Subjects Archives: Political Economy

One of the central paradoxes in economic theory relates to the hostility that financial interests in a modern capitalist economy systematically display towards any policy of enlarged State expenditure financed by borrowing, even though such expenditure increases capitalists’ profits and wealth. Let us suppose that the government undertakes a larger borrowing-financed public expenditure programme, and […]

This much is clear: not in a long time has capitalism been so critically questioned in the US and “socialism” so widely debated as a social alternative.  The left can and should seize this moment.  One part of doing that is to formulate a new program — including a new definition of socialism — that […]

In the recently concluded 2009 general elections to the lower house of the parliament, the Social Democratic Left (SDL henceforth) In India, composed of the Communist Party of India-Marxist (CPM), the Communist Party of India (CPI), and a bunch of smaller left-wing parties, has witnessed the severest electoral drubbing in a long time.  This year, […]

On May 16th, some 60 percent of India’s 714 million-strong electorate delivered a definitive victory to the Congress-led United Progressive Alliance (UPA), giving it a commanding 262 seats in India’s 543-member parliament.  The UPA’s principal opponent, the National Democratic Alliance (NDA), led by the Hindu-nationalist Bharatiya Janata Party (BJP), took a severe beating, dropping down […]

The keynote address at the “Climate Change, Social Change” conference (organized by Green Left Weekly), Sydney, Australia, 12 April 2008. This address became the basis for John Bellamy Foster, “Ecology and the Transition from Capitalism to Socialism” (Monthly Review, November 2008), which in turn became the last chapter of The Ecological Revolution: Making Peace with […]

The battle over “intellectual property rights” is likely to be one of the most important of this century.  It has enormous economic, social, and political implications in a wide range of areas, from medicine to the arts and culture — anything where the public interest in the widespread dissemination of knowledge runs up against those […]

There are not two different opinions on the issue of A H1N1.

  The past decade has witnessed a renewed interest in social policies, and some governments have increased social spending to soften the impacts of economic reform.  These changes have come in the wake of widespread realization of the failure of the neoliberal economic model to generate economic growth and dynamism and to reduce poverty.  Meanwhile, […]

  John Bellamy Foster and Fred Magdoff, The Great Financial Crisis: Causes and Consequences, New York: Monthly Review Press/Kharagpur, India: Cornerstone Publications, 2009, pp 160, US$12.95/Rs 100. Beginning with the failure of two Bear Stearns hedge funds and the consequent freezing of the high-risk collateralised debt obligations market in June 2007, the financial crisis deepened […]

Al Jazeera: Earlier, I spoke with progressive American economist James Galbraith, and I asked him to explain why some banks still need more capital after receiving billions in government bailouts. James Galbraith: I think this is expected.  If the test did not show that they needed capital, nobody would believe them.  At the same time, […]

Our world is not only threatened by the cyclical economic crises which are ever more serious and frequent. Unemployment, bankruptcy, and the huge losses in goods and wealth are inseparable companions of the blind market laws which govern the world economy today. Neo-liberalism proscribes any interference by the State, considering it a disturbing element for the economy, as if the domestic order, the army, health, education, culture, science, the courts, the judges, and many other activities could exist without the State and its laws.

Antonio Giustozzi, a researcher at the London School of Economics and Political Science, is one of the internationally recognized specialists on the Taliban.  Author of Koran, Kalashnikov, and Laptop: The Neo-Taliban Insurgency in Afghanistan (Columbia University Press, 2008) among other books, this academic divides his time between London and Afghanistan.  Talking to Le Monde in […]

  5 May 2009 — It has finally happened right here in the United States.  Citizens who believe healthcare is a human right have been arrested and are being processed like criminals through the Southeast District of Columbia police station.  Their crime? Asking for single payer healthcare reform — publicly funded, privately delivered healthcare — […]

Introduction The stimulus bill that President Obama pushed through Congress in the first month of his presidency was an important first step in counteracting the economic downturn.  However, as many analysts have noted, it is not likely to be sufficient to turn around the economy.  Economic and fiscal data only available after the passage of […]

Tomorrow is International Workers’ Day.

Karl Marx called to unity: “Workers of the world unite”, although many of the poor were not workers. Lenin, who was even more far-reaching, made a call to the peasants and the colonized peoples for them to struggle together under the leadership of the proletariat.

A talk given at a Left Forum panel, April 2009. It’s spring and I’ve been thinking a lot lately about reincarnation.  If I’m a good adjunct can I come back as a tenured professor?  If I stay a loyal Cub fan, can I come back as a Yankee fan?  Actually, it’s political reincarnation that I’ve […]

Kate’s is a local bar in a far northeast corner of the Bronx.  During the day, elderly patrons wash away their remaining years in a sea of booze-inspired camaraderie.  I peek in sometimes as much from curiosity as to remind myself of a future I hope to avoid.  A few years back someone changed the […]

  As people in the U.S. and around the world evaluate President Barack Obama’s first one-hundred days, many — that is, those who truly wanted a break from the racist, militarist, anti-working class policies of the Bush regime — are coming to the conclusion that the ‘change’ his campaign promised seems to have turned into […]

  Eduardo Galeano, Open Veins of Latin America: Five Centuries of the Pillage of a Continent, 25th anniversary edition (New York: Monthly Review Press, 1997). As Editorial Director of Monthly Review Press, I was delighted to learn that Venezuelan president Hugo Chavez gave his U.S. counterpart Barack Obama a copy of Eduardo Galeano’s Open Veins […]

A group of economists from across Canada are concerned about the federal government’s response to the auto crisis that blames the CAW for a crisis it didn’t create.  They’ve signed the following open letter outlining their concern that government pressure to cut wages will increase the risk of deflation and calling for new and focused […]