Subjects Archives: Political Economy

MISHA GLENNY’S new series McMafia was launched on BBC TV on New Year’s Day. It is an appropriate if depressing opener for the new year.

People tend to have a distorted picture of U.S. capitalism’s operation, believing that the great majority of Americans are doing well, benefiting from the system’s long-term growth and profit generation. Unfortunately, this is not true. Median wealth has been declining, leaving growing numbers of working people increasingly vulnerable to the ups and downs of economic […]

Interview with John Bellamy Foster, Editor of Monthly Review. By JIPSON JOHN and JITHEESH P.M.

After the Global Financial Crisis, Steve Keen achieved worldwide acclaim with his book Debunking Economics (2011). It attacked the core tenets of neoclassical economics and some of its heterodox rivals. It also revealed Hyman Minsky’s post-Keynesianism as the most promising route to a scientific revolution in economics.

My father was a socialist, who participated in the Resistance against the Nazis. My mother leaned more towards anarchism. My first philosophy teacher, Jean Paul Sartre, was a fellow traveller of the French Communist Party. When I was a teenager, there was a terrible colonial war in Algeria and I stood up against it. When I was 30, May ‘68 happened, a huge movement of young people and workers. In short, my entire education led me towards politics in its revolutionary and communist form.

In announcing his long-avoided royal commission into banking, Malcolm Turnbull said that “it will not put capitalism on trial”. What a shame!

Bitcoin has left the world of finance gasping. Although the total market value of all that cryptocurrency in circulation is only a fraction of the value of the world’s financial assets, the rapid rise in the value of the currency has made it the most wanted of those assets. On January 1, 2017, the currency was trading between $972 and $990 a unit. By December 7, it was trading between $14,063 and $17,363.

The last four decades have been marked by rising wage inequality, with the vast majority of American workers experiencing wage stagnation while those at the top rung of the economic ladder reap the benefits of growth in productivity. These dynamics mean that many workers struggle to make ends meet; in 2016 one in five families in which at least one person worked were living below 200 percent of the federal poverty line (U.S. Census Bureau 2017).

No doubt about it, the recently passed tax bill is terrible for working people.  But as Lance Taylor states in a blog post titled “Why Stopping Tax ‘Reform’ Won’t Stop Inequality”: “Inequality isn’t driven by taxes—its driven by the power of capital in relation to workers.”  Said differently we need to concentrate our efforts on shifting the balance of class power.  And that means, among other things, putting more of our energy into workplace organizing and revitalizing the trade union movement.

Social reproduction theory (SRT) sounds quite intimidating, but the (rather grandiose) anthology of big words masks a relatively simple question: if capitalist production is fundamentally the production of commodities, and it is workers who produce such commodities, who ‘produces’ the worker?

Base-Superstructure Theory (BST) is Marx’s guiding general theory, but is long misunderstood. Deeply embedded in a monumental corpus of system-challenging analysis, it has become lost in secondary interpretations with partial takes and opposed propagandas militating against coherent comprehension.

teleSUR spoke to Monthly Review editor John Bellamy Foster about climate change & the need to fight for an ecosocialist, revolutionary alternative to the profit-driven world capitalist system.

“DON’T LET YOUR CHILDREN GO INTO CRIPPLING DEBT LIKE I HAVE!” I shout, as I and a group of students with SENS-UAW make our way to a major intersection just off Union Square. We wave signs, hoist our banner and merge into the crowd. We are protesting the new GOP tax bill, which will affect the lives of current, previous, and prospective students in critical and long-lasting ways.

Ever since Larry Summers and Alan Heston produced what become known as the “Penn World Tables” comparing prices and thereby the purchasing power of currencies across countries, the urge to use some deflator of market exchange rates to compare incomes across countries has been strong.

On December 5, the Trump administration took its first major step toward allowing employers to legally pocket the tips earned by the workers they employ. The Department of Labor (DOL) released a proposed rule that would allow restaurants to take the tips that servers earn and share them with untipped employees such as cooks and dishwashers.

Whether one believes that law is provided by God (Natural Law), is created by human intellect (Positivism), a gendered institution perpetuating patriarchy (Feminism) or the maintainer of the status quo against marginalised groups (Critical Legal Studies), undergirding those beliefs is the assumption that law is autonomous.

When you lay all that out, Americans’ terrible saving rate stops looking like such a mystery. In fact, it looks downright rational.

Even as far back as 1894, Karl Marx’s work saw that capitalism would devour its agents, writes DIEGO FUSARO.

The neoliberal model that has dominated mainstream politics and economics for decades is in crisis.… Mass dissatisfaction has joined with the growing realisation by the managers of the capitalist system that neoliberal policies are incapable of dragging the world economy out of the rut in which it now finds itself 10 years after the onset of the global financial crisis.

Art and Value: Art’s Economic Exceptionalism in Classical, Neoclassical and Marxist Economics reveals the irreconcilable differences between the Marxist economic definition of the term ‘value’ and its other uses in relation to the art object. It corrects the faulty assumption that rare or historical objects bear intrinsic value, symptomatic of capitalist worldview. Beech’s analysis of art’s value-form is critical to unpacking the double ontological condition of art as both an object of collective symbolic value and a hoard of monetary value, since the two operate in mutually exclusive spheres, yet function to constitute one another. The book can help us understand the capitalist sleight of hand that allows art to flicker between two forms of being, making profit appear as value, and value appear as significance (and vice versa), the toggling between the two facilitating the transfer of commonly held symbolic value in support of the individual accumulation of wealth.