Subjects Archives: Political Economy

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

On April 24, 2013, some 1,134 people died in the collapse of the Rana Plaza complex outside Dhaka, the capital of Bangladesh.  The building housed factories where low-wage workers, largely women, stitched garments for the U.S. and European markets. For several years before the disaster a number of U.S. opinion makers — notably New York […]

  The Left upsurge in Latin America appears to be abating.  In October 2015 Jimmy Morales, the conservative candidate in Guatemala, defeated the Left-leaning Sandra Torres in the presidential elections.  On November 22, Mauricio Macri, the conservative presidential candidate in Argentina, defeated Daniel Scioli, his Peronist rival, by a narrow margin, to bring to an […]

Mass protests have returned in Tunisia, since the 20th of January, in Kasserine, then in Tunis, and in the rest of the country.  As expected, the pursuit of neoliberal policy by the so-called “national unity” government (ranging from Islamists of Ennahdha to leftists, including Bourguibists and survivors of the defunct Ben Ali regime) has not […]

In my graduate class on Political Economy at the University of Oregon this term we are reading two books by Ellen Meiksins Wood: The Retreat from Class and Democracy Against Capitalism.  Tomorrow, when the class meets, I will have to inform the students of Ellen’s death on January 14.  I have been thinking about what […]

  Millions of Americans believe that President Obama has normalized relations with Cuba and ended over 50 years of U.S. efforts to strangle its economy.  They might have been puzzled when the United States stood up against every other nation save one, in opposing the UN General Assembly resolution which passed, 191-2, on October 27, […]

The Chinese central bank’s decision last week to let the yuan depreciate, in three stages by almost 4 percent against the US dollar, was officially explained as a move towards greater market determination of its exchange rate.  Though this explanation pacified stock markets around the world, China’s devaluation of the currency portends a serious accentuation […]

  The Phenomenal Drain of Profits Beginning in the 1970s, Puerto Rico’s economy began to suffer a drain of profits, to the point where the measure of total income produced in the island, the Gross Domestic Product, began to separate dramatically from the measure of income that residents own, the Gross National Product or GNP. […]

Articles on income equality sometimes note that the U.S. economy hasn’t faced the current level of disparity since 1928, on the eve of the Great Depression.  There has been much less discussion of the responses to the issue back then, even though income inequality was a major concern for policymakers as the Depression deepened and […]

We often hear the following, well-intentioned question: “What would you have done if you had been in the place of the SYRIZA government?” The question is not illogical.  But we must put it in the right perspective. If we, the KKE, were in the “place” of SYRIZA, meaning the place of bourgeois management, the place […]

  We have to stop talking about Greece.  What must emerge from the calamity of SYRIZA-ANEL is a renewed call for democracy. There is a scene in the 1972 political satire The Candidate where Robert Redford looks at the camera and quietly says, “Politicians don’t talk, they make sounds.” For the past five years Greece […]

  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 Reserve Bank of India, as is to be expected, has been denying that its governor Raghuram Rajan had ever suggested that the world was facing the possibility of a 1930s-type Great Depression.  Members of the “global financial community” are not supposed to say such things; so even if Dr Rajan did, a denial was […]

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, […]

The Greek People are an example to Europe and the world. With courage and lucidity the Greek people have rejected the ignoble diktat of European and international finance.  They have won a first victory by affirming that democracy cannot exist unless it knows how to put itself at the service of social progress.  They have […]

  Analytical Monthly Review, published in Kharagpur, West Bengal, India, is a sister edition of Monthly Review.  Below is the editorial in its June 2015 issue. — Ed. The essence of “free market” ideology is exposed clearly when the health of the human body is at issue.  When outcomes are determined on the basis of […]

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 […]

China’s leadership has called in recent years for the creation of a new “ecological civilization.”  Some have viewed this as a departure from Marxism and a concession to Western-style “ecological modernization.”  However, embedded in classical Marxism, as represented by the work of Karl Marx and Frederick Engels, was a powerful ecological critique.  Marx explicitly defined […]