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Weak Consumption and Shrinking Government Slow GDP in Second Quarter
Consumption grew at just a 0.1 percent annual rate in the second quarter, while government spending shrank at a 1.1 percent rate, holding GDP growth to 1.3 percent in the quarter. This report also revised down first-quarter GDP growth to just 0.4 percent from a previously reported 1.9 percent. Together, these numbers indicate that the […]
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Jamaica Remains Buried Under a Mountain of Debt, Despite Restructuring
As the eurozone authorities move closer to accepting the inevitable Greek debt default/restructuring, there are some who have pointed to the Jamaican debt restructuring of last year as a model. It’s hard to imagine a worse disaster for Greece. It is worth a closer look at what has been done to Jamaica, not only as […]
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What Happened at Fukushima and Why It Can Happen Here
“The primary cause is an extended loss of power at the power plant, as ironic as that might be. When the earthquake occurred, the normal grid was lost, and the plant’s own in-plant power from the generators was also lost because of the result of the earthquake. . . . The tsunami came in […]
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Raising Prices to Curb Inflation
The deputy chairman of the Planning Commission made an extraordinary statement the other day, namely that the oil-price increase, which everybody opposes for adding to inflation, was really an anti-inflationary measure; it would reduce inflation. The deputy chairman’s is an exalted position; and the current incumbent is an economist of repute. There is a danger […]
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Let’s Join TEPCO!
東電に入ろう(倒電に廃炉) Among you, gentlemen, here Anyone wants to join Tokyo Electric? Anyone wants to make a name for himself? TEPCO is looking for talent Let’s join TEPCO, TEPCO, TEPCO Join TEPCO, a heaven on earth All the men’s men are joining TEPCO Ready to die a hero’s death Anyone dying for thrills? Come join […]
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You Can’t See It, and You Can’t Smell It Either 2011
It’s safe! It’s safe! It’s safe! It’s safe! Nuclear! It’s safe! It’s safe! It’s safe . . . until there’s a screw-up! It’s safe! It’s safe! It’s safe! It’s safe! Nuclear! It’s safe! It’s safe! It’s safe . . . until it’s not! 誰にも見えない、匂いもない 2011 Music and Lyrics by Rankin Taxi. Performed by Rankin […]
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Falling Energy Prices Push Overall Inflation Below Zero in June
Weak growth in hourly wages leaves little optimism for economic recovery. The Consumer Price Index declined 0.2 percent in June — the first fall in the broad measure since a 0.2 percent drop in June of last year. The headline rate of inflation has declined steadily since peaking in March, but the decline is driven […]
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The Myths of Capitalism
There is a pervasive view that growth under capitalism, though it may worsen poverty, even absolute poverty, to start with, eventually leads to a lowering of poverty. The experience of the English Industrial Revolution is invoked in this context. There has been a huge debate among economic historians about the impact of the Industrial Revolution […]
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Severe Accident Management Guidelines for Nuclear Reactors
The disaster at the Fukushima Dai-Ichi nuclear plant in Japan prompted some people to contend that since U.S. reactors have Severe Accident Management Guidelines (SAMGs) they are less susceptible to disaster. A recent NRC audit of SAMGs at the nation’s nuclear power plants, however, suggests otherwise. One of the lessons from the 1979 Three Mile […]
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A Resurgence of Nuclear Power Poses Significant Challenges
Advocates of nuclear power are promoting a “nuclear renaissance” based on claims that a new generation of reactors will produce relatively cheap electricity while solving the threat posed by global climate change. U.S. power producers have proposed building more than 30 new nuclear reactors — and some proponents have called for building as many as […]
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On the Political Economics of Dominique Strauss-Kahn’s Political Death
What follows below is about the economic and political significance of the arrest of Dominique Strauss-Kahn (DSK hereafter), the Managing Director of the International Monetary Fund. It will say nothing about the merits (or lack thereof) of the charges against DSK. All cases of alleged sexual assault brought against high-profile men place two equally important […]
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Post-3/11 Japan: Learning from Crises Past, Facing the Critical Present
Two months after the disasters of March 11, most of the rhythms of everyday life have returned to Tokyo. Although dimmed city streets remain as daily reminders of the critical nuclear situation 140 miles north, the university campuses that were deserted over an extended spring break have refilled. Although the earth still shivers, the anxious […]
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Labour Market Flexibility
One of the most persistent demands of the advocates of neo-liberalism in India has been for the introduction of “labour market flexibility”, by which they mean the absolute right of employers to hire and fire workers as and when they please, without any let or hindrance. The absence of such flexibility, they claim, has been […]
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Lèse Majesté, the Monarchy, and the Military in Thailand
Excerpt: Despite the fact that millions of Thais believe that the centre of power among the conservative elites today is the Monarchy or the Privy Council, the real centre of power, lurking behind the Throne, is the Military. . . . The power of the Military is not unlimited and it relies on the ideology […]
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The Class Dynamics of Asian America: A Primer
The notion that Asian Americans are model minorities originated in the 1960s, mainly in reference to the socioeconomic gains of Japanese and Chinese Americans in particular. It did not take long, however, for that very idea to be applied to Asian Americans as a whole, especially as it continues to be perpetuated by the mainstream […]
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It’s the (German) Banks, Stupid!
Or what’s behind Germany’s hesitant statements on Greek debt restructuring, Ireland’s move against subordinated bondholders, and the ECB’s stance on interest rates. . . . Europe is at it again, trying to pretend that it has stemmed the tide of insolvency through its program of lending huge amounts of money (at high interest rates) to […]
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The Anna Hazare Scam
Analytical Monthly Review, published in Kharagpur, West Bengal, India, is a sister edition of Monthly Review. Its April 2011 issue features the following editorial. — Ed. In the last weeks we have had an illuminating example of how a thoroughly corrupt regime can manipulate a thoroughly pliable media. One can hope that in time […]
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Budget Battles: Sound, Fury and Fakery
Weeks of highly publicized debates — some in Congress, more in the mass media — brought Republicans and Democrats to a budget deal. To maximize public attention, they threatened a possible government shutdown. Both parties said that large government deficits and accumulated debt were “serious problems.” They agreed that solving them required only spending cuts, […]
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Japan’s Nuclear Power Plant Workers, Exposed to Radiation, Hidden from Sight
隠された被爆労働:日本の原発労働者 Kenji Higuchi (樋口健二) is a photographer in Japan, acclaimed for his work of documenting the effects of industrial pollution and the exploitation of nuclear power plant workers. This documentary film was released by Channel 4 (UK) in 1995. Cf. Tim Shorrock, “Japan’s Nuclear Nightmare (Part One)” (18 March 2011); Tim Shorrock, “Japan’s Nuclear […]
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The U.S. Government Response to the Nuclear Power Plant Incident in Japan
Testimony at a hearing entitled “The U.S. Government Response to the Nuclear Power Plant Incident in Japan,” held by the Subcommittee on Oversight and Investigations, the Committee on Energy and Commerce, the U.S. House of Representatives, 6 April 2011 Summary The crisis underway at the Fukushima Daiichi nuclear plant has revealed serious nuclear safety shortcomings […]