Subjects Archives: Economic Theory

Over the past decade, a new rise of mass struggles in Latin America has sparked an encounter between revolutionists of that region and many of those based in the imperialist countries.  In many of these struggles, as in Bolivia under the presidency of Evo Morales, Indigenous peoples are in the lead. Latin American revolutionists are […]

The current global financial crisis is said to originate with a few dodgy “sub-prime” mortgages made by US banks to poor people. Yes, the financial crisis that began in late 2007 is associated with the collapse of the sub-prime mortgage market.  But that is just one aspect of a much larger financial crisis and that […]

The situation of the Arab Left is similar to “the phenomenon of the transformation of the Left” on the global scale and a reflection of it.  The reason is simple: the Arab Left, as a general rule though with some exceptions, was never a “Left” in the dialectical materialist sense.  It has always been a […]

  NEW DEPARTURES IN MARXIAN THEORY by Stephen A. Resnick and Richard D. Wolff BUY THIS BOOK Being a Marxist requires considerable gumption — especially in the United States.  Those who take Marxism seriously in a hostile intellectual and political environment are only too aware of this struggle.  At worst, interest in Marxism is perceived […]

Let us refer to a famous poem by Mao that stirs excitement among us all: “A cuckoo is crying in the midnight until she throws up blood; she believes that her crying can bring the east wind back!”  We deeply hope our respected leaders will stir up the east wind! General Secretary Hu Jintao and […]

A People’s History of the World by Chris Harman Universal or synoptic histories are not favored by professional scholars.  As specialists, they prefer the detailed monograph to sweeping world histories.  They look askance at those naive enough to believe that global history can be encompassed in one volume.  They know better, they say. It is […]

KARL MARX: A Life by Francis WheenBUY THIS BOOK It is fitting that a man who framed a dialectic based on violent contradiction — on thrust and counter-thrust, struggle and counter-struggle — should have lived a life fraught with contradictions.  In Francis Wheen’s biography, Karl Marx is neither hero nor nemesis, but a man of […]

  The Boards of the World Band and the International Monetary Fund that are meeting in Washington D.C. on 14-15 April are in dire straits.  The President of CADTM-Belgium, Eric Toussaint, explains. The Spring meetings of the WB and the IMF are taking place this weekend.  What is at stake? These two institutions are going […]

Throughout its history and across its geography, capitalism has swung back and forth between private and state forms.  The former reduces while the latter enlarges the state’s intervention in the economy.  The economic events that precipitate swings (in both directions) have been various mixes of recession and widening inequality.  Political oscillations have paralleled the economic. […]

  NOTE: The paper below was written in the early months of January 2001.  While the paper’s anticipation of the centrifugal forces pulling at the labor movement and the possibility of international unions “literally leaving the AFL-CIO” unfortunately proved prescient of the Change to Win split, it has been even more difficult than anticipated to […]

  Germany is the world’s leading exporter and the third largest industrial economy, following Japan and the United States.  German multi-nationals are drowning in supreme opulence, yet the wages of German workers remain severely depressed.  The Wall Street Journal, engaging in low-intensity class struggle labor journalism, confirmed in its January article “German Unions See Leverage […]

Annual Fundraising Appeal Friends of MRZine and Monthly Review! The continuing existence of MRZine and Monthly Review depends on the support of our readers.  Unlike many other publications, we make all new Monthly Review articles, as well as MRZine articles, available online, free of charge.  We do so without drawing any advertising money at all […]

  Annual Fundraising AppealFriends of MRZine and Monthly Review! The continuing existence of MRZine and Monthly Review depends on the support of our readers.  Unlike many other publications, we make all new Monthly Review articles, as well as MRZine articles, available online, free of charge.  We do so without drawing any advertising money at all […]

An Introduction to Marx’ Notion of Money What is money?  This question hardly plays a role in everyday commerce.  What matters is that there is enough.  Bourgeois economic theories reduce money to its economic function.  But the ubiquity of money is fateful and presupposes certain conditions.  Hence, the critique of financial markets is incomplete when […]

RAILROADING ECONOMICS: The Creation of the Free Market Mythology by Michael PerelmanBUY THIS BOOKRead Michael Perelman’s blog: UNSETTLING ECONOMICS: A Progressive Look at Economics and the Rest of the Screwed Up World. Michael Perlman is a longtime professor of economics at California State University, Chico.  A prolific author, his newest book is titled Railroading Economics: […]

  CHEAP MOTELS AND A HOTPLATE: An Economist’s Travelogue by Michael D. Yates ORDER THIS BOOK This essay complements my forthcoming book: Cheap Motels and a Hot Plate: an Economist’s Travelogue (Monthly Review Press). We Meet an Economist Karen and I were hiking in Santa Fe, New Mexico, on the Atalaya Mountain Trail, which begins […]

Railroading Economics: The Creation of the Free Market Mythology Monday, October 16, 2006, 7 PM Sierra 2 Center, Room 10 2791 24th Street, Sacramento Michael Perelman‘s new book, Railroading Economics: The Creation of the Free Market Mythology, examines the rhetoric of conventional economic theory, which assumes a “pure capitalism of perfect competition.”  He explores how […]

  Michael Perelman, Railroading Economics: The Creation of the Free Market Mythology, Monthly Review Press, 2006, 238 pages, $20.00 RAILROADING ECONOMICS: The Creation of the Free Market Mythology by Michael Perelman BUY THIS BOOK Railroading Economics by Michael Perelman is an indictment of economists.  But the indictment is not, thankfully, the familiar rehearsal of untenable […]

1. Introduction This commentary is offered as a contribution to the ongoing debate on the Bamako Appeal.  On the 18th of January, on the day preceding the start of the Polycentric World Social Forum in Bamako, Mali, a conference was held in the same capital, commemorating the holding of the Bandung Conference 50 years back.  […]

It was Jay Gould who once bragged that he could pay half the working class to kill the other half.  In American labor history, that often meant fomenting and exploiting racism to divide and conquer.  Apparently, CBS wants to give us a TV metaphor for it: it announced that the contestants on the upcoming season […]