Subjects Archives: Financialization

In the U.S., where wealth is most highly concentrated, almost a quarter of income goes to the rich. So it should come as no surprise that a big chunk of the world’s richest call America home. Two out of five millionaires and billionaires live there, and their ranks are growing fast.

In this presentation Mexie begins to elaborate the theory of monopoly capitalism developed by Paul Baran and Paul Sweezy, incorporating recent theoretical development by John Bellamy Foster and Robert McChesney. Mexie has produced a number of other videos on the topic as well.

Marxism as a philosophy of praxis is inescapable, since it sums up the revolutionary potential for human emancipation and sustainable human development.

  Since at least the beginning of this year, the project of achieving a decent, reasonable Europe had set its eyes on Greece.  I say nothing of radically transforming Europe into something just and fair and ecologically sound — that prospect is far beyond the present horizon — but hopes that Europe could slowly turn […]

The Troika are celebrating the end of negotiations with Greece, proclaiming that thanks to their tireless efforts the Eurozone remains whole.  And why wouldn’t they celebrate?  They have demonstrated their power to crush, at least for now, the Greek effort to end austerity and its associated devastating social consequences.  Tragically, Syriza has not only surrendered, […]

John Bellamy Foster and Robert W McChesney.  The Endless Crisis: How Monopoly-Finance Capital Produces Stagnation and Upheaval from the USA to China.  New York: Monthly Review Press, 2012; Kharagpur, India: Cornerstone Publications, 2013.  pp x + 227.  Rs 150. The secular decline of decadal average annual real gross domestic product (GDP) growth rates of the […]

Introduction by Richard Fidler Among the many panels and plenaries at the Conference of the Society for Socialist Studies, which met in Ottawa June 2-5, was a Book Launch for Marta Harnecker’s latest English-language book, A World to Build: New Paths toward Twenty-First Century Socialism (translated by Federico Fuentes), Monthly Review Press. The featured speaker […]

Arms Sales A government jobs program (the lone acceptable government jobs program) working to deliver all the latest in U.S. defense industry hardware to all the international “good guys.” Associate A low-wage worker. Bubble (Financial) The artificial inflation of asset prices, which, although appearing to many of the “smartest people in the room” as if […]

“Has there ever been a demonstration where people chanted the name of a finance minister? This must be a world first!” says the ironic Xenia, a 53-year-old woman who has been shouting for several minutes, with thousands of demonstrators, the now omnipresent name in Athens: “Yanis Varoufakis, Yanis Varoufakis, Yanis Varoufakis!”

Thomas Piketty.  Capital in the Twenty-First Century.  Cambridge: The Belknap Press of Harvard University Press, 2014.  $39.95. Capital in the Twenty-First Century by Thomas Piketty has caused a stir, which it deserves.  Capital 21, as we will abbreviate the title, grapples with a prominent current issue: outrageously unequal incomes and wealth.  It is a data-rich, […]

  Numsa General Secretary’s Presentation to the Cape Town Press Club, February 11, 2014 I speak to you today with a powerful and united mandate from 341,150 metalworkers. They made their views extremely clear in our workers’ parliament in December last year — the parliament we called the Numsa Special National Congress.  In that parliament […]

Tassos Tsakiroglou: How urgent do you consider the necessity to develop an understanding of the interconnections between the deepening impasse of the capitalist economy and the rapidly accelerating ecological threat? John Bellamy Foster: The urgency of understanding the interconnections between the economic impassse and the ecological emergency derives from the combined threats they pose to […]

This article reviews the background and the implications of two transitions in Brazil: the political transition from a military regime (1964-85) to democracy (1985-present), and the economic transition from import-substituting industrialization (ISI, 1930-80) to neoliberalism (1990-present). It subsequently examines how neoliberal economic policies were implemented in a democracy, under the centre-right administrations led by Fernando Henrique Cardoso (1995-98, 1998-2002), and the centre-left administrations led by Luís Inácio Lula da Silva (Lula, 2003-06, 2007-10) and Dilma Rousseff (2011-present). The article concludes with a reflection about the limitations of these policies and of neoliberal democracy more generally.

  CJP: What began as a financial crisis in 2007 has become one of the biggest unemployment crises in the advanced capitalist world.  Could this perhaps mean that the crisis of 2007-08 was not actually caused by finance itself but had its underlying causes in the real economy? JBF: No one doubts that it was […]

  John Bellamy Foster is best-known as author of Marx’s Ecology (2000; in which he corrects the popular misapprehension that Marx did not ‘get’ environmental limits), and as editor of Monthly Review (monthlyreview.org), the journal founded by Marxist economist Paul Sweezy in the late 1940s.  In his latest book, The Endless Crisis (2012; written with […]

Angela Merkel’s face usually displays a rather plain, friendly, almost benign expression, matching her simple, benign words.  But in rare unguarded moments, some claim, they glimpse a very hard visage, which is matched, equally rarely, by hardly benign words, like her annoyed statement that Cyprus was “exhausting the patience of its euro partners.”  Yes, Angela […]

“An economic recovery has begun.”      — President Obama, Second Inaugural Address President Obama’s optimism — baseless as it may be — was surely appreciated at the annual meeting of the World Economic Forum.  For in what was described as the “most optimistic” meeting since 2007, 2,600 members of the global elite convened over the weekend […]

My voice is a crime, My thoughts anarchy, Because I do not sing to their tunes, I do not carry them on my shoulders. — Cherabandaraju, who was the lead accused in a “conspiracy case” involving poets and their poetry. It’s been two decades and a year since India’s elite embraced neo-liberalism.  Money — the […]

Bundestag Speech, 29 June 2012 Mr. President!  Dear colleagues! “Billions in taxes have been squandered.  Those who bear responsibility revealed themselves to be marionettes.  The part of the puppet master was performed by just the type of managers recently spoken of in loftier terms: investment bankers.” What the Handelsblatt wrote about the nationalization of the […]

I would like to focus this interview on three distinct but related questions: your vision of the world and the possibilities of changing it; your conceptual and political proposal on the implosion of capitalism and delinking from it; your analysis of the global context, seen especially from Africa and the Middle East.  What is your […]