Top Menu

Subjects Archives: Capitalism

Finance Capital and Fiscal Deficits

One of the central paradoxes in economic theory relates to the hostility that financial interests in a modern capitalist economy systematically display towards any policy of enlarged State expenditure financed by borrowing, even though such expenditure increases capitalists’ profits and wealth. Let us suppose that the government undertakes a larger borrowing-financed public expenditure programme, and […]

Continue Reading

Ecology, Capitalism, and Socialism

The keynote address at the “Climate Change, Social Change” conference (organized by Green Left Weekly), Sydney, Australia, 12 April 2008. This address became the basis for John Bellamy Foster, “Ecology and the Transition from Capitalism to Socialism” (Monthly Review, November 2008), which in turn became the last chapter of The Ecological Revolution: Making Peace with […]

Continue Reading
Photobucket

The Making of a Marxist in Capitalist Crisis

  Four Lectures on Marxism (Monthly Review Press, 1981).  Reprinted by Cornerstone Publications, Kharagpur, West Bengal.  ISBN 978-81-88401-17-8.  Rs 55. pp 97 Back in the dog days of the Great Depression, “a very bourgeois American first-year graduate student” (as he would describe himself in a letter to a friend decades later) from Harvard landed in […]

Continue Reading

Regulations Do Not Prevent Capitalist Crises

A huge chorus now clamors to heap new regulations on banks, credit markets, international capital flows, and so on.  Regulations, for many in politics, the media, and academia, seem to have become the magic bullet that will not only “solve” the current economic crisis but also prevent future meltdowns.  Many labor union and left voices […]

Continue Reading
Photobucket

Patterns of Adjustment in the Age of Finance: The Case of Turkey as a Peripheral Agent of Neoliberal Globalization

Abstract Following the 2000-01 crisis, Turkey implemented an orthodox strategy of raising interest rates and maintaining an overvalued exchange rate.  But, contrary to the traditional stabilization packages that aim to increase interest rates to constrain domestic demand, the new orthodoxy aimed at maintaining high interest rates to attract speculative foreign capital.  The end result was […]

Continue Reading

Deconstructing Labor: What Is “New” in Contemporary Capitalism and Economic Policies: a Marxian-Kaleckian Perspective

Paper presented at the Congrès Marx International V, Paris-Sorbonne et Nanterre, October 2007 1.  Introduction About a decade ago the radical left, both in Italy and elsewhere in Europe, had been gripped by an understanding of contemporary capitalism as based on a three-pronged tendency: ‘globalization’ as an already accomplished state, the ‘end of labor’ due […]

Continue Reading

G20 and Inter-capitalist Conflicts

In the Financial Times of March 31st, Martin Wolf set down a straightforward criterion to evaluate the outcomes of the G20 meeting in London.  Will they decide, he asked, to put forward a plan to shift world demand from the countries with a balance of payments deficit to those with a surplus?  The underlying reasoning […]

Continue Reading

This Crisis of Capitalism Is Not All Bad News

I think that what we’re going through now — which is really just starting, we’re nowhere in the middle of it yet either, I think — is much bigger and more extensive than the Great Depression.  There are particular difficulties of fixing it because of the fact that it is bigger, it is more global, […]

Continue Reading

Osvaldo Martínez: “The Crisis Is Not an Abnormality in Capitalism”

  2009 started off badly.  The international economic crisis is the top priority of governments, companies, international organizations, and individuals preoccupied with having a roof to sleep under and food on the table. The situation has surprised almost everybody, albeit Cuba to a lesser degree.  Almost a decade ago, Comandante Fidel Castro warned that the […]

Continue Reading

Marxism and the Crisis of Capitalism

  Capitalism is going through its greatest crisis since the 1930s or before.  The banking system has been saved from meltdown (at least for the time being) only by extensive government intervention in the USA, Britain, and a number of other countries.  Stock markets all over the world have plummeted.  A long and deep recession […]

Continue Reading

Keynes, Capitalism, and the Crisis

The essence of Keynes’s contribution was the demolition of Say’s law of markets. Say’s Law argued that supply created its own demand, so that there could never be an actual glut of production. Marx had rejected Say’s Law from the beginning, calling it “the childish babbling of a Say, but unworthy of Ricardo.” But neoclassical […]

Continue Reading

Finland: Students Defend Universities from Capitalism

Over 1,500 students demonstrated in Helsinki on 19 February 2009 against the proposed reform of higher education.  After the demonstration, the students proceeded to occupy the administration building of the University of Helsinki.  Students in Tampere, Turku, Joensuu, Rovaniemi, and Oulu also organized walkouts. The new Universities Act proposed by the Finnish government, if enacted, […]

Continue Reading

The State of Japanese Capitalism

  Japan’s economy shrank at an annual rate of 12.7 percent last quarter, the worst decline since 1974.  It is estimated that 125,000-400,000 more workers will be jobless by the end of March.  Japanese capitalism is visibly incapacitated, and so is its finance minister. Minister Nakagawa at a Post-G7 Press Conference Rome, 14 February 2009 […]

Continue Reading

The Crisis of Global Capitalism and the Environment: Interview with John Bellamy Foster, Editor of Monthly Review and Professor of Sociology, University of Oregon, for Eleftherotypia (Greece)

  CP: After twenty-five years of sporadic growth and extreme polarization of income and life conditions around the world, actually existing neoliberalism seems to be on the verge of collapse.  Where do you situate the current crisis in the history of the development of global capitalism? JBF: Neoliberalism has clearly collapsed.  But as Fred Magdoff […]

Continue Reading

Satyam and Capitalism

  Analytical Monthly Review, published in Kharagpur, West Bengal, India, is a sister edition of Monthly Review.  Its January 2009 issue features the following editorial. — Ed. Another spectacular hole in the torn fabric of the “success story” of the neoliberal “reform” has opened in recent days.  Though but a week has passed from the […]

Continue Reading

The Crisis of the Capitalist World

The current crisis of the capitalist world is commonly explained as resulting from “a lack of government regulation of the financial sector”, “insufficient supervision allowing reckless lending by financial institutions”, “the unbridled greed of the financiers”, in short a series of mistakes and aberrations.  These have contributed to a “systems failure” in the words of […]

Continue Reading