Subjects Archives: Economic Theory

  Birgit Müller.   The Disenchantment with Market Economics: East Germans and Western Capitalism.  Translated by John Bellamy, Jennie Challender, and Kathleen Repper.  European Anthropology in Translation.  New York: Berghahn Books, 2007.  ix + 244 pp.  $80.00 (cloth), ISBN 978-1-84545-217-9; $27.50 (paper), ISBN 978-1-84545-506-4. “Disenchantment with market economics” is the type of phrase that comes […]

It is now a commonplace that we are experiencing the greatest economic crisis since the Great Depression of the 1930s.  The downward trajectory on a global level is similar to the 1930s, though in the United States — the epicenter of the crisis — there are indications that the rate of decline may be slowing.1  […]

  Chicago What are the banks doing with the bailout billions taxpayers gave them, to help us on the road to economic recovery? In the case of Wells Fargo and the Quad City Die Casting (QCDC) factory in Moline, Illinois, nothing good.  In fact the bank is a huge roadblock to recovery.  That’s why on […]

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 […]

  The past decade has witnessed a renewed interest in social policies, and some governments have increased social spending to soften the impacts of economic reform.  These changes have come in the wake of widespread realization of the failure of the neoliberal economic model to generate economic growth and dynamism and to reduce poverty.  Meanwhile, […]

  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 […]

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 […]

  A group of seven highly indebted rich countries (HIRC) of the world have organized a meeting of twenty nations in London in order to discuss the future of the world’s finances.  They have invited some creditors among developing countries such as Brazil, Argentina, Mexico, some Arab countries, China, and India, leaving aside all the […]

  The Venezuelan minimum wage, including the value of food vouchers, will reach $636 in September this year, when the process of raising it by 20% gets completed; the second highest minimum wage in South America is Argentina’s $310 per month. The anti-crisis measures announced by the Bolivarian government last Saturday, although affecting Venezuelans negatively […]

  It is a story that could make The Return of the Living Dead 6.  A group of good people huddle on a roof, with a limited supply of raw meat.  A crowd of zombies surrounds the house: hungry, mad, aggressive.  Fear spreads and bodies collapse; the odour is terrible.  The zombies smell blood and […]

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 economics was built on it.

  Jean-Hugues Ratenon is President of the “Agir Pou Nou Tout” [Act for All of Us] Association, which is part of the Collective of Trade Unions, Political Organizations, and Community Associations of Réunion (COSPAR), the organizer of the social movement. The prefect of Réunion announced, on Thursday, 5 March, a decrease in the price of […]

John Bellamy Foster is editor of Monthly Review and professor of sociology at the University of Oregon.  He is the coauthor with Fred Magdoff of The Great Financial Crisis: Causes and Consequences, recently published by Monthly Review Press. MW: Do you think that the American people have been misled into believing that the current financial […]

  The 4th quarter US GDP figures confirm that the economic downturn, in its domestic aspect, is taking the classic form of an investment-led decline. As seen in Figure 1 US fixed investment already started to fall from the 1st quarter of 2006 onwards — US consumer expenditure and GDP, in contrast, continued to rise […]

One of the greatest insights of Karl Marx was his perception of the capitalist system as a self-acting, self-driven and “spontaneous” order.  Far from being a malleable system, where intervention by the State could be used for bringing about basic changes in the mode of its functioning, in which case of course the need to […]

  In 1997, the AFL-CIO established the American Center for International Labor Solidarity by merging its four regional institutions that had operated around the world.  Solidarity Center stated its mission: “to help build a global labor movement by strengthening the economic and political power of workers around the world through effective, independent and democratic unions.” […]

This is the story of a Canadian woman who started to explore economic issues.  The difficulties she encountered along the way led her to the conclusion that there are certain questions that can’t be answered theoretically but only practically, by people like herself.  The same discovery could have been made by someone, male or female, […]

  WIN: According to a quotation by Jim Reid that you and Fred Magdoff included in your article entitled “Financial Implosion and Stagnation” (Monthly Review, December 2008), the U.S. financial sector has made around 1.2 Trillion ($1,200) of “excess” profits in the last decade relative to nominal GDP.  How has the structure of the capital […]

“Our community is expanding: MRZine viewers have increased in number, as have the readers of our editions published outside the United States and in languages other than English.  We sense a sharp increase in interest in our perspective and its history.   Many in our community have made use of the MR archive we put […]

  “Our community is expanding: MRZine viewers have increased in number, as have the readers of our editions published outside the United States and in languages other than English.  We sense a sharp increase in interest in our perspective and its history.   Many in our community have made use of the MR archive we […]