Subjects Archives: Political Economy

An Introduction to Marx’ Notion of Money What is money?  This question hardly plays a role in everyday commerce.  What matters is that there is enough.  Bourgeois economic theories reduce money to its economic function.  But the ubiquity of money is fateful and presupposes certain conditions.  Hence, the critique of financial markets is incomplete when […]

RAILROADING ECONOMICS: The Creation of the Free Market Mythology by Michael PerelmanBUY THIS BOOKRead Michael Perelman’s blog: UNSETTLING ECONOMICS: A Progressive Look at Economics and the Rest of the Screwed Up World. Michael Perlman is a longtime professor of economics at California State University, Chico.  A prolific author, his newest book is titled Railroading Economics: […]

Critics have exposed how globalization’s benefits have been unequally distributed around the world.  Many of the world’s poorer regions have become poorer still in relation to the regions that gained.  And within regions, it turns out that globalization often worsens wealth and income inequalities.  However, critics admit and defenders boast that at least for some […]

  CHEAP MOTELS AND A HOTPLATE: An Economist’s Travelogue by Michael D. Yates ORDER THIS BOOK This essay complements my forthcoming book: Cheap Motels and a Hot Plate: an Economist’s Travelogue (Monthly Review Press). We Meet an Economist Karen and I were hiking in Santa Fe, New Mexico, on the Atalaya Mountain Trail, which begins […]

“Philosophy always comes on the scene too late.” — G.W.F. Hegel1 “They say we don’t stand for anything.  We do stand for anything.”  — Sen. Barack Obama2 For years it’s been a political commonplace to observe that the Republicans represent the party of ideas while the Democrats are the stupid party.  Even Bush-phobic Democrats like […]

Railroading Economics: The Creation of the Free Market Mythology Monday, October 16, 2006, 7 PM Sierra 2 Center, Room 10 2791 24th Street, Sacramento Michael Perelman‘s new book, Railroading Economics: The Creation of the Free Market Mythology, examines the rhetoric of conventional economic theory, which assumes a “pure capitalism of perfect competition.”  He explores how […]

Nadie puede ser neutro, nadie puede ser equidistante, nadie puede ser indiferente Lo que está en juego en la segunda vuelta no es apenas si Petrobras va a ser privatizada — como afirmó el asesor de Alckmin, Mendonça de Barros a la revista Exame — y, si con ella, también el Banco de Brasil, la […]

WE ARE NOT WHAT WE SEEM: Black Nationalism and Class Struggle in the American Century by Roderick D. BushBUY THIS BOOK Roderick Bush is an Associate Professor in the Sociology Department at St. John’s University in New York.  He is the author of We Are Not What We Seem: Black Nationalism and Class Struggle in […]

  Prodded by Amnesty International (AI), the Inter-Parliamentary Union, Asian Human Rights Commission, Reporters Without Borders, and other international organizations, President Gloria Macapagal-Arroyo recently cobbled a group to look into the allegations of massive human rights violations — over 729 victims of extrajudicial killings, and 180 involuntary “disappearances,” by the latest count — during her […]

“A critical component of the overall strategy is to contain expenditures within revenues and available financing, by prioritizing expenditures, controlling the wage and pensions bill, reducing subsidies on petroleum products, and expanding the participation of the private sector in the domestic market for petroleum products. . . . The authorities have recently increased prices of […]

  Michael Perelman, Railroading Economics: The Creation of the Free Market Mythology, Monthly Review Press, 2006, 238 pages, $20.00 RAILROADING ECONOMICS: The Creation of the Free Market Mythology by Michael Perelman BUY THIS BOOK Railroading Economics by Michael Perelman is an indictment of economists.  But the indictment is not, thankfully, the familiar rehearsal of untenable […]

1. Introduction This commentary is offered as a contribution to the ongoing debate on the Bamako Appeal.  On the 18th of January, on the day preceding the start of the Polycentric World Social Forum in Bamako, Mali, a conference was held in the same capital, commemorating the holding of the Bandung Conference 50 years back.  […]

It was Jay Gould who once bragged that he could pay half the working class to kill the other half.  In American labor history, that often meant fomenting and exploiting racism to divide and conquer.  Apparently, CBS wants to give us a TV metaphor for it: it announced that the contestants on the upcoming season […]

Consider these basic facts about the US economy today.  First, real hourly wages fell, on average, between the first quarter of 2005 and the first quarter of 2006.  At the same time, the productivity of those workers rose.  No advanced degree is required to grasp what’s happening here: workers who produced more output this year […]

On April 21, 2006, the Canadian Auto Workers (CAW) broke with a tradition that extended over half a century and voted to leave the New Democratic Party (NDP).  A few CAW activists shrugged their shoulders: the impact of the NDP on their daily struggles had been minimal, so setting it aside did not seem to […]

  As trade union and community activists, socialists, and officials in our respective union organizations, we strongly support the recent Canadian Union of Public Employees (CUPE) Ontario resolution supporting the international Boycott Israel campaign.  The resolution criticizes Israel’s continuing occupation of Palestinian territory, characterizing it as “apartheid.”  It calls on the union to develop an […]

“America is addicted to oil.”  Thus spake George W. Bush in his 2006 “State of the Union” speech. At first hearing, this sounds like a remarkable breakthrough in public discourse.  A sitting U.S. President admitting that the nation’s relationship to petroleum is one of addiction?  Sounds like a major advance in honesty, doesn’t it?  And, […]

The AFL-CIO has just formally petitioned the Bush Administration to “take immediate action to stop exploitation by the Chinese government and multinational corporations of workers in China, who are paid as little as 15 cents per hour”  (AFL-CIO, “AFL-CIO Files Workers’ Rights Case Against China ,” Press Release, June 8, 2006).  It appears that the […]

A BRIEF HISTORY OF NEOLIBERALISM by David HarveyBUY THIS BOOK Neoliberalism has left an indelible, smoldering mark on our world for the last thirty years.  Eminent Marxist geographer David Harvey, author of A Brief History of Neoliberalism (Oxford, 2005), spoke earlier this year to Sasha Lilley, of the radical radio program Against the Grain, about […]

Real wages in the US rose during every decade from 1830 to 1970.  Then this central feature of US capitalism stopped as the figures below show: Source: Labor Research Associates of New York based on data from the US Department of Labor, Bureau of Labor Statistics; wages expressed in constant 1982 dollars. 1964 $302.52 1974 […]