Subjects Archives: Stagnation

  • The Fear of Secular Stagnation

    I love the prospect of secular stagnation (raised by Bob Reich) primarily because the answers are so easy: Let’s keep our eyes on the ball.  The problem in this picture is that we are capable of producing more goods and services than we want to consume.  It’s a problem of too little money chasing too […]

  • Socialism or Reformism?

    I We live at a time when resistance to the inequities that exist in this world and the struggle for a better world are almost totally detached from any striving for socialism.  Climate change, imperialist aggression, forcible dispossession of peasants in the name of “development”, oppression of the tribal population, gender discrimination, and ecological degradation […]

  • The Merkel Model Spreads to Japan

    The European public debt crisis, artificially created by the puritan obtuseness of German Chancellor Angela Merkel, has spread to even Japan.  In fact, Naoto Kan, the new prime minister, mentioned Greece in a speech in which he claimed to fear the collapse of the Japanese economy under a heavy public debt equal to 230 percent […]

  • Exploiting “Crisis” to Crush Labor

    One thing should be made clear about the situation in the Eurozone economies that is not clear at all if we rely on most of the news reports.  This is not a situation where countries face a “dilemma” because they have overspent and piled up too much public debt.  They do not face “tough choices” […]

  • Excerpt from “The Prophet and the Proletariat”

      What the group around Khomeini succeeded in doing was to unite behind it a wide section of the middle class — both the traditional petty bourgeoisie based in the bazaar and many of the first generation of the new middle class — in a struggle to control the hierarchies of power.  The secret of […]

  • The Deficit, the Debt, and the Real World

    The latest fad in business journalism is to sound the alarm about the United States having become the biggest debtor in the world.  This is intended to bring visions of our country sliding into a third world-type debt trap.  But even those who don’t draw such dire inferences nevertheless assume that a ballooning U.S. debt […]

  • Listen, Keynesians!

    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 […]

  • Letter to a Friend on Israel’s Independence Day

    Tonight you celebrate the independence day of the state of Israel.  I do not. You probably believe that the Jews deserve a state, that the Holocaust survivors and their children had a right to a safe home of their own, and that the Land of Israel is the natural and legitimate place to fulfill the […]

  • The Marxism of Samir Amin

      An interview with Egyptian economist Samir Amin: his latest book reiterates his search for alternatives to surpass capitalism, which he describes as “a historical parenthesis”; meanwhile, processes of migration are building a planet of slums. “Memoirs of an Independent Marxist”: that is the subtitle of A Life Looking Forward (Zed Books, 2006), the latest […]

  • The Diffusion of Activities

    One of the striking features of the recent period has been the diffusion of manufacturing and service activities from the countries of the core to the periphery.  The logic of competitive striving for the export market among the many “labour reserve” economies in the periphery leads to the accumulation of ever-growing reserves and a constraint […]

  • PIIGS Countries, Being Led to the Slaughter, Should Rethink Euro

    As the EU summit meeting convenes, Greece is dominating the agenda much more than Germany’s Chancellor Angela Merkel had wanted.  This week she has thrown cold water on the idea that Germany and other EU countries would take responsibility for helping Greece to roll over some of its debt, handing that job off to the […]

  • Immigration Update: The Fall of the Great Wall of Boeing

    On March 16, Homeland Security Secretary Janet Napolitano announced that she was cutting millions of dollars from SBInet, a high-tech “virtual fence” that Boeing Co. has been developing for use along the U.S. border with Mexico.  Her announcement came just two days before the United States Government Accountability Office (GAO) was scheduled to issue a […]

  • Zimbabwe’s Land Reform Is Common Sense

      Zimbabwe’s land issue has generated unprecedented debates both within and outside the country.  The debates, which followed the dramatic occupations of white farms by rural peasants in the late 1990s, are generally polarised between those who support radical land reform and those who support market-orientated reforms.  The former stand accused of supporting Mugabe’s regime […]

  • Greenspan’s Nightmare

    Alan Greenspan had a dream, or rather a nightmare.  Greenspan seems to have woken up in a cold sweat one morning in fear that the period of “disinflationary pressures” that had kept inflation low since the 1990s was about to end.  This was 2007, when he published his autobiographical economic treatise, The Age of Turbulence. […]

  • Poverty Reduction in China and India: Policy Implications of Recent Trends

    China and India are generally regarded as the two large countries in the developing world that are the “success stories” of globalisation.  This success has been defined by the high and sustained rates of growth of aggregate and per capita national income; and the substantial reduction in income poverty.  Further, both China and India are […]

  • Marx’s Ecology and The Ecological Revolution

      Interview by Aleix Bombila, for En Lucha (Spain), of John Bellamy Foster, editor of Monthly Review, and author of Marx’s Ecology and The Ecological Revolution En Lucha: In your book Marx’s Ecology you argue that Marxism has a lot to offer to the ecologist movement.  What kind of united work can be established between […]

  • The Greek External Debt and Imperialist Rivalries: “One Thief Stealing from Another”

      The current Greek economic crisis has an aspect of ancient tragedy (for the Greek people) mixed with a bad theatrical farce (staged on behalf of the European and the Greek bourgeoisie). The farce comes first.  Till very recently the two establishment parties (the center-left PASOK and the center-right ND) preached that their economic policies […]

  • The Global Organic Crisis: Paradoxes, Dangers, and Opportunities

    The capitalist world has experienced its deepest economic meltdown since the Great Depression of the 1930s.  Paradoxically, whereas the earlier period saw the breakdown of liberal capitalism, the rise of fascism and Nazism, and the Soviet alternative to liberal capitalism, today neo-liberalism and capitalist globalization still remain powerful, and apparently supreme, on the stage of […]

  • After the Great Financial Crisis and the Great Recession, What Next?

    John Bellamy Foster is editor of Monthly Review and author of The Great Financial Crisis (2009, with Fred Magdoff) and The Ecological Revolution (2009) — both from Monthly Review Press.  This interview was conducted from Dhaka by Farooque Chowdhury (editor of Micro Credit: Myth Manufactured, 2007) for MRzine and Bangla Monthly Review.  It is part […]

  • The Power of Monopoly Capital

    I’m not at all somebody who wants to enshrine Monopoly Capital: An Essay on the American Economic and Social Order as the new centerpiece in the old “what Marx said” religion.  But, really, I do stand by my conclusion that Baran and Sweezy’s 1966 book was the #1 social science book of the century, Marxist […]