Subjects Archives: Political Economy

A literalist, out-of-context reading of Marx can get one into trouble, or at the very least, leave you hopelessly confused. For help, I look to David Harvey. Perhaps the preeminent expert on Marx’s Capital in the English-speaking world, Harvey meticulously reconstructed Marx’s approach to money in his major treatise, Limits to Capital (1982).

It happened in Bonn last Sunday, on January 21st. There were close to 650 delegates, the gallery in the congress hall was also packed with observers. The suspense was almost visible, also among the demonstrators outside. All over Germany millions were watching closely to see if the future path of the Social Democratic Party (SPD), […]

Warren Buffett is one of the wealthiest people in the world. He is also Chairman of the Board, President and Chief Executive Officer of Berkshire Hathaway, a huge U.S. investment conglomerate. Looking at Berkshire’s investment policy reveals some important features of the economics of imperialism today and the role of money capitalists.

Thousands of people will gather next week in Davos. Their combined wealth will reach several hundred billion dollars, perhaps even close to a trillion. Never in world history will be the amount of wealth per square foot so high. And this year, for the sixth or seventh consecutive time, what would be one of the principal topics addressed by these captains of industry, billionaires, employers of thousands of people across the four corners of the globe: inequality…

Forida is a 22-year-old sewing machine operator in a clothing factory in Dahka, Bangladesh. She often works 12-hour days producing clothes for brands such as H&M and Target. Sometimes, during busy production cycles, the hours are even longer.

Since the collapse of the Berlin wall and the Soviet Union, many on the left seem to have swallowed the idea that there is no alternative to capitalism.

Before I go any further with this let me state that I’m not a Trotskyist, or a Leninist, or a Stalinist or a Maoist (but I might have been all of the above, with exception of Maoist, at one time or another).

A recently published paper by three Yale scholars reveals “that Americans, on average, systematically overestimate the extent to which society has progressed toward racial economic equality, driven largely by overestimates of current racial equality.”

According to John Bellamy Foster, the world environmental crisis is a systemic crisis, a product of capitalism, and requires systemic changes in the capitalist system. He says that environmental sustainability is incompatible with capitalism.

we have the certainty that matter remains eternally the same in all its transformations, that none of its attributes can ever be lost, and therefore, also, that with the same iron necessity that it will exterminate on the earth its highest creation, the thinking mind, it must somewhere else and at another time again produce it”. —
Frederick Engels, from the introduction to ‘The Dialectics of Nature’, 1883.

Pharmaceutical giant Pfizer will stop research on Alzheimer’s and Parkinson’s disease, and is expected to lay-off 300 research and development staff in Massachusetts and Connecticut, in a move that could severely hamper progress towards effective treatments for these illnesses – proving that critical medical research cannot be left in the hands of capitalist profiteers.

István Mészáros, an outstanding Hungarian Marxist philosopher, died on October 1st 2017 in London. Born in Budapest in 1930 into a working-class family, brought up by his mother, he began working in industry at the age of twelve. He actually lied about his age, claiming to be sixteen, in order to be accepted by the factory.

When we talk about generations, we tend to talk as if history has always been divided up into them. But the idea of distinct eras of cohorts each defined by some unique spirit is not timeless. The notion of a generation was borne of a conception of history as a machine of progress—a claim central to Enlightenment ideology

Since the Great Recession there has been much debate on the nature of capitalism and the crisis of neoliberalism. Often this has resulted in theories which emphasise finance capital, precarious employment, and play to a generally left Keynesian politics, such as that being pursued within the Labour Party currently.

Jason W Moores Capitalism in the Web of Life sets itself the challenge of locating an account of capitalist commodity production inspired by Karl Marx within the biological, chemical and geological totality we normally call nature. The ambition of the book is therefore immense. Moore proposes a method for understanding world history that shows how economic development is connected to long-wave ecological transformations. At a time when humanity faces profound and simultaneous ecological and economic crises, Moore proposes a kind of meta-theory that explains them as the outcomes of a single logic.

Before I began this essay I read through some of my past forays that mentioned climate change and capitalism, the first I think, being in 2006 where I opined in a piece on the ‘War on Terror’.

Every airport bookstore features books with titles like 10 Ways to Retire Rich, 150 Places You Must Visit Before You Die, or 8 Easy Steps to a Flatter Tummy, with the numbers in very large type on their covers. They are the publishing ­equivalent of junk food, quickie books written to match titles that were invented by the marketing department to generate impulse purchases. The authors and publisher of A History of the World in Seven Cheap Things must have had such books in mind when they chose its title and designed its cover.

The authors of the report confirm what Branko Milanovic and others had previously discovered: that a representation of the unequal gains in world economic growth in recent decades looks like an elephant. Thus, the real incomes of the bottom 50 percent of the world’s population (except the poorest, at the very bottom) have increased, the incomes of those in the middle (especially the working-class in the United States and Western Europe) have decreased, and the global top 1 percent has captured an outsized portion of world economic growth since 1980.

Schumpeter’s theory is interesting for several reasons. It was formulated at the same time as Lenin’s and Luxemburg’s and clearly with the knowledge of the two. It reacts to the exactly the same events as theirs. It is different though and it was held by Schumpeter throughout his life. The key text for Schumpeter’s theory is “The sociology of imperialisms” (note the  plural) published in 1918-19.

We’ve made it through 2017. The first-season installment of presidential Tweetville is ending where it began, on the Palm Beach, Fla., golf course of Mar-a-Lago. Though we are no longer privy to all the footage behind the big white truck, we do know that, given the doubling of its membership fees, others on the course will have higher stakes in the 2018 influence game.