Subjects Archives: Capitalism

According to a new report published by Oxfam, the richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99 percent of the world’s population, reveals a new Oxfam report today. During the past decade, the richest 1 percent had captured around half of all new wealth.

In this reprint of the February 1994 “Notes from the Editors,” former MR editors Harry Magdoff and Paul M. Sweezy ask: “The United States could not have won a more decisive victory in the Cold War. Why, then, does it continue to act as though the Cold War is still on?”

One of the most prominent intellectuals in the contemporary world was named to the list of the “Top 100 Global Thinkers” in Foreign Policy magazine in 2012. He shares this distinction with the likes of Dick Cheney, Recep Tayyip Erdoğan, Benjamin Netanyahu, and former Mossad director Meir Dagan.

The IMF managing director Kristalina Georgieva has now openly admitted that the year 2023 will witness the slowing down of the world economy to a point where as much as one-third of it will see an actual contraction in gross domestic product.

As a rainbow of social movements in Peru prepare for a general strike starting on 4 January the country is polarised between party politicians’ intrigues and action of the masses on the streets. 

In the spring of 1860, wealthy businessman Timothy Meaher made a bet that he could illegally kidnap and ship Africans from Africa to Mobile, Alabama, without being detected by federal officials.

THE hegemony of imperialism is invariably associated with an agrarian crisis in countries of the global south; in fact agrarian crisis is just the other side of the ascendancy of imperialism. This is evident from the case of Indian agriculture.

Timor-Leste was proclaimed by the Revolutionary Front for an Independent East Timor (FRETILIN) as a sovereign state on November 28, 1975.

The International Labour Organisation’s Global Wage Report 2022–23 tracks the horrendous collapse of real wages for billions of people around the planet.

The study looks at the impact of 125 of the richest billionaires globally, whose carbon emissions equal those of France, or 67 million people, and shows that just the richest 10 of those individuals own more wealth than the poorest 40% of humanity. The average billionaire in the study is responsible for carbon emissions over one million times higher than the average person in the bottom 90% of humanity.

Art costs money. Creativity takes time. The combination of time and money is in short supply within capitalist democracy.

In today’s political climate, the word racism has become taboo.

THE fact that income and wealth inequalities have increased quite dramatically under the neo-liberal regime is beyond dispute. The empirical work by Piketty’s team bears out the increase in income inequality. They use income tax data to infer about the share of the top 1 per cent of the population of a country in its national income.

Readers of the first volume of Capital sometimes mistakenly conceptualize capitalism in terms of a relationship between workers and a single capitalist. In doing so they fail to notice that for Marx capitalist society is not one big capitalist enterprise.

“When British capitalism depended on the West Indies,” Eric Williams wrote in 1938, “they ignored slavery or defended it. When British capitalism found the West Indian monopoly a nuisance, they destroyed West Indian slavery.”

In my opinion, American capitalism no longer has any use for, let’s say, 40 percent of the population. These are the descendants of folks who were brought over here in one way or another during the period of capital accumulation. They’re now superfluous human beings.

Capitalist and neocolonial fantasies are hampering a just transition.

It is in vogue nowadays to describe the multifaceted and intertwined crises of capitalism without referring to capitalism itself. Obscure jargon of ‘overlapping emergencies’ and ‘polycrisis’ are brought up to describe the complexity of the situation, and they serve, with or without intention, to conceal the culprit, namely the totality of capitalist relations.

China was once the world’s highest producer of soybeans, accounting for about 90% of the total. Currently, 60 percent of global soybean exports are destined for the Chinese market.

The US-led imperialist world system is in deep crisis, so it wages a new cold war to prevent multipolarity, while lurching toward fascism. The left must offer a true alternative path that opposes both the far right and the liberal pro-NATO chauvinists.