its nature may be I refuse to imagine.  But what I wanted to say […]

Even before the turmoil caused by the global financial crisis has been adequately dealt with in terms of the adverse effects on employment and living conditions, governments across the world are being told that fiscal consolidation is the most important macroeconomic policy to be addressed.  The calamities resulting from sovereign debt crises are widely advertised […]

Much has been written on the subject of the capitalist State in the era of neo-liberalism.  Two features of the “neo-liberal State” in particular have been highlighted.1  One relates to the change in the nature of the State, from being an entity apparently standing above society and intervening in its economic functioning in the interests […]

The government of Hungary has taken on a lot of powerful interests in the last couple of months, and so far appears to be winning — despite provoking outrage from “everybody who’s anybody.” “The IMF should hold the line,” shouted the Financial Times in an editorial the day after Hungary sent the IMF packing in […]

At the end of the first decade of the twenty-first century, the Left around the world is undergoing reformation.  As the Great Recession has vividly demonstrated, more than three decades of neoliberal capitalism have eroded many of the significant gains won in the immediate decades following WWII.  From wage and benefit concessions to reductions in […]

Where is this elusive recovery?  The banks, some say, have “recovered.”  Yet they remain dependent on Washington, they do not make the loans needed for a general recovery, and many medium and small banks keep collapsing.  The stock market shows no recovery.  The Dow index was 14,000 in late 2007 when capitalism hit the fan, […]

  Excerpt: Importantly, the initial collapse and following standstill in economic activity and nominal levels of GDP is also extremely bad news for the strategy of fiscal consolidation itself.  On the one hand, to keep on servicing interest payments (see above), nominal debt will continue to go up.  On the other hand, nominal GDP goes […]

  Financial crises and uncertainty go hand in hand; some make sacrifices and others plan on having to.  But how many countries stricken by the global crisis actually feel existentially threatened? Iceland does.  Since the start of the kreppa (“catastrophe” in Icelandic) in the fall of 2008, the small island nation of 320,000 has had […]

DKK: Joan, because people know you as many things — as a theorist of gender, as a cultural historian, as an inveterate advocate for academic freedom and defender of the rights of the professoriate — I’m curious how you would describe yourself to someone who had never met Joan Scott. JWS: That’s really hard . […]

  Paul Jay: So, first of all, your take on what the G-20 decided, this idea of cuts in Europe and North America and maybe some expansion in China.  And is there some alternative to this? Robert Pollin: Well, the notion of imposing austerity at a moment when we may — may — be slowly […]

Statement to the Commission on Deficit Reduction by James K. Galbraith, Lloyd M. Bentsen, jr. Chair in Government/Business Relations, Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin, and Vice President, Americans for Democratic Action, June 30, 2010 Mr. Chairmen, members of the commission, thank you for inviting this statement. I […]