Subjects Archives: Political Economy

The U.S. and European Union together make up about half of the global economy, and recovery is quite uncertain in both of these big economies.  Contrary to a lot of folk wisdom and political posturing, the problem is not irresponsible government spending in either case, but a lack of commitment by the authorities in both […]

There is a remarkable consensus among economists of all ideological and political persuasions — conservative, liberal, and radical — that capitalist economies must grow to be healthy, and that the key to growth lies in the capital accumulation or savings-and-investment process. Accepting this view, we have long been arguing in effect that capitalism, like living […]

  . . . Public debt levels as a share of GDP declined substantially in the Latin American region during the five years preceding the great global crisis of 2008 and 2009.  Data available for the largest seven countries in the region (LAC-7)1 show that the ratio of total public debt to GDP fell from […]

  Did you ever accept Keynesian economics, or did you go beyond Keynesian economics and feel his approach had lost the essence of what the problem was? One thing you should understand is that Keynesian theory permits an enormous variation in political and ideological positions.  Later on what Joan Robinson came to call Bastard Keynesianism […]

  Colin Leys is an honorary professor of politics at Goldsmiths College London, who has worked in the UK, Africa and Canada.  He was until recently the co-editor of Socialist Register.  One of Colin’s books is Market-Driven Politics.  A week before the UK general election Edward Lewis spoke to him about some of the themes […]

As central India’s forest belts are swept into an ever-intensifying state offensive and resulting civil war, there has been a strong convergence of left, liberal and progressive arguments on Operation Green Hunt.  This note argues that this ‘basic line’ is problematic.  The line can be summarised as: The conflict is rooted in resource grabbing by […]

The Cato Institute wishes to erase away an entire recession: “You never heard of it because it never happened.  However, the ‘Depression of 1946’ may be one of the most widely predicted events that never happened in American history.”  But the facts are simply not on their side. If true, this would have been a […]

The current turmoil in financial markets around the world is another illustration of the damage that can be done by a bloated and politically powerful financial sector, combined with finance ministers and central bankers who identify with this sector and have their own right-wing policy agenda. Welcome to Europe, which has become the epicenter of […]

Prabir Purkayastha: You have written a lot about electricity in South Africa particularly, and you also talked about how this concept of services being priced so the cost of service is recovered is actually starting a complete ideological change in the way infrastructure services are delivered.  So what do you think is the real crisis?   […]

  Abstract: Few would dispute that sovereign defaults entail significant economic costs, including, most notably, important output losses.  However, most of the evidence supporting this conventional wisdom, based on annual observations, suffers from serious measurement and identification problems.  To address these drawbacks, we examine the impact of default on growth by looking at quarterly data […]

Despite talk of a moratorium, the Interior Department’s Minerals and Management Service is still granting waivers from environmental review for oil drilling in the Gulf of Mexico, including wells in very deep water.  Until last month, most of us never thought about the risk that one of those huge offshore rigs would explode in flames […]

This essay was first published in Political Quarterly in 1943; it is reproduced here for non-profit educational purposes. A shorter version of this essay was published in The Last Phase in the Transformation of Capitalism (Monthly Review Press, 1972). I 1. A solid majority of economists is now of the opinion that, even in a […]

  The Fourth Strini Moodley Annual Memorial Lecture, University of KwaZulu-Natal, 13 May 2010 I In her historical novel, A Place of Greater Safety, which is played out against the backdrop of the Great French Revolution through an illuminating character analysis and synthesis of three of that revolution’s most prominent personalities, viz., Maximilien Robespierre, Georges […]

For a long time, I’ve been critical of the left-wing penchant for economic crisis.  Many radicals have fantasized that a serious recession — or depression — would lead to mass radicalization, as scales simultaneously fell from millions of pairs of eyes and the imperative of transcending capitalism became self-evidently obvious.  I’ve long thought that was […]

  A week ago eurocrats launched their campaign of overwhelming force designed to shock and awe the ”wolf pack” of professional speculators and institutional investors (hedge funds and pension fund managers) into a more docile, subservient position.  In the currency market, the shock and awe wore off after the first 48 hours, while, by the […]

Brazil’s Ascent under Lula’s Leadership Under the leadership of Luiz Inácio Lula da Silva, Brazil has become a regional leader in Latin America with vibrant international foreign policy.  A look at the internal political dynamics of Brazil would be useful also.  During President Lula’s presidency, Brazil has had tremendous economic growth.  But in the coming […]

Communism in the rest of the world seems to have collapsed.  What hope do you have of achieving a socialist state in India? The claim that there is no hope for socialism and communism, that they are dead, is mere propaganda unleashed by the imperialists and the apologists of capitalism.  The 20th century saw the […]

  On 26 April 2010, the management of Middlesex University in London, England announced that it was cutting all its philosophy programs and shutting down the Centre for Research in Modern European Philosophy, the top-rated research department at Middlesex.  The statement below offers solidarity from Zagreb, Croatia to the campaigners to Save Middlesex Philosophy. — […]

The Bt brinjal debate has featured technological worries relating to genetically modified crops which appear relatively minor in comparison to the critical issue of who controls Indian agriculture and therefore food security in India.  While there cannot be a mere technological fix to the problems of Indian agriculture, technology — and therefore GM — will […]

A longtime reader of Monthly Review, and a Marxist for all his adult life, Alexander Saxton might be one of the oldest, continuously active radicals in the United States.  Born in Manhattan in 1919, he met the novelist, John Dos Passos, and the poet, Edna St. Vincent Millay, when he was a young man, and […]